सिबिल क्रेडिट रिपोर्ट सिबिल स्‍कोर कम है low credit score call 079-40099917 VERITAS -Independent Financials Advisors, Ahmedababd INDIA www.veritastheteam.com

  Some asked me to put some information in Hindi please kindly read this collective information


सिबिल क्रेडिट रिपोर्ट 

पिछली कुछ गड़बडियों के कारण अगर आपका सिबिल स्‍कोर प्रभावित हुआ है तो इसे सुधारने की दिशा में आपको गंभीरता से सोचना चाहिए। सिबिल स्‍कोर नहीं सुधरता है तो भविष्‍य में आपको कर्ज लेने में परेशानियों का सामना करना पड़ सकता है।अब सवाल उठता है कि बिगड़े सिबिल स्‍कोर को सुधारने के क्‍या तरीके हैं और इसे कैसे दुरुस्‍त करवाया जा सकता है। आइए, आज उन्‍हीं उपायों की चर्चा करते हैं जिनकी मदद से आप अपने सिबिल स्‍कोर को सुधार सकते हैं। 

1. सबसे पहले सिबिल स्‍कोर प्रभावित होने के कारण का पता लगाइए। इसके लिए आपको सिबिल रिपोर्ट मंगवाना चाहिए। 
2. सिबिल रिपोर्ट के लिए आपको उसकी वेबसाइट ://www.cibil.com पर जाकर ऑनलाइन फॉर्म भरना होगा साथ ही 550 रुपए का भुगतान करना होगा।
3. एक बार की ऑथेंटिकेशन प्रक्रिया के सफल होने के बाद आप सिबिल स्‍कोर और रिपोर्ट डाउनलोड कर सकते हैं।
4. आपकी क्रेडिट रिपोर्ट में आपके खाते जैसे बैंक खाता, लोन और क्रेडिट कार्ड, की पूरी जानकारी होती है।
5. अगर सिबिल स्‍कोर में आपकी पहचान और खातों से जुड़ी जानकारियां सही हैं तो ‘डीपीडी’    यानि क्रेडिट कार्ड के बिल या किसी लोन के भुगतान में कितने दिनों का में आपने कितने दिनों की देरी की
6. सिबिल स्‍कोर अगर गलत है तो क्‍या किया जाए... आपके लोन एकाउंट या क्रेडिट कार्ड से जुड़ी जानकारियां बैंक सिबिल को भेजते हैं। ऐसे में रिपोर्टिंग की प्रक्रिया के तहत गलती की गुंजाइश होती है।

• अगर सिबिल या बैंक आपके निवेदन पर 30 दिनों तक कोई जवाब नहीं देता तो इसकी शिकायत बैंक के लोकपाल से www.bankingombudsman.rbi.org.in पर करें।
• सिबिल स्‍कोर की गलतियां ठीक होने के बाद यह निश्चय कर लें कि क्रेडिट कार्ड के बिल और लोन की ईएमआई का भुगतान समय पर करेंगे।

• हमेशा नए क्रेडिट कार्ड या लोन के लिए सोच-समझ कर आवेदन करें। ऐसा करने से सिबिल स्कोर में सुधार आएगा और आगे चलकर लोन लेने में कोई परेशानी नहीं होगी।
•  इन गलतियों की वजह से भी आपका स्‍कोर घट जाता है। कई बार लोन चुकाने के बावजूद भी ऐसा शो किया जाता है कि बकाया बाकी है या अपर्याप्त बैलेंस है।
•  ऐसे में आप सिबिल की वेबसाइट पर डिस्प्यूट रिक्वेस्ट फॉर्म भर कर अपना पक्ष रख सकते हैं। इसके बाद डिस्प्यूट रिजॉल्यूशन सेल विचार करेगा और किसी विशेष लोन एकाउंट के मामले में संबंधित कर्जदाता से संपर्क करेगा।
•  स्कोर में हुई गलती को सुधारने में 45 दिनों का समय लग जाता है। कई बार तो यह तक हो जाता है कि आपके बिना कोई लोन लिए सिबिल रिपोर्ट बकाया बाकि शो करता है। 
• ऐसे में पहचान चोरी का मामला होने की संभावना होती है। इन मामलों में तुरंत सिबिल को सूचित करें। सिबिल ऐसे मामलों को प्राथमिकता पर देखता है।
•  नोडल अफसर को लिखित में शिकायत करें और कहें कि या तो बैंक की गलती को सुधारें या गलती का पूरा विवरण दें।

Read more at: http://money.bhaskar.com/news-cppst/MON-PERS-FINP-these-methods-will-boost-your-cibil-score-for-loan-and-credit-card-4963181-NOR.html

CIBIL-CREDIT REPORT CAN HELP TO FIND IRREGULARITES

For new learners, a credit report is a report that provides financial horoscope of the borrower’s information i.e. name, address, PAN, passport, election card details and relevant details which were submitted earlier to get the credit facility.

A credit report with good credit score of 750 or above is a must to get a loan from financial institutions. When borrower applies for a loan,  the lenders get his credit report from  CIBIL, if his credit score is below than expectation, lenders will refuse application.

Credit score is a mathematical arrangement between 300 and 900 of borrower. It is a part of credit report. For most banks, 750 is a threshold, while CIBIL claims that 79% of all new loans sanctioned are to individuals with CIBIL score (credit score) above 750. Higher the score is positive chances to get the credit.

Identity theft means posing as someone to obtain credit in that person's name. Fraudsters manage to access documents like pan cards, election cards, residence proof by false promising to avail the loan and then establishing identity and address of individuals. Loans and Credit Cards are issued in the name of innocent individuals and fraudsters use that money and never pay back.

Credit reports of such innocent individuals show a “default” or “written” status against such loans. Worse, these individuals have no clue on what's happening, and face a rude shock when they apply for a loan.

The only solution is perhaps to keep accessing one's credit report at regular intervals. Credit reports capture loan enquiries made in an individual's name as well as new loans disbursed. Most credit observers recommend accessing credit report at least once a year.

FOR MORE INFORMATION PLEASE VISIT CIBIL WEBSITES

Loan,credit card rejected ? low credit score ?

Call 079-40099917 VERITAS - Independent Financials Advisors, Ahmedabad INDIA. 

www.veritastheteam.com. 

WE DON'T HAVE ANY AGENCY OR FRANCHISE OF ANY CIBIL OR GOVERNMENT OR SEMI GOVERNMENT DEPARTMENT.

Impact of Credit Scores on Your Life in future

Now it is clear that CIBIL Transunion Credit Score affects your ability to get loans and credit accounts. Most of us don't know that this Score is also going to be used in other areas of your life very soon in near future.

Mobile Companies

Smart Phones can be very expensive, and as a way of reducing the cost many mobile operators will provide discounts if you sign up for Postpaid connection. As part of this process, many mobile companies will first check your CIBIL Credit Score to determine whether or not you're likely to make all the payments on your postpaid account Agreement contract.

Utility Companies

Many people have learned the hard way that an unpaid Electricity Bill or Telephone Bill can show up on their credit report, but not many people know that it will become very soon a common practice for companies to check your credit score before turning on your Electricity or landline facility. If your credit score is too low, they may demand security deposit or advance fees, or a guarantor to ensure your bills are paid responsibly.
Property on Rent or Lease


It will be a common practice in future for landlords, licensors or owners of the premises to ask for your Credit Report and Score before handover the Commercial, Residential or Industrial properties on rent or lease. They will ensure that you have a strong payment history, and are a financially responsible person. If your credit score is too low, they might not rent you their properties


Credit Sudhaar, a non-specified user entity, is accessing confidential credit records from CIBIL while claiming to help individuals improve and maintain their credit health. Why is the financial regulator, RBI, silent?


Credit Sudhaar, a firm set up by former bankers Gaurav Wadhwani and Arun Ramamurthy, says it has a tie-up with CIBIL for offering credit advisory services and will help individuals in improving their credit health which will in turn enable customers to get better offers from lenders at the CIBIL Market Place. What it does not say is it is neither registered with the Reserve Bank of India (RBI) as a non-banking finance company (NBFC) nor it is a specified user entity of CIBIL but will access credit records of crores of individuals.

While there is no word from CIBIL on this strange partnership, what is surprising is how the credit bureau may have allowed a non-specified user entity to access its database. In a press release, Credit Sudhaar said it is associated with Dipran Finance Pvt Ltd. However, on its website it mentions affiliation with Safe Capital, an NBFC. In an email reply, the firm said, “Credit Sudhaar is associated with both Safe Capital and Dipran. Both Safe Capital and Dipran are members of CIBIL”.

Even on its website under the FAQ section, replying to a question “Are you approved by the RBI?” it says “Yes. We are affiliated with Safe Capital which is an approved institution as per RBI charter”.

Earlier, Credit Sudhaar used to mention itself as an NBFC registered with the RBI, which was changed later.

This also means, Credit Sudhaar may be using either Safe Capital or Dipran’s login credentials to access the CIBIL database, especially the portfolio review which gives complete details of an individual. Since Credit Sudhaar is not a specified member entity of CIBIL, this violates Section 22 of the Credit Information Companies (Regulation) Act, 2005 (CIRCA), which says..

22. Unauthorised access to credit information.—

(1) No person shall have access to credit information in the possession or control of a credit information company or a credit institution or a specified user unless the access is authorised by this Act or any other law for the time being in force or directed to do so by any court or tribunal and any such access to credit information without such authorisation or direction shall be considered as an unauthorised access to credit information.

In addition, the CIRCA clearly defines a specified user who can register with a credit bureau as member entity. Section 2 (l) states “specified user” means any credit institution, credit information company being a member under sub-section (3) of Section 15, and includes such other person or institution as may be specified by regulations made, from time to time, by the RBI for the purpose of obtaining credit information from a credit information company.

Besides credit institutions, insurance companies, telephone services providers, credit rating agencies registered with Securities and Exchange Board of India (SEBI), a stock broker or sub-broker registered with SEBI, a trading member of recognised commodity exchange, SEBI and Insurance Regulatory and Development Authority (IRDA) are regarded as specified users under Regulation 3 of the CIRCA.

Let’s put it in simple words. Credit Sudhaar is just a specific services provider. CIBIL is allowing credit institutions and others to sell their loan products or other services on its Market Place. Credit Sudhaar is only registered on Market Place to offer “credit advisory” service for which the charges are Rs10,000 (it is mentioned as processing fees).

Both Mr Wadhwani and Mr Ramamurthy, the promoters of Credit Sudhaar had worked with Standard Chartered Bank and Citi. Both were also directors of SHAHA Finlease Pvt Ltd, an NBFC formed to buy bad assets from StanChart. On several occasions, the RBI, StanChart and the banking ombudsman had reprimanded SHAHA Finlease for its unprofessional conduct and unruly collection agents. Even on the Internet, there are number of complaints against SHAHA Finlease.

Our mails to CIBIL and the RBI remained unanswered till writing the story. We would incorporate their replies as and when we receive it.

How your credit score affects the cost of borrowing

If you want to qualify for the most competitive loan and credit card rates then you need a good credit score. What’s more, you need it to stay that way.
How lenders decide whether to lend to you ?


Banks and credit card companies use a variety of different information to give you a credit score, which determines whether they will lend to you and at what interest rate.

Credit scoring works by awarding points based on the information:
you provide on your application form ,the lender may already have about you, based on previous accounts you have with them, and on your credit report, which is held by agency called www.cibil.com
You’ll also get a better credit score if you:

own your own home and/or have lived at the same address for at least a year ,have a good credit history by repaying other credit agreements on time, for example your credit card, auto loan, gold loan, personal loan , overdraft , Cash credit facility, Consumer loan or Housing loan.Have evidence of stability – for example you are employed rather than self-employed, you’ve lived at the same address, worked for the same company and had the same bank account for a long time are not connected financially, through your mortgage or joint bank account, to people with a bad credit score.


How a poor credit score affects your ability to borrow .............


A poor credit score can mean you’re rejected with any credit facility or loan or charged higher interest rates, given a smaller credit limit.


A lenders or banks or NBFC doesn’t have to give you the interest rate they are advertising or that you see in best buy tables on comparison websites. You may be offered an interest rate that’s higher – this is what’s called your personal APR.



online

Tips to avoid rejection of your home loan application

Real estate is the most coveted investment instrument in the country. Buying a home, whether for investment or residential purposes, can take years to materialise and given the prices, few can afford to pay the money upfront. In such situations, buyers inevitably turn to banks for home loans.

Although the norms for approving home loans have eased in the recent past, don't expect it to be a cake-walk. One small mistake can result in you merely dreaming of the house, and never actually owning it.

We look at factors that can play a crucial role in getting your loan approved or rejected.

BAD OR LOW CREDIT SCORE

You cannot build a house if the foundations are flimsy, right? When it comes to loan approvals, banks use a similar analogy. If you have a low credit score, you will be denied a home loan outrightly even if you fulfill all other conditions. Credit score is considered to be the most important factor by the banks while disbursing a loan.

"Credit score reflects a consumer's behavior towards the financial transactions. In some ways, it is a mirror to his financial habits and underwriters base their decision and develop risk-based pricing based on the credit score," says Anil Sachidanand, MD & CEO, Aspire Home Finance Corporation.


So, if a person has defaulted or delayed the payment on any kind of loan or credit cards, it will have a negative impact on the credit score. Other factors like being guarantor to a person who defaults on payment of his loan can affect your credit report too if you fail to repay his loan. So, be very sure before taking up the role of a guarantor. There are credit rating agencies like CIBIL, Experian Credit Information Corporation of India, Equifax Credit Information Services and High Mark Credit Information Services that provide credit score to individuals. "Once you submit your loan application, the lender seeks a copy of your credit report from the bureau. They analyse this not only for the credit score, but also to review the extent of existing loans / credit cards, performance of ongoing and closed loans. All these go in to the final assessment of your loan application," says Rahul Soota, executive director, Mymoneymantra.

A credit score provided by CIBIL is a three-digit TransUnion score which is derived from the credit history found in credit information report (CIR). A CIR is an individual's credit payment history across loan types and credit institutions over a period of time. It ranges between 300 and 900. It indicates the probability of default of a borrower based on their credit history.

To maintain a healthy credit score, one should ensure timely dues payment and avoid taking too many unsecured loans as it may be considered negative. But if the damage is already done, you can work towards improving it slowly. (See:How to repair a bad credit score).

INCORRECT PERSONAL DETAILS IN CREDIT REPORT

Your credit information report contains your personnel detail, so wrong information can lead to a mismatch between the details on your loan application and credit report and hence lead to your loan rejection. If there is any change in the personal details, you must update your lender so that it is reported to the credit information bureau and is reflected in your credit report. Any individual can get the credit report for a nominal fee from the credit bureaus.

However, it is important to check the report for anomalies like a credit card listed in your report but not owned by you, or a loan on their name which they had never taken. "Prospective borrowers can also apply directly to the credit bureau for their credit report for a nominal fee. This allows you to review the facilities listed against your name, seek corrections if you spot any anomalies like a credit card listed in your report which is not yours and to know your bureau score", says Soota. All bureaus have dispute resolution forms on their websites which aggrieved customers can fill and send with relevant identification documents.

REJECTION OF LOAN BY OTHER BANKS

Some people tend to apply to multiple banks at the same time. However, remember that if your loan is rejected from one bank then it can have an impact on your credit score and hence lead to the loan being rejected by other banks too. It is better to wait for the reply from one bank before applying to another so that you know why your loan is rejected and get the same rectified.

NEW OR UNSTABLE JOB

Since the repayment of loan is of utmost priority to the lender, they would like to ensure that you have timely repayment capabilities when he disburses the loan. In case of salaried person a steady flow of income is determined by the stability of job. "Since repayment of home loans is normally sanctioned for 15-20 years, stability of income in future becomes a necessary criterion to be assessed at the time of loan sanction. For example, if the borrower has a contract of employment with just eight months left in it, it is natural for the lender to enquire if the contract has been renewed in the past or whether the borrower holds any professional qualifications which would give comfort that alternate employment would be forthcoming," says Soota.

It is a similar story when it comes to changing jobs. While it may give the buyer a higher income level, it gives a negative impression to the lender. It is generally advised not to change your job if you are planning to take a home loan in the near future. In fact, the financial strength of the employing company is also considered as one of the factors for the evaluation of the application says Sukanya Kumar, founder and director, Retail Lending, a home loan consultancy. "People working in a proprietorship company, having less than 50 employees & not having provident fund facility, face issues in getting a home loan," adds Kumar.

AGE FACTOR

Age is one of the most important factors considered by the lender while disbursing a loan. Typically, they put a minimum age bracket of 23-24 years and maximum limit of 60-65 years for loan applicants. "Assuming a 22-year-old, who has been working for the last three years, applies for a home loan and the qualifying criterion for that lender is a minimum age of 23 years with at least two years of continuous work experience, the lender would in all probability turn down such an application," says Soota.

APPLYING WITH RELATIVES OTHER THAN SPOUSE/PARENTS

If you want to get a home loan of a higher amount, clubbing the income of your spouse is a good option. But while banks allow clubbing of income of the spouse, father and son, the same does not extend to every family member. Some banks are sceptical of clubbing the income of the siblings because in case of a dispute, the EMI could be delayed. Clubbing the income with any other relative is not allowed. Also, a coapplicant can't be a minor.

LOCATION OF THE PROPERTY

Banks also make their decision to disburse loans on the basis of the project's location. Take for instance, Noida Extension, where a number of projects suffered due to lack of clearance and acquisition disputes in 2011. As a result, a number of public sector banks stopped sanctioning fresh loan sanctions in the area, as per news reports. "All lenders have limitations with the geographic locations. If the property is beyond such limit, the loan will get declined. The technical valuation of properties in remote locations may also be lesser than the purchase cost; banks do try to cover the risk of funding in an under-developed area on case-tocase basis," adds Kumar.


UNSATISFACTORY EVALUATION OF THE PROPERTY

You must ensure that you are buying a house at a price which is close to the market price. This is important because the bank does the valuation of the property itself and will give a loan of upto 80% of the property value after considering other factors like your repayment abilities.

UNCLEAR PROPERTY TITLE

"In the event that the property does not have a clear and marketable title, or there are issues connected to the approvals from the relevant authorities, normally banks or home finance companies keep the loan sanction letter valid till the customer finds another property which has clear title and approval," says Sachidanand. So, before buying a property you must ensure that it is not involved in any dispute.

LACK OF REPAYMENT CAPABILITIES

Banks ascertain your repayment capabilities before disbursing the loan. It depends on the disposable income that is left in your hand after paying off existing EMIs. Banks generally give a loan which amounts to an EMI of upto 50% of the disposable monthly income. So, first assess your repayment capabilities before applying for a loan.

Source: yahoo.com

CIBIL Credit report folklore busted

There is no such thing as a credit ‘blacklist.’

And there's no single ‘score’ that bankers use when deciding whether to let people borrow. Instead, bankers use individual criteria to assess how unsafe, or lucrative, a customer you’re likely to be, and it's possible that while one banker will reject you for a credit card or loan, another might accept you. This applies even when they are accessing exactly the same version of your credit file, through the same credit reference agency CIBIL.


An outstanding credit rating does not promise you’ll be accepted for credit.


Eccentric as it sounds, applicants who have an excellent credit rating and who have rarely taken out credit before may be more likely to be turned down than a borrower who is under financial wrench. Lenders look for evidence that you’ll be able to pay back what you borrow, so not having any record of successful repayments can definitely count against you.


You won’t be penalised for being rejected for credit.



This is because credit reports do not record the outcome of an application. However, making multiple applications within a short space of time will have a negative impact on your credit report as it could suggest to lenders that you are in financial difficulty.

CIBIL : Glossary

Asset Classification (AC) – It is important to note that some banks report DPD as per the Asset Classification norms defined by RBI, which are as follows: 

Actual Payment Amount – Is the amount you have paid to you lender if it is different from the EMI Amount. This may be more or less than the EMI Amount. 

Amount Overdue - Indicates the total amount that has been paid to the lender in a timely fashion (includes principal and interest amount) 

Cash Limit – Applies to credit cards specifically, It is the amount of cash you are permitted to withdraw from your credit card. 

CIBIL – Credit Information Bureau of India Limited 

Credit Information Reports (CIRs) - A report on a loan applicant’s willingness and ability to make payments in a timely manner in the past. 

Credit Rating (CR) – A judgement of a person’s ability to repay debts. The rating is often based on a person’s current and projected income and past debt payment history. Also called a credit score. 

Credit Score – Is a number, between 300 and 900, that reflects a person’s credit history. 

Control Number (CN) – This is your report number and is essential if you need to raise a Dispute Requests. 

Collateral – Is provided to a lender as security to protect the lender in the event you are unable to repay your loan. This may be property, shares, gold, etc. 

Credit Limit – Applies to credit cards and overdraft facilities. It reflects the total amount of credit you have access to with regard that credit card or overdraft facility. 

Creditworthiness – The ability of a consumer to receive favourable consideration and approval for the use of credit from an establishment to which they applied. 

Current Balance – Is the amount you still owe on a particular c credit card facility. Lender, typically take 30-45 days after your payment is received to update this information with CIBIL. 

Dispute – If a consumer believes an item of information on their credit report is inaccurate or incomplete, they may challenge, or dispute the item. CIBIL will investigate and correct or remove any inaccurate information or information that cannot be verified. 

DPD (Days Past Due) – DPD or Days Past Due apears in the Account information section of your CIR. The DPD indicates how nary days a payment on that account is late that month. Anything other than ‘000’ or STD is considered negative by a lender. 

EMI Amount – Is the EMI (Equated Monthly Instalment) that you pay on the loan. 

Enquiry – Enquiries are added to your report when you apply for a loan or credit card and the lender decides to access your CIR. Details such as the name of the loan provider size and type of loan are captured in this section. Please note that the date of the enquiry may differ from your actual application date because the lender may access your CIR a day or more after you have applied. 

High Credit – Applies to credit cards and facilities. It reflects the highest amount ever billed (including interest and fees) for that particular credit card or overdraft. 

Ownership – This field tells the lender who is responsible for payments on that loan or credit card. There are 4 types of indicators that can appear on your CIR:

1. Single: You are solely responsible for making payments on the accounts.

2. Joint: You and someone else bear joint responsibility to payments on these accounts. this wiIl also reflect on the other individuals CIR.

3. Authorized User: This is used for add-on credit cards that you may have. While this reflects on your CIR, lenders know that you are rot responsible for paying dues on that particular account.

4. Guarantor: A guarantor pledges to repay a loan on behalf of a third party who has taken a loan. Hence, he provides a guarantee to the lender that he will honour the obligation, in case the principal applicant is unable to do so. 

Repayment Tenure – Is the term at your loan. This field is to be read with the ‘Payment Frequency’ field in order to accurately understand the term or the loan. For example, 120 at a monthly payment frequency would mean the term of the loan is 10 years. 

Sanctioned Amount – This is the loan amount disbusmed is Applies to account types other than credit curds aid overdraft. 

Settlement Amount – When an amount owed on a loan account in disputed, the individual and lender settle at some amount in between. lt’s what the lender believes is owed and what the individual believes he should pay. This is the amount the individual has agreed to pay. The rest of the amount (that the lender believes is owed) is written-off by the lender. 

Suit-Field / Wilful Default – In case the lender has filed a suit against you, there is specific reporting prescribed by the Reserve Bank of India (RBI). This is as follows:

1. No Suit Filed (or the field will be blank); 2. Suit filed; 3. Wilful Default; 4. Suit filed (Wilful Default) 

Written-Off Amount (Principal) – This field reflects the principal unpaid written-off by the lender. It follows that the difference between the total and principal written-off amounts is the interest amount that has been written-off on this account. 

Written-Off Amount (Total) – When a loan is written-off there is an interest and principal component. This field reflects the total interest and principal amount written-off. 

Written-Off and Settled Status – If this section is populated the lender has either restructured your loan by offering you different terms (extend the loan tenure or reduced the interest rate, etc) Written off this amount, or settled at some amount less than what the lender believes it was owed.

The possible values are as follows:

1. Restructured Loan; 2. Restructured Loan (Govt. Mandated); 3. Written-off (WO); 4. Settled; 5. Post (WO) Settled 

Reference – CIBIL