5 Things you won’t find in your CIBIL Report

05-Jan-2016 written by : FSI-Team

A credit report is based on your financial life, and is a good indicator of how you handle credit. While there is a comprehensive amount of your financial details, you won’t find a whole lot of personal information detailed therein. Of course, with multiple credit bureaus generating similar reports, you may just find minor differences across reports, but on the whole the parameters are more or less uniform.

What is a credit report?

A credit report contains detailed information about your credit health, and is used by lenders to determine the risk involved in lending to a particular individual. That is, it helps the lender predict the possibility of a loan going ‘bad’, or the borrower defaulting on the payments. A report is generated by credit information companies, or credit bureaus, the world over.

In India, awareness and acceptance on the usage of credit reports is slowly rising, and for now is largely restricted to financial services. Globally, there are myriad uses of reports including checks made by telecom companies, as well as prospective landlords and employers.

What exactly is a CIBIL report then?

A CIBIL report is nothing but a credit report, generated by India’s oldest credit bureau, namely CIBIL. Owing to the fact that it is the first market player, the term ‘CIBIL report’ is used colloquially to define a credit report. There are three other bureaus operating in the country, viz. Equifax, Experian and CRIF High Mark.

What’s on the report – and not?

Now that we have the basics in place, let us see the type of information that does not typically find its way into your credit report:

Non-credit related financial information – While your financial history is captured, it has more to do with the loan or credit card accounts (essentially, debt) you hold, and not any and all information. What you won’t see data related to include:
  • Savings accounts
  • Current accounts
  • Utility bill details
  • Any other loans (for example, a loan from a local moneylender)
  • Pre-paid cards
  • Debit cards
Personal information – While basic details such as your name, residential address, office address etc. are included in the credit report, certain other sensitive information will not be captured, including:
  • Gender
  • Salary/ income details
  • Marital status
  • Race/ ethnicity
  • Religion
  • Political affiliations and beliefs
  • Medical history
  • Criminal records

It is also to be noted that none of the above information affects your credit score.

Interest rates – While each loan or credit card account you currently hold, or have held in the past is mentioned in your credit report, the information is restricted to repayment history, length (or duration) of account and the type of account (for example, secured and unsecured loan products). Whether the card or loan is past due on payment is also mentioned. On the other hand, the interest rates that you are paying for say your housing loan, will not be captured therein.

Enquiries on your credit report – This is restricted to a certain type of enquiry – those that you yourself make, when you request for a copy of your own credit report. Conversely, when you apply for a fresh line of credit and your report is pulled by a lender, every such ‘hit’ or enquiry affects your credit score, albeit temporarily.

Credit counselling – If your credit score is low or ‘bad’ and you have availed of the services of a credit health management company to increase CIBIL score, rest assured that that information will not be mentioned in your credit report. Hence, while there are no ways to improve credit score fast, you can work in tandem with your credit counsellor and over time; increase CIBIL score without any black marks on your record for availing this service.

And finally…

If you are curious about your credit score, why not request for a copy today? After all, it is the first big step towards being financially fit!



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