09-May-2018 written by : FSI-Team
Being credit healthy is important, though awareness about credit reports is still low in our country but it is on the rise which is a good sign. It is important for you to assess your credit health from time to time and you can do this by getting your credit report from the rating agencies. However it's not only important to understand the information provided in your CIR but you also need to be sure if the information provided there is accurate.
As per the new RBI guidelines all credit bureaus to provide one free credit report to all those who ask for it so now accessing your report does not cost you anything. Since there are four credit rating agencies in the country you can get one credit report per quarter without spending any money. When you get your report you need to check for the following:
Check if the Personal Information Is Correct: This aspect does not impact the credit score directly but it is crucial that you verify that all information mentioned in this section is accurate. The name, address, phone number, PAN details etc should be checked thoroughly. Error in this section could be due to multiple reasons but it is important that any mistakes are rectified at the earliest to rule out any chances of identity theft.
Check if all Loans and Cards in the Report Are Yours: CIRs contain details about all your credit cards and loans. So when you look at it make sure that all the loans and cards that are mentioned it belong to you. If there are any cards or loans that do not belong to you then you need to take the required steps and report the matter to the concerned credit rating agencies.
Check the Repayment History: This is the most important part of your credit report as any missed payments for credit card or loans could impact your credit rating. An erroneous reporting about a missed or late payment could result in low CIBIL score for you. Such an error could have been caused by some error at the lender’s end or a payment being delayed or missed for no fault of yours. You need to get in touch with the lender immediately so that you can sort out the issue.
Check if all Loan Details are Correct: Apart from checking if the loans that are mentioned in the report are yours you need to check the loan details too. Thus you must go through details like the loan open date, total amount borrowed, and the amount that is still due and if the loan is open or closed. There might be times when you may have paid all EMIs but may have not taken the NOC. This could result in the loan still being reflected as an open loan and not closed. Check if all details about your loan mentioned are accurate.
It is important for you to stay updated about your credit health and check your CIR. So once you get your CIR go through it carefully and see if it the information mentioned is correct. In case that is not the case the case then you need to check what is the dispute resolution process for the concerned credit agency. Each agency may have a different dispute resolution process, depending on that you need to take the necessary steps.
The rating agency cannot make any changes to your report so once you bring the matter to their notice they will get in touch with the concerned lender to try and resolve the discrepancy. The process usually takes around a month to complete. Once the agency gets a response they will make the necessary changes in the report (if applicable).