Credit Information Report & Credit Scores
Your credit information report (CIR) contains details of your credit history and track record in taking and repaying loans from banks and finance companies. A loan applicant with a good credit record will find access to loans easier, faster and on favourable terms. The Credit Information Bureau of India (Cibil) consolidates the information on individual borrowers’ credit history sourced from different member credit institutions such as banks, credit card companies and NBFCs, into a single report called the CIR. This is then made available to its members (banks, finance companies) to facilitate their lending decisions.

A CIR typically contains personal details of the borrower, such as name, address, PAN, records of previous borrowings, past payment history, amount overdue, etc.

Accessing Your Report
Both member banks and you can access your credit report. For you, the report will come for a fee of Rs 142. You will have to pay Rs 450 for a CIBIL TransUnion Score inclusive of the CIR. You can fill up a CIR request form, which can be downloaded from the Cibil website. You have to submit self-attested copies of address proof (bank statement, utility bill) and identify proof (PAN card, passport, or voters ID.) You then have to send documents to Cibil along with a demand draft for the fees.

Decoding Your Score
Your score can range from a low of 300 to a high of 900. The higher the score, the more favourably it is viewed by credit institutions. There is no standard cut-off for a good score or a loan application. Different banks have different barometers.

Rectifying Information in Your CIR
If you find any discrepancy in the CIR, you can rectify it by following the steps mentioned below:
STEP 1: Access your credit report from Cibil by clicking on the link ‘Access Your Cibil Credit Report’.
STEP 2: Identify the error in your report and write toconsumerqueries@cibil.com with your queries and the changes you would want to be made.
STEP 3: Contact the related bank/ lender immediately and inform them of the error. Back it up with necessary proof of having cleared your dues.
STEP 4: The bank/lender has to validate the error(s) and re-submit the updated information to Cibil Rs Do not approach Cibil directly as the bank/lender has to confirm the changes and update the credit bureau.
(Updated - 18 Feb 2012)
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