banner banner

Stay Up-to-Date with Our Blogs & Articles

The texts on this website have been translated using an automated translation tool and its accuracy cannot be guaranteed. We recommend referring to the English version of the content for the most precise information. In the event of any disputes or inconsistencies, the contents in the English language shall be considered final and binding. IIFL HFL disclaims any liability or responsibility in this matter.
Go Back to Main blog page

Things That Can Go Wrong With Your CIBIL Report

By IIFL Home Loans | Published On Dec 04 2017 11:15 AM 2 min read 55 views 4971 Likes
Things That Can Go Wrong With Your CIBIL Report

Credit Information Bureau India Limited CIBIL is one of the foremost credit information companies in India. The role of the CIBIL is to collect and maintain payment records of both individuals and commercial entities pertaining to loans and credit cards. 

If you apply for a loan today, the common conception is that getting a loan is a difficult and tedious task. Moreover, understanding the reason your loan application has been rejected can be quite complicated. A good CIBIL score can go a long way in obtaining a loan with stringent bank requirements.

That is why it is imperative to make sure that you get your CIBIL report right. Here is a list of common errors which you can learn about and lookout for in your own CIBIL report:

Confusion of names

There can be lakhs of names that are similar in the CIBIL database. Things can go haywire if a person with your name has defaulted and all his defaults get recorded in your file.


  • Eg: In one report, the name Anju was confused with Anjum. However, it was later discovered that Anjum was deceased with no one to identify her. The corrective procedure was started only started after CIBIL examined Anju credit report. Till that point in time, the bank had put down her bouncing cheques, as default payments, issuing warnings etc. on deaf ears.

  •  

Identity Theft 

This is the most serious of all causes of errors and can have a disastrous impact on a person credit profile. In recent times, identity thefts are on the rise. Right from a petty shopkeeper who swipes your card several times to sneak in an unofficial payment or track credit card details, which he can exploit, to a terrorist who wants to access a billionaire account in a remote corner of the world, identity theft is becoming a serious crime that needs a check.


  • Eg: Take Anuj case, an impostor had somehow captured his Pan Card details and opened an account with a bank entering all the details he had gathered on him by accessing his mailbox. Anuj did not know for a long time about this. It was only when he decided to apply for a new credit card and his bank rejected him for being a defaulter. To clear his name as a defaulter Anuj has to go through a long drawn out process that takes up a lot of his time.

It is essential for CIBIL to allow access to an individual credit report not only in cases when the fact needs to be verified but also as a way for individuals to keep a tab on their money inflow and outflow. This will help them weed out errors, clarify facts and even identify impersonations before it too late.

Tags

apply loan

Quick and Hassle Free Loan Processing

green ad
Prelude to Building Green - IIFL Home Loan's Guide to Sustainable Affordable Housing
Download report

Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.