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.
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.
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.