How To Check Your Credit Score? Loan Evaluation!

May 14, 2011     Posted under: Home Loan

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In Loan application process, your CIBIL Credit Information Report (CIR) is an important factor. So any mistakes in your CIBIL score may result in minimizing chances for a loan approval. It becomes imperative for every credit active individual to understand the type of mistakes that can occur and what it means for their CIBIL CIR. The best possible solution is to check your CIBIL CIR before applying for a loan so that you know beforehand that lender is evaluating your loan application based upon accurate data. Outcome of loan application is highly dependent on the information contained in your CIBIL Credit Information Report (CIR). Hence, it is very important to understand all aspects of your CIR.

Inaccurate current balance or amount overdue:

It usually takes around 45 days for your CIBIL CIR report to be updated after your have done payment for a purchasing. Lenders report information CIBIL on a monthly basis, which would mean that the latest payment may not reflect on your CIBIL CIR until the data is submitted by that lender. However, you can always write to CIBIL to help update your past information in case of any inaccuracy.

An inaccurate current balance (especially on the high side) implies that you have more debt than you do while an amount overdue indicates that you are unable to service your existing loan obligations. Both may be viewed negatively by lenders and may affect the chances of your loan approval.

Incorrect personal details credit information is submitted to CIBIL by various lenders. Each lender submits your credit account along with your personal information such as name, address, date of birth, PAN Card number and so on. CIBIL then uses the personal information to collate these details into a single CIBIL CIR which provides your complete credit profile.

Always ensure you have provided accurate and updated details to your lender at the time of your loan application. Also, for any change in personal details same should be conveyed to your lender to make the changes also reflected in CIBIL CIR database.


If by any chance you feel that the personal details or one or more accounts on your CIBIL CIR do not belong to you, you should write to CIBIL. In case you are acting as a guarantor to someone who is a defaulter then the same would be reflected in your score. So, take of all these things. If you report to CIBIL then they can help you in updating information if required.

NitiN Kumar Jain

Nitin works in an IT MNC professionally but blogs and owns NKJ Live. He is also the co-owner of a professional start-up ARGHAM BYTES

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