Credit Report/CIBIL (also called CIR Credit Information Report) is a system wherein you can check your creditworthiness, it is a three digit numeric score of your credit history. The score is the outcome of your credit history found in CIBIL Report. It depends upon payment history for different loan types and credit institution over a stipulated period of time.
What CIBIL Report Represents
- What kind of borrower you are.
- Old and new Borrowings.
- Kinds of Loans taken
- Payment pattern/Trend
- Types and frequency of Loan requests.
You might also getting calls from various tele-callers in your day to day life offering you various kinds of loans/credit cards. Also sometimes we are getting mails/calls for free CIBIL Report.
We would also like to share some instances with you that we have seen practically :
1. A person Mr. ‘Yes Man’ gets various calls for loans and credit cards from various tele callers, as he is a Yes Man he is not able to say no to anyone.
Due to this his Credit report by CIBIL has reached upto 9 pages and has also adversely affects his credit score.
What happens here is, every time he said “yes” for a loan/credit card offer the company makes a enquiry for his CIBIL and same is registered in his CIBIL report. This shows a person’s credit hungriness and adversely affects his credit score.
Conclusion: Do not say yes!! to a loan/card offer unless you really needs it and learn to say No.
2. Another person Mr. ‘Free Man’ get multiple calls offering loans, credit cards and discounts and was very much fed up with this and is not able to understand why he is getting so much of spam calls and come to us to discuss his issue.
What was happening here in this case is, Mr. Free Man often see “Free CIBIL Score Check” on various websites, mails and through SMS from various websites and without second thought he just Grab this offer to check this CIBIL report and get to know about his credit history, Outstanding loans and CIBIL score that too completely free 🙂 and was very happy.
Now, his ‘Free CIBIL Report’ and his data is shared to every second lender/tele caller in the market to offer him loans and cards.
Conclusion: Please think before clicking on any such freebee link and also be very careful where to and not to share our personal data, data security act is not very much strong in our country.
Don’t just click because it has mentioned “free report”. I know this might hurt but the “free” word attracts we Indians a lot including me, even knowing the fact that nothing is free in this world.
Use your credit report sensibly, responsibly and after knowing the pros and cons by becoming ‘credit wise’.
Official Site for CIBIL Report: https://www.cibil.com/