ALL >> Investing---Finance >> View Article
Understanding The Problems With Cibil Report
Many times some of major decisions of our lives depend upon lender's decisions. For instance, whether we can buy our dream home, dream car or pursue higher education depends on the lender's decision of approving our loan. While there are many factors that affect lender's decision but your CIBIL report plays a most crucial role in your loan approval process. If your bank does not approve your loan due to your poor credit score, you need to check if the scores are genuine or not. For this, you should ask bank to give you access to your CIBIL report. Many times low credit scores are outcome of human or technical errors.
According to a recent RBI mandate, all the banks are required to give customers access to their respective credit reports. It is important to ensure that you have sufficient evidence to file complaint against bank. There are many types of errors that may influence your credit score and create problem with CIBIL report. Some of them have been discussed below:
Default Name
The bulky CIBIL data contains countless names. There is a strong probability that records of a person having name identical ...
... to you name get recorded in your file. For instance, MR. Purshotam Das applied for a car loan but bank refused him to provide loan due to poor credit ratings shown by CIBIL. On checking his CIBIL report, he found that his report shows different name Bhagwan Das and voter ID and license number also differ. Due to errors in the name, all the outstanding balances of Bhagwan Das was shown in the a/c of Purushotam Das.
Wrong Inputs
Your CIBIL report can show wrong picture if the CIBIL data contains errors by the bank employees while maintaining a data. Some errors like typo errors can put significant impact on your credit scores.
Identity Theft
Identity theft is one of the most serious causes of errors that can put disastrous impact on your credit profile. If you are victim of identity theft, it is important to keep track of all the cards you use or even those that you don’t use.
If you wish to have details of your credit report, the best way is to browse CIBIL websites at CIBIL.com. You can obtain report from this site and can also file a dispute. However, this report is usually very difficult to interpret. It is recommended to hire services of credit reform agencies that provide right solutions to improve your credit score.
Author’s Bio:
Author is expert in providing information related to online credit report and know how to improve credit score. Read his article, which assists people about the various struggles with bad credit and learn how to fix it.
Add Comment
Investing / Finance Articles
1. Innovative Accounting Solutions For Modern BusinessesAuthor: Business Tax & Money House
2. Can Someone With Bad Credit Still Get A Short Term Loan Online?
Author: Jockey Ferguson is a financial adviser of Fast Pay
3. How To Manage Cash Flow For Online Retailers
Author: Thomas Edward
4. A Detailed Guide Set Up A Company In Ireland
Author: LSC and Partners - Corporate Tax Consultancy LSC
5. Rupay Credit Cards: Your Ticket To Exclusive Rewards And Benefits
Author: Priya
6. Top Upcoming Telegram Airdrops You Don’t Want To Miss!
Author: Cryptoreach
7. The Art Of Diversification - Building A Robust Portfolio For Long-term Stock Market Performance
Author: Broker Analysis
8. 10 Effective Strategies To Boost Real Estate Lead Generation In 2024
Author: Horizon Consultants
9. How To Choose The Best Financial Advisors In Indianapolis For Your Future
Author: Kurt Supe
10. What Are The Requirements For Applying For A Personal Loan?
Author: divya negi
11. Investment Banking Companies In Hyderabad: Your Guide To Financial Excellence
Author: Verity knowladge solutions
12. No Credit Check Payday Loans
Author: Daniel
13. A Complete Guide On All Cfo Services
Author: Vibhay Ranjan
14. Navigating Success: The Role Of Venture Capital Deal Flow Management Software
Author: Fundwave
15. Streamlining Investment Strategies: The Rise Of Fund Management Software
Author: Fundwave