Each time you deal with credit – whether through a loan, BNPL (Buy Now Pay Later) offer, EMI-linked purchases, applying for a credit card, transacting with a card, or closing one down – the associated lender shares information about that dealing with credit information bureaus such as CIBIL. We then collate this information with all the credit dealings you undertake to arrive at your CIBIL Credit Score and Report.
This score and report are a major part of your financial identity. We’re going to take a minute today to discuss how you should monitor and be in control of your financial profile. And besides, a New Year is around the corner, what better time than now to train yourself in a fiscal good practice?
If you’re someone who uses a credit card, shops online (availing the above-mentioned offers) or pays EMIs regularly - then this is for you.
Each credit facility has an impact on your financial profile. So, while it is good to avail your free CIBIL Credit Score and Report once a year, it’s a much better idea to become a subscriber and have long-term, on-demand access to it.
With it comes a greater degree of visibility and control of your credit profile. Importantly, a subscription gets you 24x7 Credit Monitoring with CIBIL Alerts* - our email & SMS notification system that safeguards you from identity theft or misuse.
For example, let’s assume you’ve been regularly checking your CIBIL Score, and you find an unexpected dip which is not connected to any activity you’ve recently conducted. It could be that you’ve been a victim of identity theft.
Identity theft occurs when someone gets or steals your personal information. And uses it to open lines of credit in your name (such as a loan, or a credit card) which may impact your credit reports and scores.
You’ll immediately know via our ‘Alerts’ function. You can then quickly check your detailed CIBIL Report to verify that there has not been any incorrect activity captured in your account, and if so, flag it off to the lender and CIBIL to take corrective measures.
Credit Monitoring is both a personal assistant and a watchdog, by alerting you whenever there are changes to your profile, such as new accounts being opened in your name, a credit card balance increase, or an overdue payment reported by one of your creditors. This practice keeps you well informed and aware about the health of your credit profile, and it’s a great habit to develop going into 2023. Let’s begin the year of smart and safe credit usage.
* Available with CIBIL’s ‘Standard’ and ‘Premium’ Subscription plans
Disclaimer: The information posted on this blog (Information) is prepared by TransUnion CIBIL Limited (TU CIBIL). This Information is for generic informational purposes only and is meant for consumer education and awareness about credit scores, credit history and credit reporting. The Information posted on the blog does not constitute credit advice and the user will need to consider the same and take independent informed decisions . No part of this Information may be quoted out of context, distorted ,distributed, published and/ or reproduced in any form and manner whatsoever. Consumers are advised that the Credit Information Reports (CIRs) prepared by TU CIBIL are based on collation of information, substantially, provided by credit institutions who are members with TU CIBIL. TU CIBIL is not responsible and /or liable for errors and/or omissions caused by inaccurate or inadequate information submitted to it by credit institutions. TU CIBIL does not guarantee the adequacy or completeness of the Information and/or its suitability for any specific purpose nor is TU CIBIL responsible for any access or reliance on the Information. TU CIBIL expressly disclaims all such liability. Further, this Information is based on the data available with TU CIBIL at the time of publication and therefore may not be up-to-date.