Why Did I Get an Enquiry on My CIBIL Report?
You may have recently checked your CIBIL Report and noticed an enquiry you don't recognize. Credit enquiries happen when a bank/financial institution has accessed your CIBIL Report, usually in connection with a new credit card or loan application. Seeing a credit enquiry you did not initiate can be confusing and raise questions. Here is some additional information to help you understand credit enquiries better.
What is a Credit Enquiry?
A credit enquiry occurs when a bank or financial institution accesses your CIBIL Report usually in connection to a new credit card or loan application. These have minimal impact on your CIBIL score.
If you discover a new enquiry on your CIBIL Report, here are some potential reasons:
● New credit account: The most likely explanation is that you recently applied for a credit card or loan. Double-check applications and account for all enquiries over the last 36 months.
● Identity theft: Hackers may use your personal information to open fraudulent accounts with bank/financial institutions. Follow up with respective bank/financial institutions on any unknown activity.
● Inaccurate CIBIL Reports: Occasionally, it could be human error, the enquiry information gets reported in your CIBIL Report, showing unfamiliar account activity that belongs to someone else.
Conclusion
Start by carefully reviewing all your applications for loans and credit cards over the past 36 months. In case of any unauthorized accounts opened in your name, please contact the enquiring bank or financial institution immediately. Moreover, if the credit enquiry remains unexplained, follow up with the respective bank/financial institution or CIBIL to ensure your CIBIL Report does not have any data inaccuracies.
There are a few ways to keep tab on your credit profile on an ongoing basis:
- Subscribe to CIBIL's credit monitoring services to receive alerts whenever there are changes or updates to your CIBIL Report. This allows you to review new enquiries and account information in real time.
- Take advantage of your free annual CIBIL Report from CIBIL available once per calendar year. Reviewing annually will verify accuracy and give you peace of mind.
Stay credit-ready by monitoring your CIBIL Score & Report.
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.