Frequently Asked Credit Questions
Get answers to the most commonly asked questions related to CIBIL, its products and services.
1. What is a CIBIL Score and what factors affect my CIBIL Score?
CIBIL Score is a 3 digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.
Watch this video to know more about CIBIL Score.
2. How can I improve my CIBIL Score?
You can improve your CIBIL Score by maintaining a good credit history, which is essential for loan approvals by lenders. Follow these 6 steps which will help you better your score:
- Always pay your dues on time: Late payments are viewed negatively by lenders.
- Keep your balances low: Always be prudent to not use too much credit, control your utilization.
- Maintain a healthy credit mix: It is better to have a healthy mix of secured (such as home loan, auto loan) and unsecured loans (such as personal loan, credit cards). Too many unsecured loans may be viewed negatively.
- Apply for new credit in moderation: You don’t want to reflect that you are continuously seeking excessive credit; apply for new credit cautiously.
- Monitor your co-signed, guaranteed and joint accounts monthly: In co-signed, guaranteed or jointly held accounts, you are held equally liable for missed payments. Your joint holder’s (or the guaranteed individual) negligence could affect your ability to access credit when you need it.
- Review you credit history frequently throughout the year: Monitor your CIBIL Score and Report regularly to avoid unpleasant surprises in the form of a rejected loan application
3. I notice a mistake in my report. How do I raise a dispute? How much time will it take to resolve the dispute?
To initiate a dispute with us, just follow the below mentioned online dispute process.
Click here to know more.
Please Note –You can dispute multiple fields and information on your report in a single dispute by navigating to each section on the Online Dispute Form (i.e. Personal, Contact, Employment, Account Details and Enquiry).
Once the dispute is submitted, CIBIL will also mark the relevant field/ account/ section on your credit report as “Under Dispute”.
It may take approximately 30 days to resolve a dispute, subject to the time taken by the Credit Institution to respond.