Checking your credit information report for inaccuracies

By | December 3, 2008

Pratima Mathur was feeling extremely angry. How could the bank do this to her? She was a stickler for immaculate money management skills. She never once defaulted or made a late payment for that matter even on her telephone bills.

She had maintained all her accounts with her friendly neighbourhood bank, whom she banked with in all of 15 years, since she got her first pay cheque. She had been saving up religiously for the past 10 years to accumulate enough monies to buy a car and a cozy, contemporary apartment for herself.

Once she had her down payment secured for her apartment, she zeroed in on a really neat one, which was fitted with all the up-to-date amenities. It was located at a very accessible distance to all the places she frequented be it shopping malls, hospitals, multiplexes, the beach and of course her workplace. She even got the best interest rate in the marketplace with a popular housing finance company. Everything was coming together nicely when the big blow came. The HFC called to say, they could not proceed with her loan disbursement because she had a poor credit score! Armed with reams of paperwork and credentials from her still friendly neighbourhood bank, who unfortunately did not have the kind of interest rate on the loan she wanted, she was ready to tackle the matter. After several attempts at calming Pratima’s indignation and succeeding finally, the HFC said they would be able to provide access to her Credit information Report. However, they also told her that if she wanted any clarification on the details mentioned, she should contact CIBIL and seek those clarifications.

To err is human and Pratima’s `Credit Information Report’ is no exception to this fact. Errors could have easily crept up in her report that comprises of numbers. Incorrect information about her credit accounts, input errors and confusion caused through similar looking account information, names etc. could have resulted in the errors in her report. Currently there are no facilities enabled by CIBIL, unlike the practice abroad, where an individual can request his or her credit information report from CIBIL, even before he is about to make a credit transactionor apply for a loan. However, if an individual has applied for a loan and has been rejected the loan because of a poor credit score, he can then request the bank to allow him to access his credit report to seek any clarification on the information provided in the report.

Pramita had the option of getting in touch with CIBIL with the control number of her  credit report, which the HFC provided her with. The Control number is a nine digit unique number that helps CIBIL track an individual’s credit report from CIBIL’s database.
When attempting to access your credit report you also need to provide CIBIL with your loan details, the exact knowledge or discrepancies in the report that you have been made aware of by the bank and for which you seek clarification.  Ofcourse, you need to pass on essential information such as your full name, date of birth, address, phone numbers, Pan no, Voters Id and Passport no to help CIBIL assist you.

In Pratima’s case, she was fortunate to communicate the discrepancies in her credit report and get it rectified in a matter of days. Her persistence paid off and the HFC was more than happy to sanction her loan amount. Right now, Pratima is happily cocooned in her cozy, contemporary apartment and in the past 5 years has never defaulted on her EMIs even once!


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