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Know How to Read CIBIL Report in Simple Steps
- Updated on: 17 Oct 2024
- Published on: 5 Apr 2024
If you know how to find a CIBIL report and read it, you can easily assess your financial standing. When you download and read a credit report, it helps you understand your credit health and take the right steps to boost your creditworthiness.
A CIBIL report is a detailed file of the account holders’ financial history and repayment transactions. This includes records of loans taken, information on current and past credit card accounts, repayment defaults, etc.
Know how to read a CIBIL report, key terms you must understand in a credit report and more.
Also Read: Check Cibil Score With a Pan Card
Here are the details included in your CIBIL report and their meaning.
The first section of the report is your credit/CIBIL score, which is a three-digit numerical representation of your creditworthiness, ranging between 300 and 900. To calculate this number, credit bureaus assess the following factors:
The second section of the report includes your personal details, such as:
You must verify all this information to ensure there is no discrepancy when financial institutions send your report.
This section contains all your present and past records of contact details, such as:
This section contains information about your employment type, income and gross income.
This is the most crucial section of your report, containing all your open and closed account details. This section includes:
Financial institutions provide this information to credit bureaus periodically. In case you find any discrepancy in this section, you can raise a dispute for rectification.
This box in the ‘Account Information’ section gives you an update on the raised dispute. Once your dispute gets resolved, the box will disappear from the updated report.
When you apply for a new credit, financial institutions make an enquiry to check your credit score. This section shows a record of such enquiries.
Also Read: Importance of Credit Rating and How to Check
To read a credit report and understand it, here are some essential terminologies that you must know.
| Term | Meaning |
|---|---|
| Amount Overdue | Unpaid amount to the financial institution |
| Credit Utilisation | Percentage of credit limit used |
| Credit Limit | The maximum withdrawal limit for a credit card |
| Collateral | Asset pledged as security |
| CN (Control Number) | A 9-digit number for your dispute raised |
| Sanctioned Amount | Total loan amount |
| Written Off Amount | Outstanding amount after loan settlement |
You can download one free report annually on the CIBIL website by clicking on the ‘Get Your Free CIBIL Score & Report’ tab. Enter your details and select ‘Accept and Continue’ to download your free report. If you want to get your report periodically, you can opt for a subscription.
Checking your report not only helps you keep a tab on your financial health but also allows you to spot errors and raise disputes if necessary. Since most lenders and credit card issuers require a CIBIL score of 750 or above, doing this will help you easily achieve that.
However, if your score isn’t high enough and you need instant funds, you can apply for a Fibe Instant Personal Loan and get up to ₹5 Lakhs instead. At Fibe, we employ an alternative scoring mechanism that allows us to provide financial assistance even to those new to credit.
What’s more, you can choose from a flexible tenure of up to 36 months and enjoy 100% digital application for a comfortable experience. So download our Personal Loan App or register on our website to apply now.
Here are the steps to follow to analyse your credit report.
A CIBIL report contains all your financial and personal information, such as:
You can download your free CIBIL report on their official website and check the required information.
The report generated by TransUnion CIBIL is the most popular one used by most lenders.
