What Is A Credit Report?

What does it mean?

The credit report contains an in-depth account of an individual’s credit history. These are prepared by the Credit Information Bureau (India) Ltd. (CIBIL) which is the Reserve Bank of India’s (RBI) authorised credit agency. CIBIL sends your credit reports to banks and other non-banking financial companies (NBFCs) when you apply for credit.

Credit reports include individual’s residence information, employment history, credit card summary as well as bank account information. Credit inquiries, information about liens and wage garnishments are also included in credit reports. 

Points to remember:

  • Make sure to check your credit report before you need it. Errors can impact your eligibility for credit.
  • Negative impacts on the credit score like delayed payments are logged in the credit reports up to seven years. 
  • Special cases, for example, bankruptcy filings are logged up to 10 years in credit reports.
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