Does the CIR indicate if credit should or should not be given?
The CIR only provides available factual credit information and does not provide any opinion, indication or comment pertaining to whether credit should or should not be granted. The credit grantors who have received an application for credit will make the credit decision. CIBIL does not grant or deny credit.
If my credit application has been rejected, will this fact appear in my credit record?
The Members do not provide this information to CIBIL and hence it will not be in the CIR.
If a credit grantor has denied me credit, could others reject my application?
Not necessarily. Different credit grantors may use a CIR differently, or take into account other factors when they assess your application. Although one bank may deny you credit, another bank could take a different view and accept your application.
What benefits does a borrower get from CIBIL?
CIBIL's CIRs are aimed at helping credit grantors make fast and objective lending decisions. This will contribute to a more competitive credit marketplace among Credit Grantors. With a Bureau in place, responsible customers can expect faster and more competitive services at better terms from the Credit Grantors.
How do I rectify information in a credit report drawn on me?
Please contact the credit grantor from whom you have availed the loan and request the necessary changes. The credit grantor will then report the change to CIBIL and it will subsequently make the necessary updates in our records.
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