Q. How much time will the process take?
We know that time is a very important aspect in financial dealings, thus we are swift and punctual in our approach. However, the CIBIL Score rectifying process applied by us is bound to legal formalities as it involves different financial agencies, thus it may take a maximum of 60 days to get the work done.
Q. Why is a CIBIL score important?
CIBIL or Credit Information Bureau India Limited is the sole credit rating agency of India which monitors every individual’s credit reports based on his/her financial transactions. It gathers information linked to an individual’s previous loans/credit cards/bank accounts and PAN card numbers. Due to its credibility centralized operations the agency is linked with all small and big banks and financial institutions of the country. Thus, nowadays no loan or financial assistance is approved without checking the CIBIL scores.
Q. What are the major factors that affect my credit score?
I am not a loan or cheque defaulter, why is my CIBIL score low? There can be many reasons for a low CIBIL score, which include late loan or credit card payments, less incomes, defaulters residing on the same address, huge loans, several credit cards etc. Our team of experts carefully calculates an individual’s profile and takes corrective measures.
Q. Can my records/scores be modified?
CIBIL cannot delete or change records reflecting your CIR on its own; we simply collect records of individuals provided to us by our members (Banks and financial institutions). There are no ‘good’ and ‘bad’ credit or defaulters lists either.
Q. What does an NA or NH score means?
A Score of “NA” or “NH” is not a bad thing at all. These mean one of the below:
a) You do not have a credit history or you do not have enough of a credit history to be scored, i.e. you are new to the credit system
b) You do not have any credit activity in the last couple of years
c) You have all add-on credit cards and have no credit exposure
It is important to note that while these Scores are not viewed negatively by a lender, some lenders’ credit policy prevents them from providing loans to an applicant with Scores of “NA” or “NH” (applicants with no credit track record). Hence, you may have better chances applying for a loan elsewhere.
Q. How much will it cost me to change my score?
For Individual, Cibil support charges a minimum fess of Rs 1000 for credit report only and fees of Rs 1000 (min) is charged to make corrections in your report. We offer a policy of money back in case we are unable to make corrections in your report within 60 days. For Company, Cibil support charges a minimum fess of Rs 4000 for credit report only and fees of Rs 2000 charged to make correction in your report. We offer a policy of money back of Rs 2000 in case we are unable make correction in report within 60 days.