Firsthand Information on CIBIL TransUnion Score

CIBIL TransUnion Score is a highly relevant entity these days. As far as contemporary India is concerned, the landscape of loan and credit has been completely revamped since August 2000. In that year the country’s first ever credit information company (CIC) came into being. This organization is named as Credit Information Bureau (India) Limited and as such, it is more popularly referred to by the acronym CIBIL.

The organization categorically collects information related to repayment of loans and credit cards for both individual and corporate borrowers. CIBIL rating or the TransUnion score is actually a three-digit numeric expression ranging between 300 and 900. Interestingly, the numeric expression aptly represents the entire credit history of a borrower. In this context it is relevant mentioning about the CIR.

It is the shortened form of Credit Information Report. This report is based on a borrower’s credit payment history on loan types and credit institutions across a fixed time span. A CIR is exclusive of one’s savings, investments, and fixed deposits details. One can retrieve and check one’s CIBIL score for free. There are relevant online portals that provide the service. A common problem that often arises is for individuals having add-on credit cards.

Their credit records reflect the transaction details that the individuals are not liable to pay. The discrepancy arises because most people are not aware about the fact that even primary card holders are responsible for payments for charges incurred on both primary and add-on credit cards. Thus, default in payment for add-on cards reflect in an individual’s CIR.

Discrepancies are common with CIBIL reports. These issues arise mostly because the updated information is not sent to CIBIL by the respective Credit Institution (CI). Borrowers can raise their issues of concern with CIBIL. By virtue of the Credit Information Companies (Regulation) Act of 2005, CIBIL cannot modify any information in the database without confirmation from the concerned CI. As soon as the necessary confirmation arrives from the respective CI, clarification is made to the particular CIR.