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You have been coveting to bring that car home. Finally, when you thought you can surprise your family with a little help from the bank, your loan application had been rejected. The reason: Bad credit history. But you fail to understand the possibility of it all, as you had no credit dues. This might be a lesson for many not to default on payments, but circumstances are such that sometimes you are quite helpless. To avoid such disappointments, always check with the Credit Information Bureau (India) Limited or CIBIL before you send in your loan application. CIBIL keeps a database of all the borrowers’ credit history, which can be your previous loans or credit cards borrowed from some banks. Accordingly, CIBIL will give you a score from 300 to 900, depending on your past credit history. If your rating is above 750, it is considered a healthy score. This information of your credit record and score which is available with CIBIL can be collected by any bank or loan provider as and when required. But now, you also have the option of checking the CIBIL report online. Though the service is not for free, you have to pay a minimum amount and get the Credit Information Report or CIR on your email within two days. This procedure is fast and you can get it from the comfort of your home without going through the hassle of standing in long queues. To check your CIBIL report online you need to fill in an application form and go through the verification process. This is completely free from any hassle as you don’t need to submit any documents. You just need to answer some questions to complete your verification process. Once you are through with this process, you need to make the payment online. You will get the score as well as your credit reports. Even if you have paid all the dues of your credit card sometimes the record may not be up-to-date, in case the bank fails to send the latest data of your credit report. In such circumstances you need to immediately contact your bank and notify the same. You can also contact the bank that had rejected your loan application and show them the proof that all the dues were cleared by you. If you want some assistance in getting your finances settled or you need to check your credit health there are some firms like Icredizen that can help you out. In case of an incorrect data in the CIBIL report, the experts working there will try and take up the case for you and get the error rectified. They can even help you in settling your debt that is long due. All these will be done for a minimal fee. But if you want to save yourself from unwanted trouble, the best thing for you to do will be to maintain a sound financial health by not defaulting on payments.
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