Method for getting credit report from CIBIL

1. Approach CIBIL to get a copy of your credit report. This right is given to you by Credit Information Companies Regulation Act, 2005. Make the request officially in writing and get an acknowledgement. Details: CREDIT INFORMATION BUREAU (INDIA) LIMITED, Hoechst House, 6th Floor, 193 Backbay Reclamation, Nariman Point, Mumbai 400021. Call: +91-2266384600/22817788, fax:+91-22 66384666, email:info@cibil.com.

2. The report will outline what exactly is reported by the bank in respect to your credit account and enable you to take action, if there is any error in the reporting. Specific measures have been provided in the CICRA for the consumer to raise a dispute in respect of any wrong reporting with a time bound dispute resolution mechanism that has been built in.

3. CIBIL is a credit bureau and not a bureau that maintains a list of defaulters only. It will necessarily disclose the facts regarding your credit history, like delayed payments in the past, dues settled without write-offs on the part of the bank. All potential lenders will have access to this information.

4. You can’t erase the fact of delay in payment as it reflects the factual position. If the report wrongly mentions a write-off (when none has been done), you can use the dispute resolution mechanism provided in the Act.

5. You will find it difficult to get fresh loans. Elsewhere in the world, in similar situation, it might have been possible to get a loan from lenders who specialize in lending to people who have just come out of a bad credit situation. In India, such a class of lenders has not yet emerged.

6. If you are seeking fresh credit, try to improve your credit history by taking secured loans (such as a credit card against fixed deposit, loan against financial/real estate securities, jewellery). Once your credit history is rebuilt, you may be eligible for regular credit, albeit at a higher cost.