Credit report forms an integral part of home loan procedure as lenders are a lot dependent on the credit score of a borrower to evaluate the credit worthiness of a borrower. If the score of an applicant is impressive then he can get a good home loan deal but if it is not that good then things can get a little rough for him.
As a credit report can have a great impact on the finalization of the home loan, so it becomes necessary for a person to be aware about certain facts related to credit report. CIBIL is one of the agencies that provide credit reports and lenders take it as a very reliable report provider.
The first thing that people must know is that CIBIL does not prepare the report itself but it is based on the information that lenders and various financial institutions provide about a person. It is a common scenario that sometimes even if a person has repaid the entire borrowed amount still then he is categorized as a defaulter in the report, it is because the related lenders has not made aware CIBIL about the developments.
A borrower need not to panic in situations like these, the matter can be sorted out very easily, that person jus have to visit the lender and ask him to forward the details to CIBIL, CIBIL will update the credit report the person as soon as it receive updates. To avoid such a condition a person must keep checking his credit report at regular intervals.
A person can get access to his Credit Information Report (CIR) by filling a application form available at CIBIL website, the applicant also need to pay a nominal fees of Rs. 142 to get his CIBIL report. One more very important thing is that CIBIL does not decide whether one should be allocated loan or not, it just makes available the credit history of that person rest is on the lender.
