FACT SHEET
WHAT IS CIBIL? It is a credit rating agency that keeps track of how much you borrow and how you repay it. Based on the data, it assigns you a credit score.
WHAT IS CREDIT SCORE? If you pay up on time, you get a high score, but even if you default on one loan instalment or credit card bill, your score will go down. If you have a higher score, your chances of getting a loan in the future are better.
WHEN ARE YOU MARKED LOW? If you fail to meet repayment deadlines or cheques
issued by you bounce If your bank doesn’t update your data on time If you haven’t closed a loan properly after repaying the full amount, the loan account remains in ‘active’ mode on your report Source: XXXx
HOW TO FIX IT? Repay your dues and approach Cibil to get errors fixed. You need confirmation from your bank to do that.