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The other side…
Source : The Hindu Published On : 2011-06-04 City : Chennai

The other side…

As all lending institutions believe CIBIL reports to be sacrosanct, they heavily depend on CIRs and Credit Scores of CIBIL. If adverse remarks are found or the credit score is less, they straightaway reject your loan application.

Even if loan-sanctioning authorities inform you about the adverse remarks, you will have no time to rectify the mistakes and stand to lose heavily.

It is found that because of wrong credit information supplied to CIBIL by its members (lending institutions), many loan aspirants have suffered badly as their applications were rejected.

Kept on hold

There are many instances where people had applied for home loans and auto loans but their applications were kept on hold by banks and HFCs as the CIBIL report was showing long-pending overdues from credit card and personal loan accounts.

Such applicants were suggested to pay off the overdues and bring a ‘no dues' certificate from respective lenders. If the overdues shown in CIBIL report were incorrect, the applicant was supposed to approach the respective lender and get the things rectified.

Since this process could take months together, such applicants were forced to pay-off overdues/disputed amounts, illegally demanded by the lenders, so as to get the home loan or auto loan.

Hence it is advisable to have your credit score much before deciding to go for any credit facility. If mistakes are found, you will have time to contact the respective lenders and get the mistakes rectified.

Once you have your CIR and Credit Score in hand, you know where you stand. Once you have a positive CIR and a decent score, you are sure your loan application will not be rejected on account of adverse remarks from CIBIL. If you have a high score, say 800 and above, lenders will approve your loan faster with much lesser formalities.

If you have excellent score, say 850 and above, you would be in a position to seek higher amount of loan with lesser formalities and at much lesser interest rates, compared to interest rate charged to normal borrowers.

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