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"The loan agent said that it would bring my credit score down. I
was scared. So I did not apply," said Patkar. This is a very common
myth doing rounds in the country today.
When someone tells you a "funda" like that think twice. It's
your own score. A credit report shows your credit worthiness. If
you do not have a right over it nobody does. What you need to know
is that your credit score goes down if more than one lender pulls
up your score constantly. You personalized credit score from Credit
Information Bureau of India Limited (Cibil) will give you a list
people who pulled out your score recently.
In fact by making a loan application you are indirectly giving a
lender the right to check your credit worthiness. So, it is also
necessary to make sure that a lender is not pulling up their credit
report without your consent.
It is imperative that individuals check their credit report
regularly to make sure it's up to date and accurately reflects
their circumstances. Mistakes can hurt their credit rating. If
there are any inaccuracies in your report, raise a dispute
Get in touch with a bank that has not updated your records. In
worst cases banks can be penalized too if they refuse to correct
These days, everybody who cares about their financial health has
to check their credit score periodically. Globally telecom
companies, insurance companies and in many landlords too check the
credit worthiness of an individual before they take on a customer
or a tenant.
So keep a control of who is watching your credit score. Make
sure you logon to the Cibil website periodically to get a
personalized credit score. Stay financially healthy and happy.
We, at CreditVidya, believe in empowering you. Because we believe that knowledge is not only power but also gives you a sense of belonging. We believe in supporting the consumers by not being their crutch but as catalysts and enablers.
How to get your CIBIL credit score online ?
Want to improve your Cibil Score? Try our 'Score Builder'