If you want a safe and secure financial life, then it’s really important that you check your credit report from time to time. It’s one of the most important documents that you need to keep an eye on and prevent from harm.

Your Credit report is accessed by lenders and NBFCs with whom you wish to take a Loan. It provides them all the information they need viz. your personal details, debt repayment history, debt to income ratio, etc.

If you want, you can check your report yourself by visiting CIBIL’s website and filling out a short form. The following are some of the key details that you should check:

1. Personal Information

This section comprises your personal details viz. name, gender, date of birth, etc. Additional details include voter ID, driver’s license, PAN, and Aadhaar.

The personal information section is checked by the banks to authenticate your identity. They usually match the documents provided by you with the information in the credit report for the same.

2. Contact Information

Here you will find contact details like office and residential address, email address, contact numbers, etc.

3. Employment Information

One of the most important things that the banks check when you apply for a loan is your employment status. This is especially the case when you apply for a home loan or personal loan for low CIBIL score. However, all the details for the same can be easily found under this section.

4. Account Information

This section is what the lenders are most interested in. This is because it contains your entire financial history- loans and other forms of debt taken by you with their repayment history. It also contains the information of your lenders, bank accounts, current debt, etc.

A key subsection of Account Information is repayment history which bears the details of all your past loans going back up to 3 years. This section determines whether you will be able to get a loan and at what interest in case you do.

The following are some of the most important terms that you will see in this section:

• Days Past Due (DPD): It is the number of days for which a particular payment is delayed. For instance, if you have delayed an EMI or credit card bill by a month, then the section will have 030 in front of the account name. Ideally, you should have the value 000 which means that there has been no delay whatsoever.
• Credit Limit: This refers to your credit card limits. For instance, if you have a credit card limit of Rs. 2 lakhs on one card, then you can spend only up to Rs. 2 lakhs in one month.
• Settled: If you take a loan from a bank but fail to repay it, then the bank may offer you to settle the account. In this, you get the option to pay only a portion of the balance to close the loan account. This may seem like a good way to get out of a sticky situation, but in reality, it can hurt your credit rating to a huge extent. This is because when you settle a loan, then the bank adds a remark about the same in your credit report. So, whenever a new lender will check your report, they will see the remark and reject your application.

5. Inquiry Information

This is another important section in your report which you should check out. It contains the details of the enquires raised by the lenders to assess your loan or credit card applications. Whenever you apply for personal loans, home loans, credit cards, etc. then the lenders contact CIBIL or any other major credit rating agency to fetch your report. This inquiry is mentioned in your report itself. So, if you apply for a loan at various banks, then many inquiries are made for your report. They show a “credit hungry” behavior which is why it’s better to give some space between each loan application.

So, there you have it- some of the most important secrets of a Credit Report that you need to be aware of. Learning about them will surely help you avoid situations in which you need to take a personal loan for low CIBIL score. Good luck!

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