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How to Resolve CIBIL Dispute

Introduction:

Are you located in India and looking for loan options? Then you should know about CIBIL scoring system because without the approval of this organization you can't avail loans or credit card facility in India. Actually, CIBIL is an organization that strictly monitors finance history of a client. The banks located in India must submit the credit or finance history of a client to CIBIL on a monthly basis. Now, CIBIL has a responsibility to generate a credit information report and assign scores as per their criteria. The scores assign by CIBIL helps to approve or disapprove client loan or credit card request by banks. This amazing organization was founded in the year of 2000 and gains much fame in a finance sector.

If I am not wrong then you must be thinking about how to improve CIBIL score or how to improve credit score in order to avail the facility of loans. In this article, we will try to explain all the answers of possible questions related to CIBIL or resolve CIBIL dispute. Here we go:

Below are some reasonable facts related to CIBIL which lead to application rejection related to loans or credit card?

  1. This organization monitors deeply your financial history with the bank prior to approving you loan application. If you are among those people who use to make late payments or hold the position in the defaulter list then their chances of rejection increases.

  2. Frequent usage of a credit card does not affect your CIBIL score directly, but high credit usage with low repayment routine will affect your CIBIL score surely. We suggest you to pay your bills on time prior to increasing your credit card balance.

  3. The chances of your application rejection increase if you already acquire more than 1 unsecured loan. In order to make your case stronger, you should avail 50% secured or 50% unsecured loans.

  4. Keep in mind; you can't be fooled CIBIL finance history auditors. If you are trying to open more than one account just for the process of loan application then it would affect your CIBIL score. Actually, the more account you open the more burden you have to deposit payment.

  5. You can also face CIBIL dispute or low scores if you are careless in completing the formalities while account closing. You must complete all the formalities in order to achieve good CIBIL score

There are few more things that will affect you application regarding loans or credit card facility. In order to make you case stronger must follow the rules and regulation of banks strictly. Now, it's time to educate you about how to improve CIBIL score or increase credit score:

  • Always make payment on time; it is the prime thing to consider in order improving your CIBIL score. Many people pay bill when they have a time or healthy balance in their accounts. CIBIL scores base on your punctuality so keeps paying on time.

  • Think several times prior to submitting an application for a loan; only apply for a loan when you really need it.

  • Always check your payment history and if you found any mistake or discrepancy then instantly communicate with a bank representative. Lack of interest in your account will lead to low scores by CIBIL.

There are several more ways by which you can improve CIBIL score.

Let suppose you have stuck in CIBIL dispute or your name listed in defaulters then do you know what to do next? You should know about this prior to applying for loans or credit cards. According to CIBIL, 79% loan application submitted by individuals approve if they secure 750 above score. If you fail to do so, then learn about how to clear CIBIL issues below:

  • The main concern of any CIBIL defaulter is to remove his/her name from a list issued by CIBIL. If CIBIL listed you name in the defaulter list then after clearing all the dues, ask your bank to issue a "No Due"? certificate. After having that particular certificate, you need to submit into CIBIL and request them to remove your name from the list. After the removal of your name you need to attach a copy of the entire supporting document with your loan application form and you are done.

  • Remember one thing; secured loan (home loan) will help to Improve CIBIL Score as compared to unsecured loans. It's better to apply for secured loans rather than unsecured loans. Secured loans headed for a creation of appreciating assets which improves your score.

Hence, CIBIL is empowering the financial industry by working deeply with the banks or other financial institutions.

Conclusion:

CIBIL is a leading financial organization working day and night in order to raise the security standard. If you are one of them who aim to avail loan from a bank then you should know about CIBIL scoring system and the matters affecting scores. Without having certain scores, you can't apply for loans or credit card facility. You can also visit CIBIL website in order to understand their policy for acquiring optimum scores.

No matter if your name is listed among defaulters then analyzes the correct issue and raises the CIBIL dispute form available on their website. The time has changed; if you want to avail loan facility then you must acquire optimum CIBIL score for approval.

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