Vaibhav wants a loan for Rs.3Lakhs for home renovation but his CIBIL score is 550. Lenders are not ready to provide loans to him. How did he upgrade CIBIL score? What would be the role of CIBIL Credit Repair Company?
CIBIL Score is a three-digit numeric review of your credit history. The Credit Information Report does not contain details of your savings, fixed deposits, or investments.
Role of CIBIL Credit Repair Company
As the name suggests CIBIL repair credit agencies help individuals to deal with the issue of bad credit and improve it. Most of the time customers don’t understand the right ways to fix their low cibil score due to a lack of required knowledge. These companies assist customers in filing disputes to rectify/repair CIBIL.
You must need to provide them with detailed information about your debts with supportive documents or legal papers.
Possible Errors/Mistakes in Your Credit Information Report
- Personal details are inaccurate like- Name, phone number, address, PAN number.
- Loan balance details are incorrect like: – credit limit availed, repayment date, etc.
- Wrong account details are provided like faulty outstanding balance.
There are various issues causing errors in your CIR. Those reasons create a wrong impression in your credit report, you need to identify the reasons and repair CIBIL immediately.
- Inability to manage finance and Unavailability of funds due to some reasons.
- Missed payments on loans and credit cards due to relocating (domestic/international).
- Disputes for charges or annual fees between lenders and borrowers.
- Missed payments for Non-receipt of credit statements.
- Disputes with the lender on account of default and fraud.
Important Information to Remember
You need to keep the following points in mind while taking help from CIBIL credit Repair Company.
- A credit repair company will only assist you to rectify errors and improve low CIBIL. They do not help directly to remove or edit the error in the report.
- Companies may or may not charge fees for filing disputes.
- The bank/financial institution has to approve any modifications requested on your credit report.
- For your convenience you can use CIBIL credit repair company services, but there is no guarantee for favourable outcome.
- It does not matter if you’re taking help from an agency. In every condition, the credit reports will be sent to customer directly via any mode because it is a confidential report.
- After receiving the report you need to take action immediately to repair CIBIL by negotiating with the lender.
- Before signing with an agency you need to check their authenticity and review first.
Information includes in your CIBIL report
| CIBIL Score /Credit Summary | A summary of your credit health, credit utilization, and credit worthiness. |
| Employment section | Brief detail of your job profile and financials as reported by the lenders. |
| Personal & Contact Details | Includes information like- Name, date of birth, phone numbers, addresses, and email id. |
| Account information | Shows all the credit facilities availed, inquiries made by you, and your payment history. |
Note: – To get a better credit information report, first you need to clear all your debts. If you have so many debts and you’re facing financial difficulty. There is an option for debt relief In India/debt consolidation. You can easily get free from the burden of debt at a lower amount.
