Credit Report is perhaps one of the important things that should always be maintained to increase the chances of getting a loan from the bank.

Every one would like to get a loan from the bank with ease. This means that if you apply with bank for loan then it should be passed easily.

If any customer applies for a loan with a bank, then besides checking the customers history with the stated bank, the credit report of the individuals is also pulled out.

This report is available with the Credit Information Bureau of India (CIBIL). All the banks in the country share the credit history of their customers with CIBIL.

So when a banks pulls up the credit information report from CIBIL then it gets information on the over all credit history of the individual, even those with other banks.

So how do you improve your credit score so that your loan applications are accepted at the earliest.

*Payments count: be punctual in paying the due amount of your loans, credit card and even insurance premiums counts. If you set up the automated system with your bank to clear the payments, then it will boost your credit score.

*Using Credit card: Maintain and use your credit card. If the credit card is used properly then it definitely boosts your credit score. However, ensure to never make a late payment, this reflects poor on the credit score.

*Minor patterns like never spending very close to your credit limit. Ensuring regular use of the card but also making timely payments. Such consistency is the proof of your credit management talent, this in turn improves your credit score.

*Credit to debit ratio: The credit report is a representation of flow of credit and debit. Meaning, if you own several, then even paying them on time doesn't help your credit score. Since, the money flowing to your account is not staying there rather it ends up in clearing your debt. It will still affect your credit score in negative terms as your total net worth goes down.

*Credit card: Closing down the credit card would not help the score. It is better to not use it, but cancelling a credit card will definitely not help you improve the credit score.

Also a good credit score can help you negotiate the interest terms better with the bank when you are borrowing a long-term loan for housing.

How to obtain the CIR?

It will cost Rs 142 to get a CIR. To get a more detailed analytical report which is called CIBIL TransUnion Score plus the CIR will cost Rs 450.

You will require the following documents along with the a request form-
An identity proof - PAN, Passport, Voter ID
An address proof - Bank Statement, Electricity Bill, Telephone Bill, Passport and Credit Card Statement.

For additional details visit link (https://www.cibil.com/d2c/)

The online request form is available at (https://www.cibil.com/d2c/manageCustomerDetails.do?action=showAddPaymentPage)

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