Credit Report
Definition
A detailed record of a person's borrowing and repayment history maintained by a credit bureau.A credit report is the underlying record a credit bureau (such as TransUnion CIBIL, Experian, Equifax or CRIF High Mark) keeps on an individual's loans and credit cards — personal details, account information, month-by-month repayment history, enquiries and account status. Lenders supply this data, and under the Credit Information Companies (Regulation) Act, 2005 a bureau cannot change it without the lender's confirmation. The credit score is derived from this report. In India, each bureau is required to provide one free full credit report per year, and incorrect entries can be disputed free of charge — with RBI rules requiring resolution within about 30 days.
Related guides
Related terms
- CIBIL Score — A 3-digit credit score from 300 to 900 issued by TransUnion CIBIL that summarises an individual's credit history.
- Credit Utilization Ratio — The percentage of your total credit limit you are currently using; keeping it below 30% is widely advised.
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