Credit information report plays a key role in lender's decision when you apply for a loan
A CREDIT Information Report (CIR) plays a key role in a lender's decision when you apply for credit, so it's important to understand the information contained within the CIR and also to monitor it on a regular basis to ensure the data held is accurate. So, what are the benefits of obtaining a copy of CIR?
Basically you will get to see what lenders would see when they made a credit enquiry on you, so it's good to know what information is held and to also confirm its accuracy. By obtaining your CIR you will see all the information that a credit information bureau you hold about you and will quickly appreciate the importance of maintaining a good credit repayment history.
It's important for everyone to ensure that the data that is stored with a credit information bureau is an accurate record of your credit history and it is therefore in everyone's interest to make corrections if an error is agreed, in so doing we can improve the speed and quality of the credit decisions and ease access to credit.
What should I look for in my report to ensure accuracy?
Please read your report carefully and check each section for accuracy. The CIR has details on your credit accounts or loan accounts and also of any credit searches undertaken. In addition to checking the financial information contained within the CIR, you should also check your personal information such as name, date of birth, PAN number, address etc. This reflects what each lender has recorded so it's important to notify them of any inaccuracies you may notice.
Key reason for the errors
Your CIR is a representation of the latest information provided by lenders at the time your report is printed. Information changes regularly, as new updates are received from lenders, so the reason for any discrepancy is often due to a time delay from when a payment was last made to when your records were last updated by the lender. But on other occasions there may be a particular query that you would like to discuss with your lender, in which case a credit information bureau is of help.
How can I get the mistake fixed?
If you find a discrepancy within your CIR, then it is important to quickly address this concern with your lender. A credit information bureau will help you with this process but you would have to understand that it's unable to make any amends to the data itself—this can only be done with the written agreement of the lender. Often the data is updated the next time the lender supplies a credit information bureau with their information file (once per month is most typical), but a credit information bureau like us can make more rapid amends only if the lenders instructs to do so—this is very useful if the incorrect data is impacting your ability to obtain a fresh line of credit for example. If you'd like a credit information bureau to help please download the CIR query form from their respective website; or contact over phone and ask for the query application form which will be send to you by post. Once the completed application is received a credit information bureau will get in touch with the lender and then track this to a resolution within the 30 days time frame laid down within the regulations.
We are here to help
The credit industry can sometimes appear to be confusing but in truth the general processes are fairly simple to understand. By investing a little time to understand how credit information companies work and what data is shared by the lending community, it becomes easier for you to take more control of your finances and thereby plan for a better future, supported by the responsible use of credit.
