Facts and Misconception

Below listed are some common myths people fall prey to when it comes to credit report, we are here to burst your myths and provide facts against the same so that you can have an idea when you come across any of these.

  1. Myth – If you obtain your Credit Report you would get your Credit Score with it.

Fact – When you obtain your Credit Report, you would get your Credit Report only.

When you obtain your Credit Score you would get your Credit Report and Credit Score, both.

To have an overall view of your credit, it is better to obtain your Credit Report and Credit Score both.

  1. Myth – Your Credit Report from all the Credit Bureaus is the same.

Fact – Your Credit Report “could” be different in each Credit Bureau. Reasons being:

  • Not all lending institutions report your credit history to all credit bureau.
  • The credit history reported to all Credit Bureaus is not always on the same time.

CIBIL being the first credit bureau of India could have collected historical credit information from all lending institutions. Whilst, other bureaus could have collected credit information from the date the lending institution became a member of the bureau.

  1. Myth – Checking your Credit Report is not required if you are paying back your loans on time.

Fact – Repaying loans on time will not ensure that your Credit Report is free from any sort of errors impacting your Credit Score.

You should check your Credit Report periodically to ensure that the information on your Credit Report is accurate always.

  1. Myth – If you repay an outstanding due, your late payments will be wiped out from your Credit Report.

Fact – This is imaginary thinking. The Credit Report is a detailed report of your payment history and details the facts of your credit behavior. Since these are facts related to your past behavior, a repayment of an outstanding due would not wipe out the late payments from your Credit Report.

We hope that now you are clear regarding what is a myth and what is a fact and we believe next time you come across any of these things at any point of your life, you will have correct information in your mind and you will know where to go and whom to approach.

Talk To Us & We’ll Talk To You!