Credit Report FAQs -

FAQs - Credit Report

Frequently Asked Questions

Q. What is a credit report?

A. Credit report, which is provided by CIBIL, Experian and Equifax, is a report card based on your performance on loans. Banks use this information to assess your loan applications. In fact, it is the single biggest criteria for assessing your loan application.

Q. Why do I need to answer authentication questions?

A. Authentication questions help us identify you and ensure the security of your data. It is absolutely important that we ask these questions so that your data is only seen by you. We are working non-stop behind the scenes to give you the best user experience while keeping data security in mind.

Q. I am not able to answer the authentication questions. What do I do?

A. We run smart algorithms to ensure you only get relevant questions. We've also made other forms of authentication available to you, like uploading your KYC documents.

Q. Why do I need to upload KYC documents?

A. KYC documents help us identify you. We want to make sure that we share your credit report with you and only you. We only ask for documents that banks recognise as a form of KYC e.g. Passport, Aadhar, etc.

Q. What documents can I upload?

A. You can upload a copy of these documents -
a. Passport
b. Aadhar card
c. PAN card/ Driving license/Voter card + Electricity bill/landline bill/postpaid bill/bank statement

Q. How soon will I get my report?

A. Your report will be generated instantly and will be available for viewing in your Indialends dashboard. You will also get your personalised credit analysis and recommendations right after the authentication questions, within a fraction of a second.

Q. Where can I see my report?

A. Please login to your Indialends account to view your credit report on the dashboard anytime, anywhere and from any device.

Q. How do I interpret my score and report?

A. We've simplified your credit report for you so that you have no difficulty in understanding it. For more details on credit scoring please read our blogs titled Credit scores and the science of lending: Part 1 & 2

Q. How will this credit information help me?

A. It is very important for you to know your credit score and the various factors affecting it. Your credit scores are being used by all banks and financial institutions to assess your loan application - be it a personal loan, a home loan, a credit card or an education loan. This video further explains the benefits of a seeing your credit information.

Q. What is Experian?

A. Experian is a credit bureau that collects loan performance data from all banks and financial institutions. This data is then shared with the bank when you apply for a loan and is used by the bank to decide on the interest rate and loan amount eligibility.

Q. What is a credit score?

A. A credit score is the measure of an individual’s creditworthiness. The higher the score, the better placed one is to have access to any type of credit– a credit card, a personal loan, a car loan or even a home loan. It is usually a three digit number between 300 and 900 which is calculated based on the individual’s repayment history on credit products.

Q. How can I improve my Credit Score?

A. For you to keep up your creditworthiness, you must make sure that you pay off your EMIs on time for debts like loans and credit cards. Keep track of your due dates and make sure your bank account has sufficient money in it to prevent paying late penalties and interest fees.

Q. Why my credit score is different from other online websites?

A. A discrepancy in credit score can occur when a credit bureau occasionally rejects or overlooks a particular data point owing to internal procedures. In these cases, the lender that supplied the information may need to clarify or modify the information.

Q. Why my credit score is not updated in your application?

A. There are two potential causes for your CIBIL credit report not being updated: First off, CIBIL has not yet received your most recent data from the credit institution. Second, there might be an ongoing dispute in your account.

Q. I have closed my loan, but it is showing open in my Credit Report?

A. If a closed account is still being reported as open, it is crucial to get in touch with the lending institution and ask about the status of any cancelled accounts that are still listed as open. You should give them all the information required to acquire a No Objection Certificate (NOC).

Q. How can I change Pan Card Details in my Credit Report?

A. If you have changed your PAN card details, it is important to check if the same has been updated in your credit report. If not, you should contact the credit bureau and inform them of the change so that your CIBIL account can be updated with the revised information.

Q. How can I change my personal details (Contact no/email ID) in a Credit Report?

A. You normally need to update your information with your creditors to update your personal information on your credit report.
For instance, if you have moved to a new address, you should update your address with your creditors to ensure that they can send you mail, including your monthly statements. This will assist in ensuring that your credit report accurately represents the most recent version of your personal data.