This can happen in two scenarios:

a). Account ownership errors wherein someone else’s accounts might be reflected as yours.

b). When such closed accounts haven’t been reported to CIBIL by your credit card provider.

In either case, it is best to reach out to CIBIL to report and correct any such wrong entries which might be negatively affecting your credit score.

Financial aspects like your bank account balance and investment portfolio have no bearing on your CIBIL score.

There are multiple ways to improve your CIBIL score range for a loan or credit card application. One is to pay your bills on time and always ensure a low credit card balance compared to the card limit. Additionally, always check your credit score online to keep a tab on errors or fraudulent activities.

Credit score and CIBIL score are often used interchangeably, where both assess one’s creditworthiness. In essence, a credit score is a generic term to describe an individual’s creditworthiness. In contrast, a CIBIL score range refers to the credit score generated by India's Credit Information Bureau Limited.

According to CIBIL, the minimum CIBIL score range required to get a loan varies depending on the lender and the type of loan an individual is applying for. Generally, a CIBIL score above 700 is considered excellent and increases an individual’s chances of getting any type of loan and availing of lower interest rates.

A number of factors affect your CIBIL score. Some of these factors include your bill payment history, credit utilisation ratio, length of credit history, recent credit enquiries, and types of credit accounts.

A PAN card is required to check one’s credit score because it serves as a unique identifier for every individual in India. Every lender and financial bureau in India uses PAN card details to verify the identity of a person requesting their credit report. This prevents fraudulent activities and ensures credit reports are linked to the right person’s financial history.

Yes. In India, as per CIBIL laws, individuals are allowed to check their credit scores from credit bureaus, such as CIBIL, a limited number of times within a year without incurring any charges. Beyond the permissible limit, additional requests may involve nominal fees.

Credit report checks are generally updated every month to reflect changes in credit accounts, inquiries, payments, and other relevant information. Regular updates in the CIBIL score ensure that the information provided in the report is accurate, allowing lenders to make informed decisions about extending credit to borrowers.

Suggested Read: How to Read CIBIL Report - A Step-by-Step Process