Understanding Accounts + Enquiries

[cardbhai]

This is the final post of the 3 post series in which we are tryign to help you understand your credit report. Please read Part-1 here and Part-2 here before you proceed further.

You are already aware of the Accounts Summary as explained in Part-2. We shall now look into the Details.
Accounts Section of CIBIL Report:
Account
Member Name - Name of the Financial Institution where A/C is Held by customer
Account Number - ID Number
Type - Credit Card / Loan
Ownership - Individual, Company, Corporate etc

Dates
Opened- Date of opening this A/C
Last Payment - last Payment into this A/C [ Helps to know how frequent credit is used in this A/C to make credit Decisions]
Closed - If the A/C is closed, remarks there off [Normal Closing by customer or Bad Debt etc]
Reported - Last Reported Date about the status of this A/C by Member Name

Amounts
High Credit - The amount of highest credit you have taken or the Sanctioned line of credit for Loan accounts
Current Balance-  The amount due when the Member reported the status to CIBIL
Overdue - Amount the Account is past due

STD - Standard Account. Payment within 90 Days
SMA - Special Mention Account, Moving Towards SUB
SUB - Sub Standard Account. Payment after 90 Days form the Due Date
DBT - Doubtful Account - Account has remained in SUB for 12 Months
LSS - Account is Classified as Loss and is not recoverable.
XXX - Bank has not Updated the status on that Particular month.

Enquiries Section of CIBIL Credit Report
This section shows you the number of credit enquiries conducted on you. Most Inquiries will be done when you apply for credit and your consent is taken in the form to do so. This is when you are eligible for FREE Credit Report from the institution which makes this inquiry and may charge to you upto Rs 50 only.

Member - The financial institution requesting your credit report from CIBIL [They also get a score, which is not available to us when we request the report directly from CIBIL. That's why try to GET the report from the Member and for this purpose simply don't apply for LOAN or Credit.
Enquiry Date - Date when the report was generated
Enquiry Purpose- Housing Loan, Credit Card, Secured Loan etc
Enquiry Amount - The amount for which credit is sought by the consumer

This completes the entire explanation of the constituents of CIBIL credit report. Questions and Comments are Most Welcome.
 

[cardbhai]

What to do when we see discrepancy / errors in Accounts section of you Credit Report ?

The duty of CIBIL is to act as central repository of all the information. If you find a discrepancy / data mismatch or error in your report, you have to contact the concerned member / financial institution which is reporting the matter to CIBIL. While writing to the respective financial institution, make sure you include a copy of the report and all relevant documents [in Photocopy] so that it becomes easier for them to rectify immediately.