What role does Control number play in Determining CIBIL Score
CIBIL control number is a nine-digit number, which is issued by CIBIL to assist in tracking your credit report. It is mentioned in the top right corner of your CIBIL report. A control number is a reference number, which helps CIBIL to locate your credit report and needs to be mentioned in all communication with CIBIL.
What is CIBIL?
CIBIL or Credit Information Bureau India Limited was founded in 2000 to make credit space more
efficient and transparent. TransUnion International (a global credit bureau) and Dun and Bradstreet (a
global provider of credit information) are technical partners of CIBIL in India. CIBIL’s mission is “To
catalyze the growth of Credit in India through solutions that enable well-informed Credit decisions;
technology that enables superior information availability; and people that provide high-quality services.”
It has an ISO 27001 rating, which is the highest security standard in the world. TransUnion International, ICICI, SBI, IOB, HSBC, Union Bank of India, Bank of India, Bank of Baroda, and Allahabad Bank are the shareholders in CIBIL.
The credit bureau on the basis of credit information generates credit report and credit score of an
individual. The lenders on the basis of the loan or the borrower’s credit score and credit report judge
whether they should sanction the loan and would the borrower be able to repay the loan on time or not.
What is CIBIL Score?
CIBIL Score, also known as the CIBIL TransUnion Score, is a 3-digit whole number, which ranges from 300 to 900. The credit score reflects how well or how poorly a person has dealt with loans or credit cards in the past. The higher your CIBIL score, the better your chances of getting a loan or credit card application approved in future.
Is CIBIL Control Number important?
- CIBIL Control Number to Access Your CIBIL Report: CIBIL Control Number plays a significant role in determining the CIBIL score and credit report as well. The nine-digit number is issued by CIBIL to every individual’s credit report. The control number is really important to get any information of your account from the credit bureau and to have a constant check on your records, which are maintained by CIBIL. CIBIL control number is issued to make millions of records safe and the process of tracing the records simple as it becomes really difficult to trace a report with the help of the name of an individual. This is the reason CIBIL control number is issued to each and every report, which is generated. Even the member banks get the information from CIBIL through the control number only. Without control number, it would be really difficult for CIBIL to maintain and provide data to the banks.
- CIBIL Control Number to Resolve CIBIL Dispute: If you want to get your credit report rectified, you have to fill a specific online-dispute form. Control number mentioned on your credit report is one of the several essential information that you need to provide on the dispute form. This 9-digit unique control number is renewed every time your CIBIL report is generated. After the successful filling of the dispute form, you will be provided with a dispute ID. This dispute ID can be used for tracking your dispute request and all the further communication regarding the same. If the dispute is solvable by CIBIL, then the changes are made easily. But, if CIBIL does not have enough data to make changes, then it tries to make contact with the lender to resolve the dispute. If the lender verifies that there is an error in the report, then CIBIL will update your information in its records and CIBIL report. To verify that the changes are made, individuals can once again request for their CIBIL report from CIBIL’s official website. To do so they will have to fill out an online form, which will require them to give their personal details and Permanent Account Number (PAN).
People, who are requesting for CIBIL report must have their PAN details linked with their Aadhaar-card-Documents otherwise their PAN will not be considered valid. Now this PAN Linking with Aadhar date has been extended by Government of India up to 31-03-2018.
How to get your CIBIL Control Number?
To obtain your Control number, you can ask your bank from which your loan is running. They might not
give you this number as it is confidential and is provided to banks to track the credit reports. In this case,
you can ask for your credit report and the bank will send you the scanned copy of your report. You can
obtain your control number as it is mentioned on the top of your credit report.