How do you check bad credit history in India?

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Credit History is a an alien term to 99% of the Indians. So lets explore the necessity of Credit History in India.

Prior to 2003, many businessmen[small / petty traders / contractors etc] including large business houses such as Essar, Jindals etc would borrow heavily from one bank and due to their mismanagement would default on loan payment @ that bank and go and avail a second loan at another bank without the knowledge of the first lender. This led to severe rise in Non Performing Assets of Banks, mainly PSU banks.

In 2002, all the banks came together to form a Credit Bureau which would share only the Credit[Any type of Loan or Credit or Money borrowed] information of borrowers indexed on the basis of IT - PAN number. Thus Credit Information Bureau of India Ltd [CIBIL] was born. In countries like the US & Canada, even defaulting on paying your Rent or Cell Phone Bill, you can get reported to the credit bureau as a defaulter.

Credit Lenders request for a copy of CIBIL report before lending. CIBIL report comes with a statistical score based on various factors and is known as CIBIL Score. This score is an estimate of an individual's creditworthiness. The score tells the risk of lending to a person. So be very careful the next time you default on paying something.
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How do people do credit checks Im looking for a house and everyone checks credit and rental history On top of that my credit is bad?

Credit checks are performed by companies with legal contracts with the reporting agencies Any one can hire such a company and get a credit report. The person or company c

How do you obtain credit if you have a bad credit history?

The basic steps needed to obtain credit (get your good credit back)are as follows (not in any particular order): * Obtain a credit report and examine for inaccuracies. If youd

Can anybody check your credit history?

According to the Fair Credit Reporting Act, any individual orbusiness who has a legitimate business need can check a person'scredit report. The term "legitimate business need"

How can you check car history in India?

In order to check your car history in India, you will need to go tothe place where you had bought the vehicle. They are required togive you the car history if you request it.

Where can one do a credit history check?

There are several ways to find out your credit report online you can use credit report for free with a 7 day trail or you can go to annual credit report you can recieve that o

How is credit history check useful?

"A credit history check would be useful if you were trying to buy a house or a car, or obtain a loan. You could check your credit first, and if there were problems you could p
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How does one do a credit history check?

One does a credit history check by running a credit report. There are three major credit bureaus which handle this, and the most complete history is obtained by running a rep
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How can you clear a bad credit history?

The first step to clearing a bad credit history is to dispute or clear up any mistakes made by companies in the past, as these will affect your credit score. You should also s
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What is the use of checking my credit history?

Checking your credit history allows you to make credit reports and check credit scores which are crucial for getting loans. It is also important to check that your account is