Accounts that are Mentioned in a CIBIL Report

Obtaining a loan or a credit card is nearly impossible with a bad CIBIL score. However, sometimes bank reject loan applications even when the CIBIL score is above average. This is often because of negative remarks or an unusual pattern in the applicant’s CIBIL report.

It helps to know about the different types of accounts that are mentioned in a CIBIL report as you can adjust your credit usage accordingly.

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The following are some of the major accounts that are mentioned in a CIBIL report:

1. Credit Accounts

Credit accounts make for the most important information in the CIBIL report. Activities in these accounts help the banks to assess the creditworthiness of an individual.

Credit cards and loans such as personal loans, home loans, etc. are the usual credit accounts mentioned in a CIBIL report.  The details include the payment history of the accounts, the amount of credit availed, pending debt, etc.

2. Settled Accounts

Settled accounts are those accounts that have been defaulted by an individual. In other words- when an individual is unable to repay their debt then a bank may “settle” the loan account for a portion of the actual debt. While this removes the financial liability from the individual, the bank may mention this instance in their CIBIL report as “settled”.

A settled or “written off” usually raises red flags for other potential lenders.

3. “Guarantor” Accounts

If a person has chosen to become a loan guarantor for someone, then their account (the latter) is also mentioned in their own CIBIL report. This is because they both then share the liability of the loan repayment, and the credit behavior of the original loanee can have an impact on the CIBIL reports of both.

Note: Apart from the standard accounts mentioned above, a CIBIL report may also contain additional remarks from the banks or other financial institutions as well.