What Is The Control Number In CIBIL, And How To Get It?
ECN is a unique nine-digit number that allows lender to locate loan records. Know what is control number in CIBIL & how to get it in simple steps here!
Typically, there are two types of loans–secured and unsecured. Secured loans give lenders a sense of security as borrowers pledge their assets. However, your CIBIL or credit score is vital in an unsecured loan. A CIBIL score is essential in most loan application types, especially in an unsecured loan. However, a control number in the CIBIL report is necessary to access your score.This article explains a control number in CIBIL and how to get it.
What Is The Meaning Of A CIBIL Score?A CIBIL score is a three-digit score that reflects your credit history over time. Lenders generally use CIBIL scores to determine your creditworthiness. This score gives a certain level of trust to lenders on whether you will repay the loan on time or not. It ranges between 300-900, with 900 as the best score and demonstrating the highest creditworthiness.
The Credit Information Bureau (India) Limited generates your CIBIL score. It is one of the four authorised credit bureaus in the country and is a widely accepted credit score among financial institutions. Other credit bureaus include Equifax, Experian, and CRIF Highmark. They usually have a different credit score range.
What Is The Control Number In CIBIL (ECN)?CIBIL generates an Enquiry Control Number (ECN) when your bank accesses your credit score. An ECN is a unique nine-digit number that allows a lender to locate your loan records.
It is noteworthy that a CIBIL control number is generated each time a credit report is drawn. CIBIL needs the ECN number to obtain the precise details that the lender saw or referred to when receiving the credit report.
What Is The Purpose Of The Control Number In CIBIL?The importance of a control number in CIBIL includes the following.
• The ECN number helps banks and financial institutions to obtain borrower's credit information from CIBIL
• The ECN number contains information about the borrower's credit history and score
• A control number organises millions of CIBIL reports and makes tracking easier
How To Get An ECN Number?You can obtain a CIBIL control number under the Credit Information Companies (Regulation) Act 2005. You can request a tracking number from your lender or a CIBIL report. For the ECN number, you can also contact the CIBIL helpline by dialing 1800-224-245. Another option is to log on to the CIBIL website to get her one-time CIBIL report.
How To Check Your CIBIL report?A CIBIL report helps you understand your credit score and provides tips to improve your financial position. To publish credit records, CIBIL obtains credit information using its tracking number. The data contained in the CIBIL report helps lenders determine a borrower's repayment ability and determine loan size, interest rate, and loan term.
You can check your CIBIL score and credit profile on the CIBIL website. You are entitled to one free report within 12 months. Additionally, some credit agencies offer free online CIBIL checking services.IIFL Finance gives you a free CIBIL Score Check and Loan Health Report online when you take out a loan. Otherwise, you must pay up to INR 550 to get your CIBIL report. Payments apply to both individuals and institutions.
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Frequently Asked Questions
Q.1: What is a CIBIL report?
Ans: A CIBIL credit report contains all data regarding a person's credit history. Lenders verify this loan information each time you apply for a loan. Reserve Bank of India (RBI) requires all credit bureaus to provide their CIBIL report free of charge and detailed once a year. Therefore, you are entitled to receive a free copy of your credit report every 12 months from credit bureaus such as CIBIL, Experian, CRIF High Mark, and Equifax.
Q.2: What are the determining factors of a credit score?
Ans: The determining factors include the following.
• Credit repayment history (35%)
• Loan amount the borrower owes (30%)
• Years of debt servicing (15%)
• Total number of availed loans (10%)
• Credit mix (10%)
Q.3: Can other borrowers have the same ECN as yours?
Ans: No, an ECN number is a unique code assigned to each borrower's credit report. It ensures that your lender receives accurate and up-to-date information about your credit history.