When one applies for a loan with any financial institution, the applicant is also required to submit a CIBIL consent letter. This effectively means that the applicant allows the financial institution/bank to check their antecedents with the credit bureau and get information pertaining repayment track record on past loans/credit cards, etc. Any adverse behavior in the past (as found in the bureau records) can have a negative effect on the loan processing/decisions.
The bank/financial institution would normally let the applicant know the reason for declining the loan. The credit report provided by the credit bureau is essentially a collation of information from various banks and financial institutions. As such, any data corrections will have to be taken up with the financial institution that has provided the data to the credit bureau.
Very recently, the process of making credit reports available to individuals has started off in India. To get the same, one needs to apply for the same to CIBIL in the prescribed form along with the supporting documents for id proof and address proof along with a demand draft for Rs 142 in favour of CREDIT INFORMATION BUREAU (INDIA) LIMITED, payable at Mumbai. The form can be downloaded from: