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POSTED BY ON September 23, 2013 11:06 pm COMMENTS (2)
I have an educational loan from SBI taken in 2010. I am regularly paying EMIs, infact I have prepaid most of my loan (which is allowed in the Scholar loan without penalty). This loan does not show in my CIBIL records and I am getting a score of -1 or no credit history. My credit card application got rejected based on that. What do I do?
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Dear Royc,
Rightly so, your education loan details should have been reflected on your credit report. Since you have been making timely repayments against this loan account, this would have helped you build your credit score over the past 3 years.
We would suggest that you contact the bank directly and enquire about the reporting of this loan account. Lending institutions generally update borrower’s credit information on a monthly basis. Obtain your credit report after a suggested period of 1-2 months to check your score.
Do not apply for any new credit facilities unless your credit report reflects the relevant information. This will be seen as if you are applying for loan resulting in additional enquires.
Regards,
Credexpert
http://www.credexpert.in
Dear Roy, if SBI is not sharing the education loan data with CIBIL, you can not force SBI for it. Please check, it may be the case that SBI Education loan is available in your father’s CIBIL record if he was the guarantor of the loan.
Thanks
Ashal