What is CIR Report?

The CIR full form in banking is Credit Information Report. A CIR is a report of a person's previous repayment behaviour as provided by different member banks and financial organisations. When you apply for credit, it is crucial in the lender's choice. You must ensure that your credit information report is accurate and up to date. Before authorising a loan or providing a credit card, banks employ the CIR to analyse your creditworthiness. Scroll down to learn more about CIR.

What is Credit Information Report?

The CIR is a monthly record of your loan EMI and credit card payments. It doesn’t possess details about your investments or savings. This report includes information such as the individual's credit score, loan repayment history, credit card payment history, and any defaults or late payments. 

In a single report known as a CIR, credit bureaus like CIBIL(TM), Equifax, and Experian combine a person's borrowings and credit histories from various member credit institutions, including banks and other Non-Banking Financial Company (NBFC).

What Information is Included in CIR Report?

These are the details that I found after downloading my CIR Report:

• Personal and Account Details

• Credit Summary

• Latest Account Activity

• Enquiries Based on Credit Profile

How Does CIR Report Help Banks?

• The CIR assists banks in determining an individual's likelihood of repaying loans or credit card debts. 

• It also assists them in determining the risk of extending credit or loans to an individual.

• Individuals with a strong credit history are more likely to be approved for a loan or credit card with lower interest rates and better terms.

• Those with a bad credit history may have to pay higher interest rates or may not be authorised at all.

I hope you understood what is CIR report. If you have any more questions on the matter, just drop them in the comments below.