CIBIL Alerts is a tool that can help you stay conscious of your day-to-day credit actions and transactions that may impact your CIBIL score and access to loans and credit cards.
Alerts have become an integral part of our everyday life, subconsciously informing us of any critical change that is likely to impact us — weather forecasts of a thunderstorm, notifications about the traffic and the best route to take, instant alerts from your bank, updates from office about a key deliverable, or even pop ups on your smart watch about your exercise regime. Not only do they deliver time-sensitive information at our fingertips, but these alerts also help us stay connected with the world at large, and more importantly, stay in touch with our physical and financial health.
As we strike a balance between our financial health and aspirations to meet our financial goals, we need to acknowledge the role of credit in making these dreams a reality. Lenders check your CIBIL Score when assessing your loan eligibility and credit-worthiness, thus making your score one of the critical levers in helping you get access to credit when you need it the most. So, if you are a credit-conscious individual, you will know that staying in touch with your credit profile is of utmost importance, and that is where CIBIL Alerts comes in.
CIBIL Alerts is a tool that can help you stay conscious of your day-to-day credit actions and transactions that may impact your CIBIL Score and access to loans and credit cards. Alerts’ real-time notifications via emails and SMSs will inform you of key changes in your CIBIL Score and Report that may have varying degrees of impact or repercussions.
Time-sensitive alerts can help you monitor your credit score and report to take necessary actions and reduce the possibility of exposing yourself to this danger and prevent an adverse impact on your CIBIL Score. This comes at a crucial time, especially in view of the increasing number of identity theft and credit fraud incidents in India, highlighted by RBI in FY 2017-18, where a total sum of Rs 65 crore fell into the wrong hands as a result of fraudulent activities. For instance, a CIBIL Alerts notification highlighting an unauthorized credit transaction or change in personal details may prompt you to immediately contact your lender or CIBIL and highlight this to them. In this case, Alerts plays a critical role in helping you stay connected to the possibility of identity theft that may damage your CIBIL Score. Not only does this help boost your credit awareness but also ensures you are eligible for access to credit when you need it the most.
Rather than assuming you will not fall prey to identity theft or credit fraud, here are some simple tips to ensure you are credit-conscious and cyber-smart:
# Be cautious about the information you share and whom you share it with. Do not publish personal identifiers such as your PAN number, AADHAAR card details, credit card credentials and loan information online. Hackers don’t just use fraudulent phone calls and SMSes, but now stalk your social media account to gather info that can be used to hack your loan accounts, credit cards, bank accounts and more.
# There are strict rules when withdrawing money at ATMs or using a credit card machine at the PoS in a retailer shop. Be wary when punching in your password and who it is visible to. Small steps go a long way in preventing fraud or theft.
# Monitor your CIBIL Score and Report regularly or simply subscribe to CIBIL Alerts and let us do the monitoring for you. CIBIL Alerts is available with select CIBIL subscription packages as a value-added offering to help you stay connected with your credit profile, as well as to draw your attention to any unauthorized transaction that may indicate identity theft or credit fraud.
# A high CIBIL Score is a key factor in getting a loan approval and achieving your financial goals when you need it. All you need is to stay Alert and stay connected to your CIBIL Score and Report. Start today.
(By Sujata Ahlawat, VP and Head – Direct-to-Consumer Interactive, TransUnion CIBIL)