Problem statement
A young entrepreneur in Delhi was unable to apply for any kind of loan required to expand his business because of an incorrect data reporting in CIBIL. After encountering numerous challenges with banks and NBFCs, he had lost all hope of securing funds. However, one fine day suddenly a miracle happened.
This Delhi-based business met his friend who was also a businessman and faced the same issue a few years earlier. This friend told the entrepreneur how OneNDF – a fintech firm based in Delhi helped him secure funds by working effectively on his credit report. This advice changed the growth graph of the entrepreneur after he approached OneNDF to seek their financial solution to his problem.
Quote by Nitin Khandelwal
The client told us that he was unable to secure any kind of loan from banks despite months of efforts. After we analyzed his financials and checked his credit score on the OneNDF website, we realized his CIBIL score was quite low and in his case, this was the reason that banks were not ready to give him a loan.
Based on his business financials and payment history it came out that our client did not miss any EMI payments nor he had defaulted on any loan, still, his credit score was low. Mistakes may occur in your credit report due to several reasons like misprint, incorrect information conveyed by the lender to CIBIL, duplicate entries, mistakes pertaining to your basic details, incorrect Days Past Due (DPD), inaccurate overdue amounts, etc. To rectify these mistakes, you need to know the process behind the CIBIL report correction.
After identifying that poor credit score was the reason why banks rejected our client’s loan application we decided to download his latest credit reports and it was then we found that certain figures were incorrect in the details that lenders provided to CIBIL. Thus, wrong entries were the reason for the incorrect CIBIL report in this case. Thereafter, we initiated a dispute resolution process at the CIBIL portal. Finally, the OneNDF team helped our client get a correct CIBIL report which was good enough to convince banks to sanction the loan application of our client.
There have been times, when, although you are paying all the dues on time, and have no running unpaid loans, still your credit report is low. The solution is to not panic but to contact the fintech platforms that operate in this area to ensure your business expansion ideas do not suffer.
What is a Credit Report?
Your credit report includes your complete history of dealing with credit (loans and credit cards) including your payment history (on time or delayed). While your credit report is a detailed look at your finances containing detailed data on your financial history, assembled all in one place.
Unlike your credit score, your credit report provides detailed information on your financial history with loans, credit cards, and charge cards.
Currently, only four credit bureaus are authorized by the central bank to operate as credit information companies. These include; TransUnion CIBIL, Experian, Equifax, and CRIF High Mark.
About OneNDF:
Founded in 2013, OneNDF has diligently addressed debt financing needs, successfully disbursing loans amounting to over Rs 3,000 crore and empowering over 2,000 businesses in their financial pursuits. OneNDF took a significant stride forward in 2021 and emerged as a premier digital loan marketplace specifically designed for SMEs.
The fintech platform also prepares credit score card reports and helps those businesses access loan facilities from banks that were earlier denied loans due to bad credit scores. The company provides this service free of cost. Without charging any cost, OneNDF helps you connect with its verified lenders to enhance your credit score and unlock the best loan terms based on your unique profile.
What sets OneNDF apart is its holistic approach to addressing financial crises faced by borrowers. Leveraging over a decade of rich experience, the OneNDF team conducts a thorough analysis of a business’s financial health to identify underlying issues and craft customized solutions.
OneNDF assists individuals in providing financial solutions for Unsecured loans, LAP, working capital, invoice discounting, PO financing, bill discounting, equipment financing, and more.
Business Requirement-
- The Delhi entrepreneur needed funds to grow his business further.
- The businessman needed an accurate credit report to become eligible for various types of loans.
Challenges-
- The businessman didn’t know what a credit report was.
- He was unaware of how and where to obtain an accurate CIBIL report.
- He was not aware of why banks were rejecting his loan application.
- Inaccurate figures were mentioned in the client’s CIBIL report.
Results-
The OneNDF team identified that inaccurate figures resulted in the creation of an incorrect CIBIL report for its client. The team first downloaded the latest credit reports to spot incorrect entries or duplications. Later, a dispute resolution process was initiated with the CIBIL portal to resolve the issue. Thanks to these efforts, the entrepreneur’s CIBIL record was rectified, and his loan application was approved by a leading private sector bank.
