No, you cannot get a free CIBIL report, however, when you approach a bank they will check your CIBIL score and tell you whether you are eligible for a loan or not by checking your CIBIL score. In order to determine this, banks do get a copy of your Credit report. In caser a situation arises where your loan application is rejected, then it is advised that you should not apply for a loan immediately, because there are chances that your second loan application will also get rejected. A second rejection on your loan application will result in a negative impact on your CIBIL score.
A CIBIL reports consist of your CIBIL score. A CIBIL report also consists of reports of your past transactions, borrowings and repayments to from/to banks and other NBFCs. A CIBIL score is a number which signifies your creditworthiness.
Usually lenders ask for certain loans as means of security for the loan amount they provide. A guarantor on any form of loan is equally responsible to ensure the repayment of the loan. Due to this, the guarantor provides a guarantee to the lender that he will honor the obligation in case the principal applicant is unable to do so.
CIBIL cannot make any direct change directly to your Credit Information Report (CIR). Only once the change is authorized and provided by the concerned Credit Institution can your CIR be updated.
Once CIBIL gets the corrected data from the Credit Institution (CI), they will update their records. Once they get the data from the Credit Institution (CI) it will take seven days to be updated.