Ask Us

If you need to seek clarifications and submit the corrected info to be updated to your credit report,here are the steps you should follow:

a. Access your individual copy of the credit report from CIBIL.

b. When attempting to clarify the information on your credit report,you need to inform CIBIL and the bank concerned about the exact nature of the discrepancy. Ensure you provide the correct information and submit documents supporting your claim to the bank and CIBIL.

c. You can either drop in a mail to or get in touch with CIBIL by calling their help desk numbers provided on their Web site.

d. CIBIL will validate your claim by contacting the concerned bank before updating the correct data in your report.

Should I keep more than one card? How many cards should I have?

Prajakta Kulkarni,Mumbai

Ideally one card should suffice but there could be several valid reasons to opt for more than one card:

Credit Limit: If you feel that your credit limit on the single card doesnt suffice,then you may need more than one card. Do remember,if you have a good payment history,credit card companies reward you by enhancing your credit limit,which may eliminate the need to go in for another card. So make sure you pay your outstandings in time. You will not have to pay high interest on your card your credit limit may be enhanced.

Convenience: At times,merchants do not accept all cards i.e. some may accept only Visa or MasterCard. So if you have only one card,you may be inconvenienced. Also sometimes your card may get rejected for technical and other reasons. So a back up is required.

Fraud Protection: If you use your credit card for online transactions,for fraud protection,you may find it to useful to use only one card for such purposes and restrict the credit limit on it,so that even if your card details are hacked,the extent of damage is limited.

Benefit oriented cards: There are some cards,which provide maximum privileges or a good deal if used for a particular purpose such as petrol purchase or air miles or dining out. You may want to take advantage of the same and therefore have a card for that purpose only.

The expert is CEO,Bankbazaar.com

For your personal finance queries please email at expressmoneyexpressindia.com