Your credit score plays a major role in your loan approval process. This is because it represents your credit behaviour and establishes your creditworthiness. Credit reports feature your credit history for the past 36 months and hence, it’s a good idea to request for your CIBIL report before applying for a loan. With a decent credit history and a good credit score, you can enjoy quick sanctions on both secured as well as unsecured personal loans from top lenders like Bajaj Finserv.
With a personal loan, you can avail of a sanction of up to Rs. 35 lakh on nominal interest rates to meet your goals. You can also benefit from online management, doorstep document pickup, and Flexi Loan facilities on this loan. The Flexi personal loan facility, for instance, is highly beneficial, as it allows you to withdraw from your sanction in parts and pay interest only on the sum you use from your sanction. Moreover, you can also choose to repay the loan basis interest-only EMIs and pay the principal only at the end of the tenure!
In order to give you access to such benefits and features, lenders are likely to look up your credit report when you apply for credit. This is a mandatory protocol that they follow to ensure you don’t pose a risk of default, especially on an unsecured loan like a personal loan. When asked, CIBIL releases your records using the ECN number. This is a number that helps lenders catalogue your credit details. Here’s everything you need to know about the ECN number.
What is an ECN number?
ECN number means or stands for Enquiry Control Number and is better known as control number. This is a nine-digit number that helps various lenders track the records of more than a million loan borrowers. The ECN number is generated when a lender accesses your credit report. This number helps CIBIL locate your credit report and thus you must mention it while communicating with CIBIL. Also, the ECN number is unique to your credit report, which is why no other borrower will have the same ECN number.
Additional Reading: What is CIBIL score?
Understanding the purpose of ECN number
Apart from being used to track and maintain millions of CIBIL reports in an organised manner, this nine-digit number can also be used to check your account and its information. The ECN number is also used to maintain all the information unique to your credit history and behaviour. With this number, member banks or financial institutions can acquire information from CIBIL. As this number is confidential, you may not be able to acquire it easily.
How to get ECN number?
You have the right to acquire your ECN number and credit report under the Credit Information Companies Regulation Act, 2005 or CICRA. However, as this is a confidential number, your lender may not provide these details over the phone line. You can acquire your ECN number from the lender that you have borrowed a loan from by requesting it, or you can get your hands on this number by requesting your CIBIL report. This is because you can find an ECN number in CIBIL reports, listed on the top right-hand corner. You can also call the CIBIL helpline to ask for your ECN number by dialling 1800-224-245. You can also log on to the CIBIL portal to retrieve a report by paying a nominal fee of Rs. 550 for a one-time report.
Additional Reading: Personal loan with low CIBIL score
Now you are fully informed about all there is to know about the ECN number, you can better your borrowing experience. Moreover, you can check your pre-approved personal loan offer from Bajaj Finserv whenever you are ready to apply for this collateral-free financing solution.
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