You may be wondering what exactly an ECN number is and how to obtain it. To get a credit report, you need to know your Control Number. This unique nine-digit number helps banks and lenders track your credit history. This article will look at ECN, how to get this critical number and what you can use it for. It will also help you understand your credit history better!
Did you know?
The ECN number is unique for each credit report and no other borrower will have the same one as yours.
What is ECN Number and How to Get One?
An ECN number is a standardised code used by lenders to track the credit history of millions
of borrowers.
- This code is generated when a lender accesses your credit report.
- It will help you identify a particular account and get the details listed on your credit report.
- You can also use it to check on your credit score and make sure that you are paying the right amount of interest on your loan.
Can Other Borrowers Have the Same ECN as Yours?
As we’ve mentioned earlier, the ECN Number is a unique code assigned to each borrower's credit report. It is a necessary step in the loan application process to ensure that the lender receives accurate and up-to-date information about your credit history.
- The information provided in the credit report will help lenders track the loans that they make to an applicant.
- Your ECN number is a unique nine-digit number generated whenever a lender accesses your credit report. You can use the ECN number to get important information about your credit history and repayment details.
- Banks and other financial institutions use the ECN number to track millions of CIBIL credit reports. Using the ECN number in the CIBIL credit report, member banks can acquire credit information on your account.
- The ECN number is confidential and cannot be shared with third parties. However, it is the only way for banks to verify the information that they find on your credit report. To get the credit report from CIBIL, you must register with them.
Also Read: CIN Number– Guide (What is CIN Number, How To Get It, Meaning, Usage)
What Is the ECN Number on the CIBIL Credit Report?
The ECN number is a nine-digit number used to identify your credit history whenever you apply for a loan with a lender bank. This information is used to help lenders check your credit history and verify the validity of the information.
The ECN number is provided by CIBIL, which gives out the credit history information to the lender banks. If you have any questions about your credit score, you can contact your lender and CIBIL and ask for the details regarding the same. Fortunately, it is easy to obtain your ECN number and can be done via the CIBIL website or by calling the contact number provided in the CIBIL report.
What Is the Importance of the ECN Number?
ECNs have a significant role in the approval of the loan application process because they allow lenders to access the applicant’s credit history and financial data anytime and anywhere. It means that the ECN number is essential for everything related to lending.
- The ECN number is an identifier of a particular account and can be used to track your credit history. It is also an essential part of CIBIL credit reports because it helps lenders track millions of accounts. In addition, it allows lenders to verify a person's credit history and loan payment behaviour using their ECN number.
Why Do You Need an ECN Number?
The purpose of the ECN is to help CIBIL maintain millions of credit reports and keep this information secure. It also allows lenders to check the credit history of borrowers. But, what is the exact use of an ECN?
An ECN serves certain primary purposes:
- Firstly, it connects buyers and sellers and facilitates trades. It matches buy and sell orders in the exchange and provides price details reflecting the open market rates.
- The purpose of having an ECN number depends on the type of goods you are exporting, and some ECNs only apply to the export of dual-use goods.
- Others require an ECN to export high-end technologies and specialised software.
Also Read: myCIBIL: Credit Report & Other Benefits
How to Obtain an ECN Number?
If you want to get more details on your credit report, you should know how to get an ECN number. The process of obtaining an ECN number is simple.
- Having an ECN number will help lenders ensure that you are not at risk of default. All you need to do is submit the ECN to CIBIL.
- CIBIL will use this code to locate your credit report and verify that you are eligible for an exemption. The ECN will be unique to your report, and the number will help you track your credit history and behaviours.
- The Credit Information Companies Regulation Act (CICRA) requires all lenders to check a loan applicant’s credit history.
To get an ECN number, you can request your lender to issue one or you can request a credit report from CIBIL. The ECN number can be located at the top right corner of your credit report.
Conclusion
The details of this article would have given you a clear overview of what is ECN, how to get an ECN, the purpose of this number, and what it is used for. Using the information given here, you can easily avail yourself of the ECN pretty easily.
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