Do you really need to know your ECN when applying for a loan? Yes, the Enquiry Control Number (ECN) has numerous utilities making it essential information for various tasks. So, it is imperative that you have a thorough idea of ECN, its usage and where you can find the number. Read on to know in detail!
ECN stands for Enquiry Control Number, and it is also called the control number. This number helps lenders to easily keep track of their borrowers. The ECN is usually generated when a lender accesses your credit report. This is a unique number that is specific to the credit report of a borrower.
There are multiple ways in which you can access the ECN as a borrower. These ways include:
Following are some of the reasons why an ECN on CIBIL report is of the utmost importance to both lenders and borrowers:
Once you receive your CIBIL report, you will know your credit score and the details of your ongoing loans and payment history. If it is excessively low, you should take drastic measures to increase your score.
Following are some ways in which you can increase your CIBIL score.
The ECN number in CIBIL report not only makes it easy for borrowers to track your credit history but also you can use it for dispute resolution. Once you find that your credit score meets the specified eligibility criteria for the loan you want, you can proceed with filing the online application for it.
So, apply for a loan from Poonawalla Fincorp and see your dreams turn into reality with extra funds.
1. How many digits does the ECN comprise?
The Enquiry Control Number usually comprises 9 digits. It is usually a combination of both numbers and alphabets.
2. Can two borrowers have similar ECNs?
No, the ECN is unique for every borrower making it impossible for two borrowers to have similar control numbers.
3. What is the need for an ECN?
Financial institutions can use the ECN to obtain the credit history of a loan applicant. This helps them analyse if the borrower is trustworthy or not.
We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply
Loans have made our lives easier and simpler. From home loans to car loans to business loans, many types of loans are available in the market to cater to your different needs.
If you have a CIBIL score of 750 and above, the chances of getting a loan at an attractive interest rate are higher. The CIBIL credit score is usually a value between 300 and 900.
What, if your CIBIL score is high? Why the CIBIL score is so important? If you are looking for answers to these questions, weâ€™ve got the answers ready for you. A credit score is a 3-digit score given by any of the credit bureaus - CIBIL, Experian, Equifax or CRIF High Mark, based on your past and present credit behavior.