New Delhi, Jan. 16 -- Credit reports are the currency of the future. They shape not only your ability to borrow today but also your borrowing opportunities for tomorrow. Every loan, credit card, or credit facility you apply for depends on how your credit report looks then. And this credit report has the history captured over your entire credit lifecycle. This is why the accuracy of the information in your credit report is extremely important.

Regulators have defined standardised formats for the type of information that credit bureaus must collect from lenders. This information is shared by lenders in a templatised manner periodically with the bureaus. In this format, some fields are mandatory, while others are optional. Even though some ...