Credit Information Bureau (India) Limited widely known as CIBIL is the first Credit Information Company from India. CIBIL was founded in August 2000 which plays a critical role in the Indian financial system. The CIBIL products have massively changed the management of the credit life cycle used by loan providers and customers in the Indian financial system.What is CIBIL?CIBIL is the company which holds a huge database of information collected from all banks and lending institutions working in India. The data is collected on a monthly basis from these banks and financial institutes which now have data of more than 17 crore consumers and over 65 lakh company records. CIBIL create Credit Information Reports from the collected data which is then provided to lenders to evaluate and approve loan applications.Various rules and regulations set by Reserve Bank of India and the Credit Information Companies Act, 2005 has empowered CIBIL to collect such data from various types of credit lenders and further CIBIL got the power to share the collected data within the group of its members. The collected data from CIBIL members include individual’s payments pertaining to credit cards and loans and this data is maintained on a regular basis. The collection of such data has enabled CIBIL to track the repayment history of bank customer’s loans, credit cards and other finances.State Bank of India holds a share of 40 percent in the CIBIL equity followed by 40 per cent from Housing Development Finance Corporation Limited, 10 per cent from Dun& Bradstreet Information Services India Private Limited and 10 per cent from Trans Union International Inc.
How CIBIL Works?CIBIL collects company and consumer credit-related data and by assembling such data it creates a credit reports and distribute it in members. Such credit information reports are used as a benchmark by many banks and institutes while lending money to any individual. CIBIL collects commercial and customer data from various members and report generated through such data collection is distributed in members to make it easy for them to grant the loan or credit to those customers and companies. What is Credit Information Report (CIR)?CIBIL Credit Information Report is an accurate record of any borrower’s credit and loan payment history which is compiled from the information collected from various banks and financial institutes. The purpose of Credit Information Report is to help credit lenders while lending money for any individual or any company.CIBIL caters for both segments consumer and company, by covering credit availed by them. CIBIL covers credit availed by individuals as well as by non-individuals like partnership firms, private and public limited companies etc.Credit Information Report is widely known as “CIBIL report” holds great importance in the Indian financial system as more than 500 credit granters use it while yielding credits. What is CIBIL credit score?According to the credit history and repayment of customers, a number is generated by CIBIL by translating details into a number this translated number is known as the credit score of that individual. The “CIBIL score” indicates credit worthiness of a customer and predicts the likelihood of a customer defaulting on a payment if he has been given credit. The disciplined borrower who repays on a regular basis will have a higher credit score.A strong credit score can assure you better credit terms and better loan amounts along with attractive interest rates. If an individual is defaulted on any payment then the credit score for that person will be low and he wouldn’t be allowed to get further credits from financial institution and banks.Does CIBIL have any list of defaulters?CIBIL maintains the information of consumers various credit and loan account details collected from various banks. CIBIL does not associate to any defaulter list or does not publish any “CIBIL defaulters list” as it maintains data irrespective of the fact whether the borrower is defaulter or not. The banks and financial institutes can individually have defaulters list depending on different measurement aspects.Can individual access his own CIBIL report?An individual can purchase his/her own CIBIL report from the official CIBIL website www.cibil.com. There is a procedure to purchase one’s own CIBIL report so that person can be aware of it before applying for a loan or any type of credit from banks and financial institutes. CIBIL associate every CIBIL TransUnion report with a TransUnion score this score is used by many credit granters as a benchmark while lending credit to individual or a company.What to do if CIBIL credit report has an error?Now-a-days people check credit reports from CIBIL either before getting the loan as a precaution or after getting rejected for a loan from the banks of financial institutes. If the loan provider gives the reason of CIBIL report for the rejection of a loan application and if you found any mistakes on the CIBIL report then they can be easily corrected with CIBIL’s help. Follow the following procedure to correct the mistakes on CIBIL credit report
- Purchase your CIBIL report and identify the erroneous information on the report
- Provide name, address, date of birth details along with Control Number and the nature of the errors which you wish to correct on the CIBIL’s official website.
It is necessary that one must provide a unique 9-digit number from the CIBIL Credit Information Report as this number helps to identify the specific report for which you seek changes.For more details on Dispute Redressal System of CIBIL log on to www.cibil.com/faq/dispute-consumer or http://www.cibil.com/consumer-dispute-resolution.Credit Information Bureau (India) Limited (CIBIL) has allowed customers to purchase their own CIBIL TransUnion Score directly from the CIBIL since April 2011. The TransUnion Score helps the consumers to assess their credit history before applying for any credit or loan in banks or financial institutions and see themselves according to the lenders. Once consumers get to know their CIBIL score, then they can manage their credit history accordingly to get the higher credits by making it a strong history for the future purposes. TransUnion Score is a three digit numeric summary of a consumer’s credit history which is compiled from credit information available in CIBIL database.займ на карту без отказов круглосуточновзять кредит онлайн