A Brief On CIBIL
Indian market has witnessed an exponential rise in demand for credit, which in turn, has given a parallel increase in competition and credit delinquencies.
Amidst such volatile economic environment, risk assessment has gained prime importance as banks want to make sure of good credit worth and credit history of an individual before offering loans.
Extensive credit information, which gives plethora of details pertaining to credit facilities and track record of payments, has emerged as necessity of the hour.
The answer to all credit related queries of banks took shape with the formation of Credit Information Bureau (India) Limited (CIBIL) in 2000 by collaborated efforts of Government of India and Reserve Bank of India.
Since its incorporation, CIBIL is successfully meeting requirements of lending institutions by offering enrich credit information pertaining to both commercial and consumer borrowers.
Presently, banks, financial institutions, Non-Banking Financial Companies (NBFCs) and credit card companies are leveraging CIBIL's services.
The data sharing process is done on the principle of 'Reciprocity', according to which only such members, who have submitted their credit data, may get access to Credit Information Reports (CIRs) of CIBIL.
These reports help CIBIL members in taking objective and quick lending decisions.
The company is also offering CIR to sole proprietors, partnership firms, limited and public limited companies to help these institutions know their credit score, and hence, chances of sanctioning of loans.
What does it include? The information provided by CIR includes: Basic borrower information, which may include name, address, passport ID, Voters ID, registration number, legal constitution, etc.
Past record of credit facilities availed by the person Total overdue amount Payment history Details of inquiries made on borrower, if any.
What it doesn't include? The information provided in the CIR, provided by CIBIL, doesn't include: Bank Balance Details about income / revenue Details of investment(s) Borrowers' assets details Details of asset(s) mortgaged Various people have been faced with issues of getting their loans rejected by banks, depending on CIBIL reference check.
To make their condition worst, sometimes, they do not even know where in their credit score, they are lacking.
To fulfill this information gap, CIBIL has unveiled a process for customers to know their credit score and status.
If you are also one of the victims of bank's tantrum in loan sanction and want to rectify your CIR, then you should get your credit score from CIBIL, which is made available on the minimal fee.
So, start now and improve your credit score with this CIBIL initiative.
Amidst such volatile economic environment, risk assessment has gained prime importance as banks want to make sure of good credit worth and credit history of an individual before offering loans.
Extensive credit information, which gives plethora of details pertaining to credit facilities and track record of payments, has emerged as necessity of the hour.
The answer to all credit related queries of banks took shape with the formation of Credit Information Bureau (India) Limited (CIBIL) in 2000 by collaborated efforts of Government of India and Reserve Bank of India.
Since its incorporation, CIBIL is successfully meeting requirements of lending institutions by offering enrich credit information pertaining to both commercial and consumer borrowers.
Presently, banks, financial institutions, Non-Banking Financial Companies (NBFCs) and credit card companies are leveraging CIBIL's services.
The data sharing process is done on the principle of 'Reciprocity', according to which only such members, who have submitted their credit data, may get access to Credit Information Reports (CIRs) of CIBIL.
These reports help CIBIL members in taking objective and quick lending decisions.
The company is also offering CIR to sole proprietors, partnership firms, limited and public limited companies to help these institutions know their credit score, and hence, chances of sanctioning of loans.
What does it include? The information provided by CIR includes: Basic borrower information, which may include name, address, passport ID, Voters ID, registration number, legal constitution, etc.
Past record of credit facilities availed by the person Total overdue amount Payment history Details of inquiries made on borrower, if any.
What it doesn't include? The information provided in the CIR, provided by CIBIL, doesn't include: Bank Balance Details about income / revenue Details of investment(s) Borrowers' assets details Details of asset(s) mortgaged Various people have been faced with issues of getting their loans rejected by banks, depending on CIBIL reference check.
To make their condition worst, sometimes, they do not even know where in their credit score, they are lacking.
To fulfill this information gap, CIBIL has unveiled a process for customers to know their credit score and status.
If you are also one of the victims of bank's tantrum in loan sanction and want to rectify your CIR, then you should get your credit score from CIBIL, which is made available on the minimal fee.
So, start now and improve your credit score with this CIBIL initiative.