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Credit Information Bureau (India) Limited (CIBIL)

 

 

1 What is CIBIL ? What are its aims?

 

 CIBIL is the repository of information which is pooled in from all Banks and lending Institutions operating in India.   CIBIL  have a database size of over 17 crore  consumer records and over 65 lacs company records contributed by our over 500 Members.    

The Credit Information Companies (Regulation) Act, 2005, and various Rules and Regulations issued by Reserve Bank of India has empowered CIBIL or (Credit Information Bureau (India) Ltd to collect the data from various types of credit grantors (i.e. lenders). and then share the same within the group.   The legislation has enabled banks to submit data to CIBIL without obtaining borrower consent This has enabled CIBIL to  tracks repayment history of  bank customers loans,  credit cards and further banking  finances. 

CIBILís aim is to fulfill the need of credit granting institutions for comprehensive credit information by collecting, collating and disseminating credit information pertaining to both commercial and consumer borrowers, to a closed user group of Members. Banks, Financial Institutions, Non Banking Financial Companies, Housing Finance Companies and Credit Card Companies use CIBILís services.  Data sharing is based on the Principle of Reciprocity, which means that only Members who have submitted all their credit data, may access Credit Information Reports from CIBIL. The relationship between CIBIL and its Members is that of close interdependence.
 

 

 

2.  Who owns CIBIL?

 

CIBIL's equity was held by State Bank of India, Housing Development Finance Corporation Limited, Dun & Bradstreet Information Services India Private Limited and Trans Union International Inc. The shareholding pattern was in the proportion of 40:40:10:10 respectively.

The shareholding pattern has now been diversified to include the number of other banks and financial institutions representing varied categories of credit grantors

 

 

 

3. How Does CIBIL operates?

 

For credit grantors to gain a complete picture of the payment history of a credit applicant, they must be able to gain access to the applicant's complete credit record that may be spread over different institutions. CIBIL collects company and consumer credit-related data and collates such data to create and distribute credit reports to Members.

 

Thus, we can say that  CIBIL collects commercial and consumer credit-related data and collates such data to create and distribute credit reports to Members.   (A Credit Information Report (CIR) is a factual record of a borrower's credit payment history compiled from information received from different credit grantors. Its purpose is to help credit grantors make informed lending decisions - quickly and objectively).

 

 

4 On which segments does CIBIL provide credit reports?

 

CIBIL is a composite Credit Bureau, which caters to both company and consumer segments. The Consumer Credit Bureau covers credit availed by individuals while the Company Credit Bureau covers credit availed by non-individuals such as partnership firms, proprietary concerns, private and public limited companies, etc.

 

 

 

5. What is a Credit Information Report?

 

A Credit Information Report (CIR) is a factual record of a borrower's credit payment history compiled from information received from different credit grantors. Its purpose is to help credit grantors make informed lending decisions - quickly and objectively.

 

 

6. What Should One Do, if  One Finds Mistake in the CIBIL Report :

 

Typically, one checks credit report when one's loan gets rejected and the loan provider tells that it is  because of some information on credit report.  Mistakes on a credit report can be easily corrected with the CIBILís help. All you need to do is:

 

a) Purchase your CIBIL credit report

b) Identify the erroneous information

c) Provide name, address, date of birth, an Control Number and the nature of the error on the credit bureauís website.

 

The Control Number is a unique 9-digit number found on the top right hand side of your CIBIL Credit Information Report and is generated every time a credit report is generated. It is very important to provide this number to the bureau, as it helps identify the CIBIL credit report on which you would like to Ďdisputeí information.

 

 

If you wish to know more details about the Dispute Rederessal System of CIBIL / consumer complaints withCIBIL. you read the details by clicking on the following link :  http://www.cibil.com/faq/dispute-consumer and http://www.cibil.com/consumer-dispute-resolution .

For details relating to complaints by company visit http://www.cibil.com/faq/dispute-company

 

 

 

7. How Can I purchase my own Report :

 

There is a procedure for purchase of one's own CIBIL report so that before you apply for loan, you are aware of the same .  You can visit the following link to buy the report from CIBIL :  http://www.cibil.com/credit-score  AND  https://www.cibil.com/online/manageCustomerDetails.do?action=showAddPaymentPage

 

 

 

 

Click Here for :   PART II