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CIBIL - Credit Check
 
CIBIL - Credit Check
 
CIBIL  
 
CIBIL, India’s first credit information bureau, is a repository of information, which contains the credit history of commercial and consumer borrowers.  CIBIL provides this information to its members in the form of credit information reports.
 
What is 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.
 
What is CIBIL Credit Report?
A CIBIL credit report is a month on month record of an individual’s loan related EMI or credit card payments. Loans can include home loans, credit cards, personal loans, automobile loans and overdraft facilities. Other information included in a credit report is as follows:
  • Personal information related to an individual such as name, date of birth, address and identification numbers like PAN number, Passport number, Voter’s id and Telephone number
  • Account information such as the type of loan taken (home, auto, personal, overdraft, etc), the size of the loan, the current balance outstanding, overdue amount (if any), number of days a payment is overdue (if there is an overdue amount) and so on.
  • Information on the number of ‘Enquiries’ made by loan providers on an individual. An “Enquiry” is created on your credit report every time the Credit Institution requests the credit bureau for your credit report.
 
Where does CIBIL get the information from?
All leading banks and financial institutions are members of CIBIL. CIBIL collects information from these Members, collates and disseminates it in order to create a truly comprehensive snapshot of a borrower's credit history.
 
When is a credit facility classified as default?
CIBIL does not classify any accounts as default accounts. It merely reflects this information after the Member has classified it as such. The Number of Days Past Due and / or Asset Classification as per RBI definition as submitted by Members is reflected in the CIR.
 
Does the CIBIL Credit Report indicate if credit should or should not be given?
The CIBIL Credit Report only submitted by CIBIL members and does not provide any indication or comment pertaining, to whether credit should or should not be granted. The credit grantors who have received an application for credit will make their own credit decision depending on their risk management policies. CIBIL does not grant or deny credit. 

On what ground does CIBIL provide a credit report?
CIBIL is a repository of credit information and in the consumer ground it provides information on the various loans availed of and cards held by an individual from a member bank. Its commercial report covers the credit availed of by non-individuals.
 
How is a credit report helpful to credit underwriters?
The credit report shows account information such as repayment record, defaults, type of loan, amount of loan, etc. of the customer. This information facilitates prudent decision-making when the credit underwriter processes the loan/credit-card application. 
 
What is 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.
 
What is CIBIL Credit Report?
A CIBIL credit report is a month on month record of an individual’s loan related EMI or credit card payments. Loans can include home loans, credit cards, personal loans, automobile loans and overdraft facilities. Other information included in a credit report is as follows:
  • Personal information related to an individual such as name, date of birth, address and identification numbers like PAN number, Passport number, Voter’s id and Telephone number
  • Account information such as the type of loan taken (home, auto, personal, overdraft, etc), the size of the loan, the current balance outstanding, overdue amount (if any), number of days a payment is overdue (if there is an overdue amount) and so on.
  • Information on the number of ‘Enquiries’ made by loan providers on an individual. An “Enquiry” is created on your credit report every time the Credit Institution requests the credit bureau for your credit report.
 
Where does CIBIL get the information from?
All leading banks and financial institutions are members of CIBIL. CIBIL collects information from these Members, collates and disseminates it in order to create a truly comprehensive snapshot of a borrower's credit history.
 
When is a credit facility classified as default?
CIBIL does not classify any accounts as default accounts. It merely reflects this information after the Member has classified it as such. The Number of Days Past Due and / or Asset Classification as per RBI definition as submitted by Members is reflected in the CIR.
 
Does the CIBIL Credit Report indicate if credit should or should not be given?
The CIBIL Credit Report only submitted by CIBIL members and does not provide any indication or comment pertaining, to whether credit should or should not be granted. The credit grantors who have received an application for credit will make their own credit decision depending on their risk management policies. CIBIL does not grant or deny credit. 

On what ground does CIBIL provide a credit report?
CIBIL is a repository of credit information and in the consumer ground it provides information on the various loans availed of and cards held by an individual from a member bank. Its commercial report covers the credit availed of by non-individuals.
 
How is a credit report helpful to credit underwriters?
The credit report shows account information such as repayment record, defaults, type of loan, amount of loan, etc. of the customer. This information facilitates prudent decision-making when the credit underwriter processes the loan/credit-card application. 

Is it possible a customer’s name be removed from CIBIL’s database?
A customer’s name cannot be removed from CIBIL’s database because member banks contribute to CIBIL on a monthly basis data of all their customers who maintain a loan/credit-card account with them. 

If a loan is denied to a customer by one bank on the grounds of the CIBIL report, will it be denied by other banks too?
Approval or rejection of a credit application depends on the bank’s policies. Rejection by one bank on the grounds of the CIBIL report might not imply rejection by another bank. 
 
 If a customer’s family member has defaulted, will it affect the customer’s status in CIBIL’s records?
The CIBIL report has information of loan/credit details of the borrower only. Therefore, for a retail customer, it would not matter if someone in his/her family has defaulted. If the customer’s repayment track record is okay, his/her credit score will not be affected by that of his/her family members.
 
Intuit Management Consultancy will assist you to get your credit report, credit score and CIBIL report.  
 
 

 

 
 
 
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