Provision Of Free Credit Report To Make The Lending Transparent.
Post on 05,January 2018   5:00 AM
By - PolyEyes Staff
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What is Credit Information Bureau? CIBIL is the repository of information which is collected regularly from all the banks as well as any 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.    

Rules and Regulations issued by Reserve Bank of India and The Credit Information Companies (Regulation) Act, 2005, and has authorization and bestow empowerment to CIBIL or (Credit Information Bureau (India) Ltd. The legislation has enabled banks to submit data to CIBIL without obtaining borrower’s consent. It collects the data from various types of credit grantors (i.e. lenders) and then share the same within the group.    This has enabled CIBIL to tracks repayment history of bank customer’s loans, credit cards and further banking finances. CIBIL’s 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 CIBIL’s 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. Overall the relationship between CIBIL and its members is closely linked and transparent enough.

 At present, there are four such companies in India:

  • CRIF High Mark Credit Information Services Pvt. Ltd.
  • Equifax Credit Information Services Pvt. Ltd.
  • Experian Credit Information Co. of India Pvt. Ltd.
  • Transunion Cibil Ltd.
  • One can avail one free report from each bureau, and hence can get four free reports every year.

What is a credit report? A credit information report (CIR) contains details of your credit history, as collated by a credit information company. It is a factual record of a borrower's credit payment history compiled from information received from different credit grantors with the purpose of helping credit grantors make informed lending decisions - quickly and objectively. Whenever one applies for a loan, the lender contacts a credit bureau to check credit background to know details such as, whether the earlier dues has been paid on time. It forms a part of one’s overall credit history, and will reflect in CIR. Based on the information, the bureau assigns a score.

Concluding Remark: There is a procedure for purchase of one's own CIBIL report so that before one applies for loan, one is aware of everything related to one’s database and credit record.

It can be availed by visiting the following link from CIBIL: 

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