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CIBIL: Credit Information Bureau (India) Limited

Established in 2000, TransUnion CIBIL Limited (formerly known as Credit Information Bureau (India) Limited) is India’s first Credit Information Company. It collects and maintains credit-related information of individuals and corporates, including loans and credit cards. These records are submitted by member institutions to the credit bureau on a periodic basis. The information is then used by the bureau to create credit reports and issue credit scores. An important point to be noted is that CIBIL is a database of credit information. The credit bureau does not make any lending decisions. It only provides data to banks and other financial institutions, who use it to filter applications for loans and credit cards.

History of CIBIL

Credit Information Bureau (India) Limited was founded 17 years ago in Mumbai, Maharashtra. Here is a look at the key milestones of the credit bureau's journey so far.

2000 - TransUnion CIBIL Limited was set up following recommendations by the RBI Siddiqui Committee

2004 - Launched credit bureau’s services in India (consumer bureau)

2006 - Commercial bureau began operations

2007 - CIBIL Score - the country's first risk scoring model for financial institutions - introduced

2010 - Launched CIBIL Detect (the country’s first repository for information on high-risk activities) and CIBIL Mortgage Check (the country’s first centralized database on mortgages)

2011 - CIBIL Score made available to individual consumers

2016 - TransUnion takes over 82% stake in CIBIL to become TransUnion CIBIL

2017 - CIBIL MSME Rank launched by TransUnion CIBIL to drive credit penetration in Micro enterprises and SMEs. TransUnion takes over 92.1% stake in CIBIL.

CIBIL Login Registration Process

The login registration process for individuals and companies is as follows:

CIBIL Registration for Individuals

  • Step 1 - Visit CIBIL's credit score section - cibil.com/creditscore. Select the subscription and fill in your basic information like PAN, email address, date of birth and gender. Click on Proceed to Payment.

  • Step 2- Make payment towards the subscription. You can use net banking, credit card, debit card or cash card for this purchase.

  • Step 3 - Answer questions about your loans and credit cards. The bureau will get in touch with the respective credit organization for collecting information and preparing the credit report. On successful authentication, your personalized credit report and score will be emailed to you by CIBIL.

CIBIL Registration Steps for Companies

  • Step 1 - Visit the official website of CIBIL and go to ‘Company Credit Score’ section www.cibil.com/online/Company-credit-report.do
  • Step 2 - Fill out necessary details like Company Name, Legal Constitution, Registered Address, etc.
  • Step 3 - Make a payment of Rs. 3,000 via credit card, debit card, cash card or net banking
  • Step 4 - A unique CIBIL Registration ID and Transaction ID will be mailed to your email address once the payment is processed.
  • Step 5 – Upload KYC documents
  • Once Step 5 is complete, the CCR and CIBIL Rank will be delivered at the earliest.

How CIBIL Works?

TransUnion CIBIL collects monthly data from financial institutions with regards to your loans and credit card payments. On the basis of the information provided, CIBIL will generate your credit report and credit score, which is then used by lenders to determine your financial health. CIBIL reports and scores should not be taken lightly as they play a crucial role in your financial journey. They determine whether or not you are eligible for a loan and a credit card. Additionally, financial institutions are more willing to approve higher limits for those with good credit scores. Another important role that CIBIL scores play is with regards to determining the interest rates. A high CIBIL score can help you fetch lower interest rates and grants you the power to negotiate.

Products or Solutions Offered By CIBIL

CIBIL is the premier agency for providing credit scores and reports pertaining to individuals and companies. Here is a brief look into what constitutes a credit score, credit report and company credit report:

  • Credit score - A credit score is a three-digit numeric representation of your creditworthiness. It ranges from 300 to 900, with 300 being the least and 900 being the highest. The score is determined using the credit history mentioned in the CIBIL report. Most banks and financial institutions are only willing to extend credit to individuals with a score of 750 and above. Financial institutions view individuals with high credit scores as those who are less likely to default on payments.

    Now, the three-digit CIBIL score does not only determine whether one is eligible for a loan; it is also used by lenders for ascertaining the interest rate on the loan. High CIBIL scores can help fetch competitive rates on loans.

  • Credit report - A CIBIL report contains your credit information, which CIBIL sources from different lending institutions like banks and credit card issuers. It contains details about your borrowing history and repayment patterns, including delays and defaults, if any. The key sections of a CIBIL report are CIBIL Score, Personal Information, Contact Information, Employment Information, Account Information and Enquiry Information.

  • Company credit report - A company credit report contains details about the company’s credit history. The various segments in the company credit report tell potential lenders about the existing credit that the company has, outstanding amount (if any) and lawsuits filed against the company (if any). A good report is necessary for approval of loans, while a bad report can damage a company’s chances of being granted a loan.

Importance of CIBIL in Indian Economy

In the last decade, the loan market in India has witnessed major changes. The number of clients and their purchasing power have seen a major increase, and CIBIL has played a big role in bringing about this change. The credit bureau has brought financial literacy and encouraged people to maintain a good credit rating.

The financial market is more regulated now thanks to CIBIL. Interested borrowers can check their CIBIL score online and find out what their financial standing is. This gives them an idea about how much they can borrow and encourages them to maintain a good financial history.

CIBIL - Contact Details

Registered Corporate Office : TransUnion CIBIL Limited, (Formerly: Credit Information Bureau (India) Limited), One Indiabulls Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013

Tel: +91 - 22 - 6638 4600

Consumer Helpline Number: +91 - 22 - 6140 4300

Fax: +91 - 22 - 6638 4666

Frequently Asked Questions on Cibil

Which are the other credit bureaus in India?

The other credit bureaus in India include Equifax Credit Information Services Pvt. Ltd., Crisil Limited, CRIF High Mark Credit Information Services and Experian Credit Information Company of India Pvt. Ltd.

How does CIBIL function?

TransUnion CIBIL collects monthly data from financial institutions with regards to your loans and credit card payments. On the basis of the information provided, CIBIL will generate your credit report and credit score, which is used by lenders to determine your financial health.

How does CIBIL get information about a person's financial status?

Banks and other financial institutions will submit your loan and credit card details to the credit bureau every month. On obtaining the information and processing your records, CIBIL will create the Credit Information Report.

Does CIBIL have a safe database?

Yes; CIBIL is an RBI Licensed credit bureau which takes appropriate steps and measures towards protecting the information. They have implemented technology and security features and strict policy guidelines to safeguard the personally identifiable information from unauthorized access and improper use or disclosure. They constantly keep on enhancing their security procedures as new technology becomes available.

How can I check my CIBIL status online?

To view CIBIL report and score online, follow the below steps:

Step 1 - Visit CIBIL's credit score section - https://www.cibil.com/creditscore/. Select the subscription and fill in your basic information like PAN, email address, date of birth and gender. Click on Proceed to Payment.

Step 2- Make payment towards the subscription. You can use net banking and debit/credit cards for this purchase.

Step 3 - Answer questions about your loans and credit cards. The bureau will get in touch with the respective credit organization for collecting information and preparing the credit report. On successful authentication, your personalized credit report and score will be emailed to you by CIBIL.

How can I become a member of CIBIL?

**Membership is available to the following institutions:

  • Credit Institutions
  • Insurance Companies
  • Credit Rating Agencies
  • Asset Reconstruction Companies
  • Companies providing cellular or telephone services
  • Telecom Companies

The Credit Information Companies (Regulation) Act 2005 states that all credit institutions should become a member of a Credit Information Bureau.

Process of becoming a member

  • Eligible members have to submit all the relevant documents at a single point of contact for CIBIL.
  • They need to submit the identity and self-attested documents related to audited financial statements and registration certificate issued by regulatory authority.
  • The applicable fees for membership is INR 10,000/- (Plus Taxes @15%) with an Annual Fee: INR 5,000/- (Plus Taxes @15%)
  • After the documentation is complete, the credit bureau will provide a member kit, which will mention the instructions for using services and the sum that needs to be paid.

What is TransUnion CIBIL and what does it do?

Founded in 2000, TransUnion CIBIL Limited (formerly known as Credit Information Bureau (India) Limited) is India’s first Credit Information Company. It collects and maintains credit related information of individuals and corporates, including loans and credit cards. These records are submitted by member institutions to the credit bureau on a periodic basis. The information is then used by the bureau to create credit reports and issue credit scores.

How can I register a CIBIL complaint?

To register a complaint, you can call CIBIL on their customer care number +91-22-61404300

What is CIBIL marketplace?

CIBIL MarketPlace is an online platform that allows users to select from various offers across products and participating lenders. These offers are customized according to your CIBIL score, earnings and other parameters. They are suited as per your eligibility from across the participating lenders.

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