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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.

All about Free CIBIL Score and Report

Visit CIBIL’s website - cibil.com/freecreditscore
Enter your basic details
In the identity proof section, select ‘Income Tax ID Number (PAN) and enter your PAN details
Select the income type and monthly income
Enter your address, telephone number and email address
Click on submit. Post submission, you will get your free CIBIL score via email

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.

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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.

Difference Between CIBIL Score & CIBIL Rating

CIBIL score is for individuals while CIBIL rating is for companies.

For individuals, the CIBIL score is of three digits that ranges between 300 and 900. Anything above 750 is considered as an ideal score for getting loans and credit cards.

For companies, CIBIL ranking ranges between 1 and 10, where 1 is the best and 10 is the worst. Any rank between 4 to 1 is considered ideal in getting loans from credit institutions.

What is Consumer Dispute Resolution?

Consumer Dispute Resolution is the grievance redressal mechanism for correcting information regarding your CIBIL score and report. You can initiate a dispute online with CIBIL for inaccuracies, account ownership and duplication of information that reflect in your Credit Report. Follow the below mentioned steps to initiate dispute/s:

Login to myCIBIL
Go to Credit Report Section and click on Dispute Center
Complete the online dispute form
Select the relevant section/question or dispute type
Enter a value for the disputed field for data inaccuracies
Submit the requested information The dispute will be corrected within a period of 30 days.

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?

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 - 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

To escalate an issue to the Manager – visit complaints escalation procedure
To escalate an issue to the Assistant Vice President – vvisit complaints escalation procedure
To escalate an issue to the Chief Operating Officer – visit complaints escalation procedure

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.

How can I know myCIBIL?

You can check your CIBIL score through one-time free access once a year, or by opting for any one of these paid subscriptions - 1-month unlimited access for Rs. 550 or the bi-annual unlimited access on the payment of Rs. 800 or the yearly unlimited access on the payment of Rs. 1,200.

Would checking my CIBIL score cause it to decrease?

No; It is highly recommended that you access your CIBIL report to check your score at regular intervals. This will enable you to detect errors in information like omission or repetition of transactions, or inclusion of fraudulent transactions. This may be one of the leading reasons behind your CIBIL score not being as high as it should otherwise have been. This can be corrected by raising a dispute with CIBIL.

What does CIBIL score "0002" means?

An individual with credit history that is not more than 6 months is not evaluated on the usual CIBIL score ranging between 300 and 900. Such individuals are rated on a scale between 1 and 5, wherein 1 is the lowest and 5 is the highest. A score “0002” implies that the individual has high-risk.

Is CIBIL a government organization?

CIBIL is not a government organization. It is authorised by the Reserve Bank of India (RBI), and falls under the regulation of the Credit Information Companies (Regulation) Act, 2005.

What are CIBIL charges?

Apart from the yearly one-time free access, there are 3 other options that you can select from –

Rs. 550 for unlimited access for a month
Rs. 800 for unlimited access for 6 month
Rs. 1,200 for unlimited access for 1 year

Can we contact the CIBIL customer care number? What is the number to contact CIBIL?

Yes, you can get in touch with CIBIL customer care at 022 6140 4300

What is CIBIL?

TransUnion CIBIL, formerly known as CIBIL, is the first credit rating agency of India. it has been accredited with a ISO 27001 rating, which is the highest global standard for security. Founded in the year 2000, it is authorised by the Reserve Bank of India (RBI) and established as per the Credit Information Companies (Regulation) Act, 2005. CIBIL was formed with the objective to introduce transparency and seamlessness in credit rating process in the country. Some of the shareholders of CIBIL are TransUnion International, ICICI, HSBC, Bank of India, State Bank of India, Indian Overseas Bank, Union Bank of India, Allahabad Bank and Bank of Baroda.

It maintains an extensive database of credit payment behaviour of all individuals and businesses with a credit history. CIBIL sources these information from banks and non-banking financial institutions and applies a complex statistical formula to arrive at the dynamic 3-digit or 1-digit CIBIL score, as reflected in the CIBIL report. These reports can be classified under two categories – Company Credit Report (CCR) for businesses and Credit Information Report (CIR) for individuals. the CIBIL score enables banks and non-banking financial institutions to evaluate the credit eligibility for loan and credit card applications.

What is the full form of CIBIL?

The full form of CIBIL is Credit Information Bureau (India) Limited.

Does CIBIL have an impact on low credit limit despite having a high income?

Yes, it does. A lot of people are under the false impression that a high salary is enough to fetch them a high credit limit on their credit card. However, there are many out there who have been given a very low credit limit on their credit card, despite earning quite a sizeable amount. CIBIL score has a big role to play in determining how much credit limit will be set by the financial institution. This is because CIBIL score reflects an individual’s credit behaviour – it tells the lender how well or how poorly the applicant has managed his or her finances. A high CIBIL score will help in fetching a high credit limit, whereas a weak CIBIL score can result in a low credit limit and high interest rate.