CIBIL
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Most of you would have heard
about CIBIL only during your loan rejection. The reason may be a loan pending
for a long time or the loan which is not properly closed. We can say that this
is formed to protect the banks and loan processing companies to protect from
defaulters. You will not entitled to get any loan once you are recorded as a
defaulter and score goes less than 750. Credit score of 750 and above ensures
that you are a good customer with good track record of paying everything on
time.
CIBIL History
Credit Information Bureau India
Limited was formed in 2000 in India. CIBIL collects and maintains
records of an individual’s payments pertaining to loans and credit cards. These
records are submitted to CIBIL by member banks and credit institutions, on a
monthly basis. This information is then used to create Credit Information
Reports (CIR) and credit scores which are provided to credit institutions in order
to help evaluate and approve loan applications. CIBIL was created to play a
critical role in India’s financial system, helping loan providers manage their
business and helping consumers secure credit quicker and on better terms.
Objective of CIBIL
Credit Information report and
CIBIL score plays an important during your loan approval. Loan eligibility
basically means the applicants ability to take additional debt and repay
additional outflows given their current commitments. Now based on credit score
they are loan lenders are able to decide easily.
Standard of CIBIL
CIBIL is ISO 27001:2005
certified- the most recognized security standard in the world. CIBIL is one of
the 1000 companies in the world, which have achieved ISO 27001 certification,
and one of the first few in India. TransUnion International- a leading global
credit bureau with presence in over 30 countries is the major shareholder in
India with 55%.
How to get my score
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You can login to CIBIL https://www.cibil.com/ and get your credit score instantly over online. Maintain a score of
750+ to get any loan approvals.
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