Operations Of CIBIL
Types Of Information Held By CIBIL
Access To CIBIL Information
Rectifying Inaccurate Information In
Your Credit Report
Introduction To CIBIL
Q.1 What is CIBIL?
CIBIL is India's first credit information bureau, which is a repository of factual information on the credit history and repayment records of commercial and consumer borrowers. CIBIL will provide this specific information to its Members in the form of credit information reports.
Q.2 Who owns CIBIL?
CIBIL's equity is held by State Bank of India, Housing
Development Finance Corporation Limited, Dun & Bradstreet Information
Services India Private Limited and Trans Union International Inc.
The shareholding percentages are in the proportion of 40:40:10:10
Q.3 On which segment will CIBIL provide credit reports?
CIBIL is a composite Credit Bureau and will cater to both commercial
and consumer segments. The Consumer Credit Bureau will cover credit
taken by individuals and the Commercial Credit Bureau will cover
credit taken by non-individuals like partnership firms, proprietary
concerns, private and public limited companies, etc.
Q.4 Who are Members of CIBIL?
Banks, Financial Institutions, State Financial Corporations,
Non-Banking Financial Companies, Housing Finance Companies and Credit
Card Companies are Members of CIBIL.
Operations Of CIBIL
Q.5 How does CIBIL function?
For credit grantors to gain a full and complete picture
of the past payment history of the credit applicant, they must be
able to gain access to the applicant's complete credit record that
may be spread over different institutions. CIBIL will collect commercial
and consumer credit-related data and use such data to create, package
and distribute credit reports to Members.
Q.6 Where does CIBIL get the information from?
CIBIL would primarily get information from its Members
only and at a subsequent stage would supplement it with public domain
Q.7 What is a 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 main purpose is to help credit grantors make better lending decisions - quickly and objectively, in an informed environment.
Q.8 How does CIBIL ensure that the information in
the database is secure?
CIBIL's security measures will be aligned with the best global practices, stringent risk management standards and will be subject to regular audits and testing by independent auditors.
Type Of Information Held By
Q.9 What type of information on a borrower would be available in the CIR?
The CIR will include the following information:
- Basic borrower information like:
In case of individuals:
- Identification numbers
- Passport ID
- Voters ID
- Date of birth
In case of non-individuals
- D-U-N-S® Number
- Registration Number
- Legal Constitution
- Records of all the credit facilities availed by the borrower
- Past payment history
- Amount overdue
- Number of inquiries made on that borrower, by different Members
- Suit-filed status.
Q.10 What type of information is NOT included in the CIR?
The CIR does not contain:
- Income / Revenue details
- Amount(s) deposited with the bank
- Details of borrowers' assets
- Value of asset(s) mortgaged
- Details of investment(s)
Q.11 When is a credit facility classified as 'default'?
CIBIL does not classify any accounts as default accounts and
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
Q.12 How do I ensure that my CIR does not contain negative information?
The best preventive measure is to exercise good money
management practices and make repayments on time. Please see 'How
to improve your credit' section for more details.
Q.13 If I am a first-time borrower, will I be at a disadvantage as there will be no information on me?
As a new borrower, there will be a new file created for you. It will then be in your interest to build up a favourable repayment track record for future credit applications.
Access To CIBIL Information
Q.14 Who can access CIRs?
All Members of CIBIL can access CIRs. Members can
access CIRs only for taking a valid credit decision, and further
disclosure to any other person is prohibited.
Q.15 Can the borrower obtain his own CIR from CIBIL?
No. However, if a Member has drawn a report on that borrower, a copy of the same can be obtained from the Member.
Q.16 Can CIBIL provide CIRs to credit providers
in other countries?
No. CIBIL will provide credit information reports only to its Members in India.
Q.17 Does the CIR indicate if credit should or should
not be given?
The CIR only shows factual credit information available
and does not give any opinion or indicate or comment if credit should
or should not be granted. The credit grantors who have received
an application for credit will make the credit decision. CIBIL does
not grant or deny credit.
Q.18 If my credit application has been rejected, will this fact appear in my credit record?
The Members do not provide this information to CIBIL
and hence it will not be in the CIR.
Q.19 If a credit grantor has denied me credit, could others reject my application?
Not necessarily. Different credit grantors may use a CIR differently, or take into account other factors when they assess your application. Although one bank may deny you credit, another bank could take a different view and accept your application.
Q.20 What benefits does a borrower get from CIBIL?
CIBIL's CIRs are aimed at helping credit grantors
make faster and more objective lending decisions. This will also
contribute to a more competitive credit marketplace among the Credit
Grantors. With a Bureau in place, responsible customers can expect
faster and more competitive services at better terms from the Credit
Rectifying Inaccurate Information
In Your Credit Report
Q.21 How do I rectify information in my credit report?
Please contact the credit grantor from whom you have
availed the loan and request for the necessary changes. This would
then be reported to CIBIL at the subsequent update by the Member.