What is CIBIL?

Posted Date: 03-Dec-2010	Category: General	Rating:
Author: Hafeezur Rahman P	Member Level: Gold	Points: 15 (Rs 5)

This article is about Credit Information Bureau India Limited (CIBIL) and it will give you CIBIL definition and description to know how to become CIBIL member? and how to apply for CIBIL to get our PAN card status? also how to check our credit due history of our PAN card etc. via CIBIL report.

About CIBIL:

CIBIL Stands for Credit Information Bureau India Limited.

Q.1 What is CIBIL?

CIBIL is nothing but India's first credit information bureau and it is a warehouse of information that keeps record of the overall credit history of individual consumer and commercial borrowers. CIBIL furnish this information to its Members in the form of credit information reports.

Q.2 Who owns CIBIL?
CIBIL's equity was held by SBI-State Bank of India, HDFC-Housing Development Finance Corporation Limited, Dun & Bradstreet Information Services India Private Limited, Trans Union International Inc. and other reputed bankers association, also the shareholding pattern was in the proportion accordingly per their agreement.

Q.3 When and to whom CIBIL provide credit reports?
CIBIL is a merged Credit Bureau, which helps to both commercial and consumer segments. The Consumer Credit Bureau faces credit availed by individuals while the Commercial Credit Bureau covers credit availed by non-individuals such as partnership firms, proprietary concerns, private and public limited companies, etc.

Q.4 Who are Members of CIBIL?
Banks, Non-Banking Financial Companies, Housing Finance Companies, Financial Institutions, State Financial Corporations and Credit Card Companies are Members of CIBIL.

CIBIL Operations:

Q.5 How does CIBIL function?
For credit providers (like Banks and Finance related banks who member in CIBIL) to gain a complete picture of the payment history of a credit applicant, they will be able to gain access to the applicant's complete credit record that could be spread in different institutions. CIBIL gathers commercial and consumer credit-related data and assembles such data to create and distribute credit reports to Members.

Q.6 Where does CIBIL get the information from?
CIBIL first and foremost gets information from its Members only and at a following stage will increase it with public domain information in order to create and complete financial track record.

Q.7 What is a Credit Information Report?
A Credit Information Report (CIR) is an accurate record of a borrower's credit payment history accumulated from information acknowledged from different credit grantors. Its reason is to help credit providers to be informed lending decisions - quickly and objectively.

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