CIBIL Credit Report; Direct Access by March 2010

by Amandeep Singh

in Latest News

Arun Thukral, MD, CIBIL, Credit Information Bureau (India) Limited, talks about the importance and limitations of credit information reports.

When will we be able to access our own credit scores?

We are currently developing the infrastructure, systems and processes that would be needed to give individuals direct access to their credit information reports or CIRs. This will be in place by the end of this financial year. The CIR will give a factual snapshot of an applicant’s credit history and payment records. As for the fee structure, according to the Credit Information Companies Regulations (CICR) Act, 2005, the maximum fee that can be charged for a CIR is Rs 100.

The CIR does not contain the details of a borrower’s assets and investments. Given its bearing on an individual’s repayment capacity, shouldn’t this be factored in?

CIBIL provides credit information about borrowers based solely on the data that has been made available to it by its members. This factual information, both positive and negative, is provided to its members in the form of risk management tools like CIRs, portfolio review reports, Cibil TransUnion Score, etc. Though these tools are important inputs for a lender to decide on credit disbursal, factors like the borrower’s income, occupation, net worth, other lines of credit, etc, are also considered.

Does this mean that if one bank denies credit to a person, another bank can take a different view?

When it comes to offering credit, every financial institution has its own level of risk appetite, which is based on its credit and risk management policies. The CIR is used as a part of its due diligence procedure. So, yes, credit lenders can take different views on a particular CIR and use the information for their decision-making differently. Cibil does not pass any value judgements and it is up to the financial institution to sanction a loan or credit.

Now that RBI has directed banks to issue credit reports to customers on request, what is the incentive for customers to go to Cibil directly?

Customers can get their reports from a credit institution only if they have applied to it for credit. However, they will be able to access their CIRs from Cibil whenever they want. Also, the Cibil report that credit institutions access is tailored for them. An individual will need to see a report that is in a consumer-friendly format and can be understood more easily. The CICR Act enables transparent and active information sharing. It helps boost a sound credit culture, which translates into economic growth.

Source: IndiaInfoline

{ 10 comments… read them below or add one }

s rajkumar May 27, 2011 at 9:13 am

i am paying all loans and bcards regularly but still bank is telling that your name is in cibil list. I want to go for housing loan. Please advice

Reply

Amandeep Singh September 24, 2011 at 6:12 pm

Hi,

If this is the case, you need to write to CIBIL with the CIBIL form and payment draft to get the information on the bank which has informed about you as a defaulter and once you know you can contact the bank to get your name removed.

Reply

KRISHNA R KERUR September 21, 2011 at 4:08 pm

I WOULD LIKE TO KNOW MY CIBIL RATING

Reply

Amandeep Singh September 24, 2011 at 5:24 pm

You will have to send the form and payment draft to CIBIL and they would send you your report 🙂

Reply

venkatareddy November 7, 2011 at 12:05 pm

i would like to know my cibil status weather my name was in defaulter list or not if there how can i get the information and h much time itll take to remove the if done my all dues kidly advise me

Reply

Ashwini Jaiswal November 21, 2011 at 4:35 pm

Hi My name is Ashwini Jaiswal. Please can you help me in regarding what are the dues are there in my cibil report can i get full report so i can clear it ASAP.

Regards,

Ashwini Jaiswal

Reply

Amandeep Singh February 27, 2012 at 7:55 pm

Hi Ashwini,

Thanks for dropping by our blog…

Ofcourse you can get your full CIR report from CIBIL. For this, you need to visit the CIBIL website and follow the simple online process and then make the payment.

I will soon be coming up with a tutorial on this … stay tuned till then… 🙂

Reply

Rajnish December 8, 2011 at 1:47 pm

I have finished all loan and credit card payment while bank not update still upto. I want home loan but banks are saying yr credit rating is not good. how can i check is this good or not.

Reply

Amandeep Singh February 27, 2012 at 7:43 pm

You can check your CIBIL score by visiting the CIBIL website and follow the simple online process and then make the payment.

I will soon be coming up with a tutorial on this … stay tuned till then… 🙂

Reply

DHARMENDER July 11, 2013 at 6:05 pm

Dear Respected all,

Please suggest me that in CIBIL portal there is two things mentioned ” CIBIL TransUnion Score (Including CIR) now for just 470/-” and the “CIBIL CIR for Rs. 154/-” so please tell for which one i have to go and due to which i can easily and full credit history and CIBIL report.

Seeking your response at the earliest.

Thanking You

regards
Dharmender Chhillar

Reply

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