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Get answers to commonly asked questions related to credit bureaus
Credit Information Bureau (India) Limited (CIBIL™), is the first credit bureau in India being established in 2000. It is one of the main credit bureaus in India, authorized to collect individual data and generate credit report and CIBIL™ score for determining a person’s creditworthiness.
CIBIL™ maintains a track record and publishes your past credit score and report with respect to borrowings for the benefit of its various members, including banks, NBFCs, financial institutions, credit card companies and similar lenders. This credit report and CIBIL™ score is of vital importance for the lenders as part of their overall lending process and helps in rejecting borrowers with an unfavourable credit history.
CIBIL™ has a huge database of borrower information that it receives from the lenders who are its members. CIBIL™ then collates your information which is based on your past credit information to generate the credit report and CIBIL™ score. These are critical parameters considered by lenders for evaluating a potential borrower’s financial prudence with respect to repayment of debt.
CIBIL™ acts as a protector for the lender under such a situation by providing them with details about the borrower’s credit history ensuring lenders take appropriate decisions before final disposal of loans or credit cards. Though lenders work on the debt terms with the borrowers like rate of interest, amount, tenure etc, they rely on the credit information generated by credit bureaus like CIBIL™. This is done to ensure that the borrower has reliable creditworthiness and financial capability to repay potential debts in a timely manner, indicating that he/she is not a risk category when it comes to debt repayment.
Additional Reading: How Does My CIBIL™ Score Impact My Loan Interest rates
CIBIL™ score is an important aspect of the whole lending process considered as one of the key elements for granting loan approval by lenders. A CIBIL™ score is a 3-digit number ranging from 300-900. It is part of the comprehensive credit report generated by CIBIL™ based on your current and past debt-related information.
CIBIL™ score in the range between 750 - 900 is considered ideal for lenders granting your loans without any hassles. This range indicates that the borrower has maintained financial discipline while repaying his debt. Any CIBIL™ score in the range of 550 – 700 is considered a moderate score implying the borrower has a certain risk element but could still get loans approved. However, a CIBIL™ score in the range between 300 – 549 indicates the high risky financial behaviour of the borrower, so lenders reject such loan approvals outright.
When you have a high credit score, lenders are assured of your sound credit health and your capability to repay potential debts in a timely manner. The higher the credit score, the better are your chances of getting a loan/credit card approved.
A high CIBIL™ score assures you of a better chance of getting your loans or credit cards approved.
Additional Reading: CIBIL™ Score for Personal Loan
Lenders consider CIBIL™ report important for evaluating the creditworthiness of a potential borrower before approval of loans. They look at
Debt-burden Ratio
This ratio indicates your degree of leverage. A high debt-burden ratio means that the person is in a high-risk category and thus could end up with your loan getting rejected by the lender.
Debt repayment history
Your credit history is of huge importance to lenders as they do not want to end up with borrowers who could turn risk by defaulting on their loan repayments. The CIBIL™ report has key information relating to your credit history like past loan repayment patterns, loan defaults etc, which gives a lender an accurate estimate of your potential financial capability in repaying loans or credit card dues. Lenders prefer borrowers who have a clean credit history which is shown through a good credit score in the CIBIL™ report.
The CIBIL™ Report and CIBIL™ score are two important criteria considered by lenders when granting
Approval for Loan
The information in the CIBIL™ report and the subsequent CIBIL™ score helps lenders assess your creditworthiness for potential loans. As such, the information generated by CIBIL™ forms the basis for the whole loan approval process.
Debt Terms
The CIBIL™ Report and CIBIL™ score also help lenders in finalizing their debt terms like rate of interest, the quantum of loan, tenure etc or credit card limit to be sanctioned.
This information helps lenders in evaluating the creditworthiness and potential financial prudence of borrowers before granting the actual loan.
1. Why is CIBIL™ essential for loans?
You have better chances of loan approval if you have a higher score. The CIBIL™ score is a 3 digit score and it is a numerical representation of your creditworthiness to the lender. It helps the lender assess how capable you are of repaying your loans.
2. Who regulates CIBIL™?
The RBI regulates CIBIL™. The RBI has established and runs all the 4 credit bureaus that include CIBIL, Equifax, CRIF High Mark, and Experian. The agencies are regulated and managed by the credit information companies (Regulation) Act, 2005 and rules and regulations issued by the Reserve Bank of India.
3. Who operates CIBIL™?
Transunion operates CIBIL™. The CIBIL™ Transunion score is now made available to individual consumers. Transunion acquired a 92.1% stake in CIBIL™.
4. Who is the CEO of CIBIL™?
Rajesh Kumar is the managing director and Chief Executive Officer of Transunion CIBIL™ Limited|Linkedln.
5. What is the importance of the CIBIL™ score?
CIBIL™ score helps the borrower to be aware of his credit score and credit history. It also helps the lender assess the creditworthiness of the borrower. A person who has good financial discipline and does not default on his payments has a high CIBIL™ score while a person who does not repay his EMIs, bills, and loans on time has a very low CIBIL™ score. Lenders do not prefer to credit such people.
The 4 credit bureaus- CIBIL™, Equifax, Experian, and CRIF Highmark offer credit scores in India. The points mentioned above are true for credit scores from any bureau, not just CIBIL™.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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