Saturday 30 June 2012
Wednesday 27 June 2012
Some Queries of Readers on CIBIL
Some
Queries of Readers on CIBIL
Is
CIBIL a list of defaulters?
No. CIBIL only maintains account information of
various loan customers and credit card customers irrespective of the fact
whether they are defaulters or not. The information comprises their name,
address, monthly repayment track record, outstanding amounts, etc.
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Does
a bank report the names of all customers' to CIBIL?
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Only the names of the borrowers i.e. those
customers who have availed of a loan or a credit card from a CIBIL member are
reported to CIBIL. Details of liability accounts such as savings, fixed
deposits and recurring deposits are not sent to CIBIL.
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On
what segments does CIBIL provide a credit report?
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CIBIL is a repository of credit
information and in the consumer segment it provides information on the
various loans availed of and cards held by an individual from a member bank.
Its commercial report covers the credit availed of by non-individuals.
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What is the content of a CIBIL
report?
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CIBIL only reports loan and credit-card
information such as repayment track, loan type, amount outstanding, loan amount
disbursed, various dates, etc. The report also contains a customer's personal
information like name, address, date of birth, phone number(s), passport
number, voter's ID number, PAN, etc. In a commercial credit
report the inputs are similar but include some additional details
pertaining to the commercial entity like legal
constitution, registration number, etc. The credit report does
not provide any opinion or comment on whether a loan should be extended to a
customer. It reports the facts that its member banks and financial
institutions have reported.
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Can
a customer's name be removed from CIBIL's database?
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Member banks contribute to CIBIL on a monthly
basis data of all their customers who maintain a loan/credit-card account
with them. Hence a customer's name cannot be removed from CIBIL's database.
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If
a loan is denied to a customer by one bank on the grounds of the CIBIL
report, will it be denied by other banks too?
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Approval or rejection of a credit
application depends on the bank's policies. Rejection by one bank on the
grounds of the CIBIL report might not imply rejection by another bank. CIBIL
do not keep any track of the loan rejections by any banker on their credit
report.
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If
a customer's family member has defaulted, will it affect the customer's
status in CIBIL's records?
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The CIBIL report has information of loan/credit
details of the borrower only. Therefore, for a retail customer, it would not
matter if someone in his/her family has defaulted. If the customer's
repayment track record is okay, his/her credit score will not be affected by
that of his/her family members. However if he/she has stands guarantor for
the said loan then it will appear in his/ser CIBIL report.
Whether
loan track of any loan appears in the CIBIL report if the customer stands
guarantor for the said loan
Yes, The track of the loan will appear in the
Guarantor’s Credit report & a bad track record of that loan may arrive
into a rejection of loan by banker. If they found that the said loan may
becomes future liability of the guarantor.
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What is Credit Score
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The credit history & repayment behavior of a customer is
translated into a number developed by CIBIL, called 'credit score' ranging
from 300-900. It is an indicator of the credit-worthiness of a customer. It predicts
the likelihood of a consumer defaulting on a payment. A borrower who is more
financially disciplined will have a higher credit score. Higher credit scores
are better.
How
Does a Score Is Related to Loan Appraisal :
A strong credit history & a higher
score will get you better credit terms - better loan
amounts & attractive rates of interest. If you have
defaulted on any payment, then your credit history will
be impacted and it may limit your ability to get a new credit product, or
sustain the current product
What if a Bank has rejected my loan
application on account of unfavorable CIBIL report / score:
·
If the bank is rejecting a loan on the grounds of
the CIBIL report being unfavorable, then you can ask your bank for a copy of
your CIBIL report or purchase the same from CIBIL & if any error is there apply
to CIBIL for correction of the same otherwise try to improve your credit
history.
How CIBIL get & share Credit information of consumers
How CIBIL get & share Credit information of
consumers
CIBIL collects credit information of the customers
of each member financial institutes & get it compiled by its own. CIBIL
share the credit report of consumers with in its member group only. The Credit
Information Companies (Regulation) Act, 2005, and various Rules
and Regulations issued by Reserve Bank of India has empowered CIBIL
or (Credit Information Bureau (India) Ltd to collect the data from various
types of credit grantors (i.e. lenders). and then share the same within the
group. The legislation has enabled banks to submit data to
CIBIL without obtaining borrower consent. This has enabled CIBIL to tracks
repayment history of bank customers loans, credit cards and
further banking finances. Data sharing is based on the Principle of
Reciprocity, which means that only Members who have submitted all their credit
data, may access Credit Information Reports from CIBIL. The
relationship between CIBIL and its Members is that of close interdependence.
For credit grantors to gain a complete picture of the payment history of a credit applicant, they must be able to gain access to the applicant's complete credit record that may be spread over different institutions. CIBIL collects company and consumer credit-related data and collates such data to create and distribute credit reports to Members.
Thus, we can say that CIBIL collects commercial and
consumer credit-related data and collates such data to create and
distribute credit reports to Members. (A Credit
Information Report (CIR) is a factual record of a borrower's credit
payment history compiled from information received from different credit
grantors
Member banks contribute to CIBIL on a monthly basis
data of all their customers who maintain a loan/credit-card account with them. You
may not get your payment updated with CIBIL immediately after your payment
since its update their data on the basis of monthly report of members.
Can a customer’s name be deleted from CIBIL?
No, since bankers share credit data monthly with the
CIBIL so, a customer's name cannot be removed from CIBIL's database.
How to Own your CIBIL Report
How to Own
your CIBIL Report
There is a procedure for purchase of one's own CIBIL
report so that before you apply for loan, you are aware of the same &
you may get the errors rectified, if there any, before you’re your lender seen
the wrong credit report of yours. . You can visit the following link to
buy the report from CIBIL
https://www.cibil.com/online/credit-score-check.do
Since April 2011, Credit Information Bureau (India)
Ltd (CIBIL), India's first credit information company, has allowed
consumers to purchase their "CIBIL TransUnion Score" directly from
CIBIL & is now available to consumers for Rs 470.
The very purpose of sharing the CIBIL report with consumers
is to help them to assess their own credit history better and
enable them to 'see themselves as lenders do. Knowing their CIBIL TransUnion
Score will enable consumers to better manage their credit history, avail
speedier access to credit and derive benefits associated with good credit
history. The score is provided along with the CIBIL Credit
Information Report (CIR). The TransUnion Score is a three-digit numeric
summary (ranging from 300 to 900) of a consumer's credit history, compiled
from information received from credit institutions who are members of CIBIL.
An individual's score provides a credit institution
with an indication of the "probability of default" based on
his/her credit history. It helps in estimating the likelihood of repayment
of their loan based on the individual's past pattern of credit usage and loan
repayment behavior. The closer the score is to 900, the more
confidence the credit institution will have in the individual's ability to
repay the loan and hence, the better the chances of his/her application getting
approved.
Consumers can pay for availing their TransUnion
Score by following an online payment procedure or through a demand
draft. The higher the score, the more favorably it is viewed by credit
institutions. However, every institution has its own benchmark of what
constitutes a good credit score & sometimes they generate CIBIL without
score which gives just the track record & they used to analyse the same at
their own. CIBIL does not recommend any cut-off score loan
application eligibility.
CIBIL benefits both credit grantors and consumers by
collecting, analysing and delivering information on credit histories of
millions of borrowers. It provides its members with information on both
consumer and commercial borrowers, thus enabling them make sound credit
decisions across both individuals and businesses.
Tuesday 26 June 2012
What Should One Do, if there is a Mistake in the CIBIL Report
What
Should One Do, if there is a Mistake in the CIBIL Report
Typically,
one checks credit report when one's loan gets rejected and the loan
provider tells that it is because of some information on credit
report. Mistakes on a credit report can be easily corrected
with the CIBIL’s help. All you need to do is:
a)
Purchase your CIBIL credit report
b)
Identify the erroneous information
c) Provide
name, address, date of birth, a Control Number and the nature of the error on
the credit bureau’s website.
The
Control Number is a unique 9-digit number found on the top right hand side of
your CIBIL Credit Information Report and is generated every time
a credit report is generated. It is very important to provide this
number to the bureau, as it helps identify the CIBIL credit report on
which you would like to ‘dispute’ information.
Normally
following types of errors are found in ones CIBIL Report & which can be
easily corrected from by taking up the matter with CIBIL
Personal information’s such
as Name, Date of Birth Gender, Income Tax ID, Passport Number, Voter's ID, Telephone
Numbers, Address, State, PIN
Account Details (Loan/Credit Card) Account/
Loan Type, Account Status, Ownership Type, Date of Last Payment, Date Opened, Date
Closed, Sanctioned Amount/ High Credit, Current Balance, Amount Overdue, DPD/
Asset Classification
Ownership some accounts showing
in your CIBIL report may not pertain to you & you can raise an objection on
ownership of the same.
Duplicate Accounts a
loan/credit card may be showing twice/thrice in your CIBIL
If you
find any of the above error in your CIBIL report then follow the link & get
it corrected from CIBIL within a period of 30 days.
What is CIBIL?
What is CIBIL?
CIBIL
is nothing but the mirror of your earlier loan credit card repayment track. It stands
for Credit Information Bureau (India) Ltd. CIBIL gives A Credit
Information Report (CIR) which is a factual record of a borrower's credit
payment history compiled from information received from different credit grantors.
Its purpose is to help credit grantors make informed lending decisions. An
individual's credit report provides a credit institution with an indication of
the "probability of default" based on his/her credit history. It
helps in estimating the likelihood of repayment of loan based on the
individual's past pattern of credit usage and loan repayment behaviors. The
more clear & good CIBIL report attracts borrower confidence about his
future repayments & the individual's ability to repay the loan and hence,
the better the chances of his/her application getting approved quicker.
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What it contains in its report: CIBIL only reports
loan and credit-card information such as repayment track, loan type, amount
outstanding, loan amount disbursed, various dates, writer off/settled etc.
The report also contains a customer's personal information like name,
address, date of birth, phone number(s), passport number, voter's ID number,
PAN, etc. The credit report does not provide any opinion or comment
on whether a loan should be extended to a customer. It reports the facts that
its member banks and financial institutions have reported.
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CIBIL is the repository of information which is
pooled in from all Banks and lending Institutions operating in
India. CIBIL have a database size of over 17 crore
consumer records and over 65 lacs company records contributed by our over 500
Members.
The Credit Information Companies
(Regulation) Act, 2005, and various Rules and Regulations issued by
Reserve Bank of India has empowered CIBIL or (Credit Information Bureau
(India) Ltd to collect the data from various types of credit grantors (i.e.
lenders). and then share the same within the group. The
legislation has enabled banks to submit data to CIBIL without obtaining
borrower consent This has enabled CIBIL to tracks repayment history
of bank customers loans, credit cards and further banking
finances.
So from
next time before defaulting in any loan or credit card repayment be aware that
CIBIL keeps an eye on your repayment of loan & your default may attract non
availability of loan in future from other lending institutions as well.
Tuesday 5 June 2012
Interest Rate Chart of LICHFL
LIC Housing Finance Ltd is the 4th largest Player in Housing Loan Segment. There offered interest rates & schemes are as follows:
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Interest
Rate Chart of LICHFL
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Slab
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New Advantage 5 *
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Magic 3 **
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Floating
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Upto 40 Lacs
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11.15%
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10.70%
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10.40%
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40 Lacs to 1 crore`
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11.40%
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11.25%
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10.40%
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1 crore to 1.50 crore
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11.65%
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11.75%
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10.40%
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* Fixed For 5 years & Floating
Thereafter
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** Fixed for 3 years &
floating there after
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Floating
on next quarterly review
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upto 75 lacs
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LHPLR-250BPS
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75lacs to 1.50 crore
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LHPLR-225BPS
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