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.

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.

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.