WHAT IS CIBIL?

What is CIBIL?

Credit Information Bureau (India) Limited, commonly known as CIBIL, is India’s first Credit Information Company or Credit Bureau. It maintains records of all credit-related activity of individuals and companies including loans and credit cards. The records are submitted to CIBIL by registered member banks and other financial institutions on a periodic (usually monthly) basis. Based on this data, CIBIL issues a Credit Information Report or CIR (commonly referred to as a credit report) and a credit score.

CIBIL was founded in 2000 in order to bring greater efficiency and transparency in the credit space. TransUnion International (a global credit bureau) and Dun and Bradstreet (a global provider of credit information) are technical partners of CIBIL in India. CIBIL’s mission is “To catalyze growth of Credit in India through: solutions that enable well informed Credit decisions; technology that enables superior information availability; and people that provide high quality services.” It has an ISO 27001 rating, which is the highest security standard in the world.

Shareholders in CIBIL include TransUnion International, ICICI, SBI, IOB, HSBC, Union Bank of India, Bank of India, Bank of Baroda, and Allahabad Bank.

CIBIL has two focus areas: A Consumer Bureau that deals with consumer credit records and a Commercial Bureau that deals with the records of companies and institutions.

It is important to note that CIBIL is a database of credit information. It does not make any lending decisions. It provides data to banks and other lenders who use it as a quick and efficient resource to filter loan applications.

1 What is a CIBIL credit report?
What is a CIBIL credit report?

A credit report is a comprehensive document that details an individual’s or corporate’s borrowing history and repayment record.

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2 What is the importance of a CIBIL report?
What is the importance of a CIBIL report?

A CIBIL credit report is a crucial resource for banks and other financial institutions to evaluate an individual or company’s credit worthiness in order to make a lending decision.

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3 How to read a CIBIL credit report?
How to read a CIBIL credit report?

A credit report can seem technical in its format and language. However, it is possible to learn how to understand the salient information contained in your credit report.

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4 How can I check my CIBIL credit score?
How can I check my CIBIL credit score?

You can check your credit score and receive your credit report online. It is a fast and simple process and you will receive your credit score via email shortly after authentication and payment.

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5 Should I check my CIBIL score before applying for a loan?
Should I check my CIBIL score before applying for a loan?

It is advisable to check your credit score periodically (once a year) so that you are not taken by surprise when it is time to apply for a loan or credit card.

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6 What are the factors that affect a CIBIL score?
What are the factors that affect a CIBIL score?

The most important factor in your credit score is your repayment history. Your payment record forms approximately 30% of your credit score.

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7 How can I improve my CIBIL score quickly?
How can I improve my CIBIL score quickly?

First, it is important to remember that there is no instant quick-fix for increasing your score overnight. However, it is possible to make significant improvements to your credit score in the short run by

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8 What are some common mistakes that decrease your credit score?
What are some common mistakes that decrease your credit score?

Sometimes a low credit score is more due to lack of awareness on how the credit score is calculated and the important factors that constitute a score.

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9 What is a good CIBIL score?
What is a good CIBIL score?

A credit score of 750 or above is viewed by lenders as a good score. A credit score is a three digit number ranging from 300 to 900. Most lenders look for a minimum score of

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10 What are the consequences of applying for a loan with a poor CIBIL score?
What are the consequences of applying for a loan with a poor CIBIL score?

It is possible to get a loan even if you have a credit score of less than 750, but the approval process takes a longer time and is more difficult as your score decreases.

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11 How long does it take to improve a CIBIL score?
How long does it take to improve a CIBIL score?

It can take anything from 4-12 months to improve your score, depending on your individual situation. The closer your score is to 750, the less time it will take to improve your score.

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12 Does making late payments affect the CIBIL score?
Does making late payments affect the CIBIL score?

Yes, making late payments has a significant negative impact on the credit score. Your repayment history is the single largest factor in determining your credit score.

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13 Does missing a payment affect the CIBIL score?
Does missing a payment affect the CIBIL score?

Yes, even a single missed payment can negatively affect your CIBIL score. Every missed payment that is reported by your lender and noted by the credit bureau, affects your score.

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14 What is a CIBIL credit score and Credit Information Report?
What is a CIBIL credit score and Credit Information Report?

A credit score and credit report are different - but related - tools used by lenders to judge the probability of your fulfilling your debt obligations.

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15 Loan rejected even with good CIBIL score – possible reasons
Loan rejected even with good CIBIL score – possible reasons

Sometimes, a loan application can be rejected even with a good CIBIL score of 750. This can be very disappointing and distressing for the applicant who thinks he has done everything

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16 What is the role of CIBIL in the loan approval process?
What is the role of CIBIL in the loan approval process?

The CIBIL report and credit score enables potential lenders to get accurate and updated information on your credit worthiness which helps them make a more informed and objective

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17 Does my savings account balance affect my CIBIL score?
Does my savings account balance affect my CIBIL score?

No. Your credit score is based purely on your credit-related activity regarding loans and credit cards. Your savings and current account balance or the performance

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18 Is there any other credit bureau operating in India apart from CIBIL?
Is there any other credit bureau operating in India apart from CIBIL?

Yes, there are two other credit information bureaus that issue credit reports and credit scores in India – Equifax Credit Information Services Pvt. Ltd. and Experian Credit Information Company of India Pvt. Ltd.

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19 What is a control number?
What is a control number?

A control number is a nine digit number that helps CIBIL track your report. It is generated when banks access your credit report. It is mentioned on the top right hand side of your CIBIL report.

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20 How do I rectify errors in my CIBIL report?
How do I rectify errors in my CIBIL report?

You can directly file a CIBIL dispute online on the CIBIL website if you notice any errors in your report. Click on the tab “Dispute Resolution” in the Consumer Bureau section.

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