Cibil Full Form- All Also Know All About Cibil Score【2018】



 

CIBIL Full Form is Credit Information Bureau India Limited

Cibil Score Full Form or Abbreviation in Banking also is Credit Information Bureau (India) Limited

What is Cibil?

CIBIL (Credit Information Bureau (India) Limited)is former name of TransUnion CIBIL Limited. It is India's first Credit Information Company (CIC) or Credit Bureau. A credit Bureau or CIC basically collects and maintains records of an individual's payments pertaining to loans and credit cards in the form of credit information report which is commonly called as Credit report.

Just like report cards maintain the score of students, credit reports keep track of an individual’s or business’ financial activity. When you borrow a loan or credit card, it is recorded in your report. With each successful repayment you improve your credit history and credit score. A late payment or default hurts the cibil score. The better is the score, the better are the chances of availing loan.

CIBIL records credit score between 300 to 900 points. The loan application of 80 % of people above 750 points is successfully accepted by banks.

What Do You Need CIBIL score?

Firstly,the origins – the score is generated by CIBIL, one of India’s four credit bureaus (the others being Equifax, Experian and CRIF High Mark). Secondly, it is based on the credit report, and is essentially a three-digit summary of the detailed information contained in the report. Ranging from 300 to 900, a higher score (above 750) is considered to be a good score, and can help your application for credit to be processed at the most competitive interest rates.

How does Cibil Works?

Founded in the year 2000, Credit Information Bureau India Limited or CIBIL is recognized by RBI (Reserve Bank of India) as a Credit Information Company. In the year 2010 RBI authorized CRIF Highmark, Experian and Equifax to work as Credit Information companies in India. CIBIL is one of the most popular and trusted among Indian customers, NBFCs and Indian Banks.

CIBIL collects and maintains all the information related to individuals' payments on their credit cards and loans. CIBIL creates two reports for each borrowing firm or individual based on the information provided by financial institutions and banks on monthly basis; one is called as Credit Information Report (CIR) and other as CIBIL Score.

Before providing you with a CIBIL Score, CIBIL requires a minimum of 12 to 18 months of transactions and payments monitoring. A CIBIL Score of 750 and above banks usually prefer this score.

Institutional Preferences CIBIL Scores Ranges.

A CIBIL score from 300-600 : It reflects the write offs, overdue payments and loan defaults

A CIBIL score from 600-750 :It reflects irregular or late payments on credit cards and loans and this is considered as Average Score.

A CIBIL Score from 750-900 : It reflects as consistent payment on credit cards and loans and is considered as a healthy Credit Score

Based on the individual's current liabilities, paying capabilities and cash outflows, Credit information Report is looked once the bank has screened Individual on the basis of the credit score.

Credit Information Report (CIR) is a detailed report that includes an individual’s financial and personal information under six headings.

The first heading includes CIBIL Score.

The second heading includes name, PAN, passport number, Date of Birth etc.

The Third heading includes information related to your Contact numbers, your name, past and presents address.

The fourth heading includes type of borrowing like unsecured loan, car loan etc., EMI payments and account numbers

The Fifth heading includes information related to Employment, the nature of the job, name of the employer and credentials.

The sixth heading includes the enquiries made by various NBFCs and banks where you applied for credit cards and loans.

Is CIBIL the only one that provides a CIBIL score?

What you need to understand is that CIBIL is a credit bureau and provides with a credit score (this is popularly known as CIBIL score in India since CIBIL was the first bureau to be established).

There are three more bureaus in India namely, Equifax, Experian and Crif Highmark. All these are approved by the RBI and provide with credit report and credit score.

What is the highest CIBIL score one has got till date?

The range of CIBIL Credit score is in between 300 to 900.

Anything above 750 is considered a good score. The score between 750-900 is treated more or less indifferently by finance institutions.

Higher the score will be, the more confidence the credit institution will have in your ability to repay the loan.

Can I access someone else's CIBIL score or CIR?

No its not easier as said. When you apply for a CIBIL report then CIBIL takes you through good anount of verification regarding loans or credit card held in the past. Only when you answer them appropriately then you get access to the CIBIL report instantly. That too it send you the report on registered email id. Else if any one answer is incorrect then it couriers the report at the registered address. Now anyone to access the report need to have access to your email id or change the address in their records.

How to check your CIBIL score with your PAN card - CIBIL Score?

Follow these steps to check your CIBIL Score by using the PAN Card:

  1. Visit - https://www.cibil.com/ (CIBIL’s official website)
  2. Click on the top right option that says ‘Get Your Credit Score’, or
  3. Visit https://www.cibil.com/creditscore/ directly
  4. Choose a subscription method, if applicable
  5. Enter your PAN Card number
  6. Enter your e-mail address
  7. Enter Date of Birth
  8. Select the Gender
  9. Enter the captcha code
  10. Acknowledge the terms and condition
  11. Click on “Procced to Payment’

How to rectify my CIBIL report?

Ensuring that you as an individual are credit healthy is fast becoming the order of the day. While globally the awareness and usage of credit reports is far higher than it is in India at present, with the entry of multiple bureaus and the emphasis being laid by lenders on credit reports, things are slowly but steadily looking up. So let us first understand what a credit report is all about.

A credit report is a document that details all your credit behaviour, with regards to the repayment track record, the number and types of accounts you hold and whether you have applied for any fresh lines of credit. Generated by credit bureaus, they are the go-do documents for any lender, prior to taking a decision on a loan application. This report can be the deciding factor of whether you application is approved, and at what terms, therefore making it very critical.

Whether CIBIL or any of the other (namely Equifax, Experian and CRIF High Mark) bureaus in India, keep in mind that no bureau monitors or controls the data that is used to build the report. This information is released periodically by the concerned lenders to the bureaus, basis which the bureaus prepare reports.Therefore should there be any error in the information therein the bureau can assist you in having the data rectified, but not without the consent of the lender in question.

What is meant by a CIBIL report?

Document supplied by a bank or a credit reporting agency (such as Dun & Bradstreet) that summarizes an entity's credit history and present financial position, and notifies about any lien in force or pending judgment(s) against the entity. Read more: http://www.businessdictionary.com/definition/credit-report.htmlDocument supplied by a bank or a credit reporting agency (such as Dun & Bradstreet) that summarizes an entity's credit history and present financial position, and notifies about any lien in force or pending judgment(s) against the entity.

How can one avail the loan if his CIBIL score is poor?

If your CIBIL Score is low then the possibility of getting loan at low interest rate is unlikely. Low score means you have poor financial discipline and would have difficulty in repaying your loan. As a result, leading banks would not be keen on extending a loan to you. However, you can approach non-banking financial institutions (NBFCs) for a loan. These lenders though will charge a high interest rate considring they will be taking on a risk by disbursing loan to an applicant with low cibil score.

How to check my CIBIL score online?

It’s fairly simple! You can request for a copy of your credit report from any of the bureaus in India, and go through the same to know your score. While bureaus currently do not offer free data to consumers, the charges to order a report are not high, and the process too is hassle-free – both good enough reasons to avail of the information.

However if you are uncertain as to where to begin, the first thing to do would be to log on to websites such as www.millenniumcreditsolutions.com that offer the basic credit score. With that as your first step, you can then work towards understanding your report in depth by subsequently requesting for one.

How to check my cbill score?

Transunion CIBIL is credit information company that tracks and monitors the loan repayment histories of financial consumers in India. 
Your CIBIL score is a three-digit number, ranging from 300 to 900, used by banks and NBFCs to ascertain your creditworthiness and the likelihood of you repaying your loan on time.

You can check your CIBIL score by following these steps:
1. You can initiate the process by filing in a form on CIBIL’s official website.
2. Enter your personal details such as name, address, and contact number.
3. If you want a CIBIL Transunion score and your CIR (credit information report), you need to pay a fee of Rs.550.
4. Once you’ve submitted the form and made the payment, your CIBIL score and report will be mailed to you

Does everyone can see our CIBIL credit report?

Yes everyone has access to their own CIBIL credit report. You just need to apply for it by visiting Credit Scores, Credit Reports and Risk Management Solutionsand pay Rs.550/ each and every time you want to check your credit score. Apart from individual banks also have access to your credit report. When you enquire for a loan or a credit card they first look at your credit score and then decides whether or whether not to sanction it. They take an approval before doing this also they need your PAN card details for the same.

Can I hide my loan history in my CIBIL report?

No, if the loan has been taken from a bank or NBFC. All these lenders are required to share all loans to all 4 RBI licensed credit bureaus - CIBIL, CRIF High Mark, Equifax and Experian.

Till recently, your loan from a P2P platform was not covered by Credit Bureaus, however with recent guidelines, it will not also be covered.

If you take a loan from a friend or relative or a local money lender, that will not be covered by credit bureau.

What is ECN number in CIBIL?

ECN or an Enquiry Control Number in CIBIL is a 9 digit unique number that helps CIBIL track an individual’s credit report from its database.

Banks feed the borrowers’/ applicants’ data and personal information, which the credit agency or CIBIL pools in together. ECN is generated so that the lender can pull out the borrower’s data (using the control number) as and when required.

It is advisable for you to request the lender/ bank for this number because every time a credit report is pulled out, the control number is generated. Thus, CIBIL requires this number so that it can view the exact details that the lender saw/ used, when the credit report of the borrower was pulled out.

Does taking a gold loan improve my CIBIL?

Your CIBIL score showcases your credit worthiness i.e, a CIBIL score above 700 will not only help you to get instant credit approval but also help you in getting a loan at good terms and conditions. Therefore it is necessary to maintain a good credit score.

In your case, taking a loan and paying it back on time will surely boost your score. Improving your credit score can be a daunting task but following a systematic methods of timely payments and keeping credit utilization within the limit will significantly increase your score.

I recommend you to get your credit report online and check your financial health today. This will help you to know the factors you need to work on to improve your credit score. If there is any error in your credit report, you can approach any financial institution like your bank regarding the changes.

I have CIBIL score 847, what does it mean?

A credit score is a numerical expression, denoting one’s creditworthiness. It is the number assigned to you based on a study of your credit history which includes your loan history, payment pattern, credit card usage and payment history, bank accounts held and closed, and credit inquiries made by you. It ranges from 300 to 900, 900 being the best credit score.

In your case, a score of 847 is denoted as an excellent credit score, which indicates that you have a long and healthy credit history of paying your debts on time without over utilizing your credit card limit. A good credit score will help you to obtain any credit product at good terms and conditions instantly.

How CIBIL Works with Banks?

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.

 
 

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