How To Become A Cibil Member



 

TransUnion CIBIL’s vast repository of credit information augments your credit underwriting and portfolio management efforts. Members have access to consumer and company Credit Information Reports, Credit Scores and a host of value added tools that help them constantly monitor their portfolio; right from acquisition to collections stage.

Transunion CIBIL Members benefit by an increased ability to identify lending opportunities and keep non-performing assets in check; thus strengthening the basic foundation for business success.

Eligibility to Become Cibil Member

TransUnion CIBIL Membership is available to the following institutions:

Credit Institutions (banks, RRBs, Co-operative bank , NBFC, Public Financial Institution, Housing Finance Institution etc. companies engaged in the business of credit cards and other similar cards and companies dealing with distribution of credit in any other manner or any other institution which the Reserve Bank may specify, from time to time, for this purpose)

  • Insurance Companies
  • Companies providing cellular or telephone services
  • Credit Rating Agencies
  • Asset Reconstruction Companies
  • Telecom Companies

What Is The Process To Become A Member Of Transunion Cibil? 

Moreover, becoming a Member of a credit information bureau ensures your organization’s compliance with the Credit Information Companies (Regulation) Act 2005. The Act stipulates that all the credit institutions including NBFC’s, banks and other financial institutions should be a member of a Credit Information Bureau.

The potential Member will need to provide a single point of contact for Transunion CIBIL (a nodal officer).

List of documents to be executed and dispatched:

Membership Application Form to be duly filled in by the FI / Bank

Letter of Application on FI / Bank’s Letter head

Pricing Annexure: To be signed and stamped by the member

Operating Rule Book: All pages to be signed and stamped by the member

Copy of Letter of Authority issued by FI / Bank on Letter head : Letter of Authority that confirms capacity and authority of the signatories to the documents executed by the respective Members.

Certified true copy of the license issued by RBI /for HFC ( Issued by NHB): To be signed and stamped by the member

Payment of Annual fee & Membership fee

Pricing:

Membership Fee: INR 10,000/- (Plus Taxes @15%)

Annual Fee: INR 5,000/- (Plus Taxes @15%)

Membership fee and Annual fee payment to be made by Cheque / Demand Draft to be issued in favour of “TransUnion CIBIL Limited”.

The physical copies can be couriered to the address provided below: Transunion CIBIL Membership Team, TransUnion CIBIL Limited, One Indiabulls Center, 19th Floor, Tower 2A, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013.

Once documentation is complete we will provide you with the costs associated with using our services.

Upon completion of all the formalities Transunion CIBIL will provide you with a "Member Kit". The Member Kit will provide you with vital information that will help you begin using our services.

If your representatives need assistance our Membership Desk is available at 022-62358100. Alternatively just write to us by clicking on "Contact Us"

 Benefits of Becoming Cibil Member

 Risk Management solutions from TransUnion CIBIL offers other benefits as well:

Objective Credit Decisions – A shift from relationship-based to information-based lending leads to accuracy in providing lending terms that suit a consumer’s payment track record and ability to take on additional leverage while mitigating the consequences of adverse selection

Faster Credit Decisions – Enhances a credit institution’s ability to expand while maintaining credit portfolio quality

Speed and Cost – Use of TransUnion CIBIL CIRs will make processing of home loans faster and cheaper by eliminating the need to additionally research and verify borrower details. This will result in improved profit margins due to lower cost of processing.

Differential Pricing – Members can differentiate between good borrowers and defaulters. In an increasingly commoditized credit market, credit grantors will be able to use price in order to differentiate their loan products.

Regulatory Compliance 

Moreover, becoming a Member of a credit information bureau ensures your organization’s compliance with the Credit Information Companies (Regulation) Act 2005. The Act stipulates that all the credit institutions including NBFC’s, banks and other financial institutions should be a member of a Credit Information Bureau.




 
 

HEAR OUR STORY


At Millennium Credit Solutions, we believe that life is easier with excellent credit.
We have a dedicated staff devoted to assisting you with your future financial needs.
We provide advice and information on how to best manage your current credit to maximize the impact to your qualifying ability.
 
 

LOOKING TO BEGIN?

SPEAK WITH A CREDIT NAVIGATOR TODAY


Call now for free expert advice: +91 95350 61366

LET’S START YOUR JOURNEY
Want more info?
First Name
Last Name
Email