CIBIL – Credit Information Bureau (India) Limited
Credit Information Bureau (India) Limited is the country’s first and foremost credit information authority that generates Credit Information Reports (CIR) and credit score (known as CIBIL TransUnion Score) for an individual as well as for an organization. Any financial institution who needs to know the credit history of a borrower may use this score.
CIBIL gets credit information about organizations and individuals from its member institutions, which is usually a bank or a financial institutions. The data is compiled, processed and kept in the repository. On the request of any lending institution, CIBIL provides this score as well as the Credit Information Reports (CIR) associated with it.
An individual may get his CIBIL credit score online by paying a minimal amount of Rs. 500 through Net Banking or Credit Card. Usually the score remains in the range of 300 to 900. The more is your score, the more are your chances for loan approval. According to CIBIL, “79 percent of the loans are approved for individuals who has a credit score of more than 750”.
The organization was established in the year 2000 as the first Credit Information Company (CIC) of India. Since its inception, it made the process of loan application and approval more economical and quickly for borrower as well as for a lender.
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