CIBIL or Transunion CIBIL (Credit Information Bureau (India) Limited) is India’s oldest and most reliable Credit Information Company (CIC) that provides credit related services to its members nationwide. Since its establishment, in the year 2000, CIBIL has been collecting and maintaining credit information of Indian residents provided by banks and NBFCs. The credit bureau on the basis of the credit information of an individual generates their credit report and credit score. The lenders on the basis of the credit report provided by CIBIL analyze whether the applicant is capable of repaying one’s loan on time or not. This way, CIBIL performs an essential role in India’s financial system. As per the latest records, CIBIL consists of 2600 members, which include several leading public and private sector banks, financial institutions, housing finance and non-banking companies. In 2017, CIBIL launched its MSME (Micro, Small and Medium Enterprises) rank to help lenders assess loan risk for businesses.
CIBIL Score, also known as the Transunion CIBIL score, is a 3-digit number ranging from 300 to 900. The credit score reflects how well or how poorly a person has dealt with loans or credit cards in the past. The higher your CIBIL score, the better your chances of getting a loan or credit card application approved in future.
To get your credit report for free, follow these steps:
- Visit CIBIL’s official website and click on the link for free credit report.
- Create your CIBIL account.
- Fill out a form with below details for identity verification with CIBIL:
- Date of birth
- Postal Address
- Identity Proof Number (PAN, Aadhaar, etc.)
- Accept terms and conditions
Once you accept terms and conditions, CIBIL will show your Credit Information Report (CIR).
You can get your full free credit report only once in a year. Therefore, to get your CIBIL report again in the same year, you will have to pay Rs. 550/- for the same. To get access to CIBIL score and reports, there are few other paid subscription plans as well, which you can choose as per your convenience.
All banks and financial institutions check credit reports of the loan or credit card applicants before approving their credit applications. The credit report and credit score of an individual indicate his/her financial stability, which helps the lenders to analyze whether that individual will be able to repay the loan amount on time or not. Credit reports are generated by the credit bureaus on the basis of credit information that is collected from member banks and credit institutions on regular intervals.
CIBIL is one of the major credit bureaus in India that generates a credit report along with a credit score that defines creditworthiness of an individual. If you have been paying your credit card bills and loan amount on time, then your credit score will increase gradually thus making you a trustworthy borrower. High credit score or score close to 900 means that there are better chances to get a loan at considerate or lesser interest rate. If you tend to maintain a low credit score, then there are high chances that your loan application may get rejected by the lenders. For any individual, it is recommended that they check their CIBIL score regularly so that they can maintain or improve it, in case the score is low.
CIBIL is a credit bureau that contains credit information of its clients, customers and members. It basically constitutes of two segments that include Consumer and Commercial bureaus. The first segment maintains the credit records of individuals those are collected from CIBIL’s member banks and credit institutions. Launched in 2004, the Consumer CIBIL Bureau currently holds over 600 million credit records.
The second segment is the Commercial Bureau, which maintains the credit information of non-individuals, such as public limited companies, and partnership and proprietary firms. It was launched in 2006 and currently maintains around 32 million credit records.