CIBIL stands for Credit Information Bureau (India) Limited. This is India’s first Credit Bureau or Credit Information Company. This company maintains records of all credit-related activity like loans, credit cards, accounts of individual person and companies. The customer’s information submitted to CIBIL by registered member banks and other financial institutions on a periodic basis. Based on this individual customer data, CIBIL issues a CIR (credit report) or Credit Information Report and a credit score.
Important Features of CIBIL Report
- Shareholders in CIBIL include Trans Union International, IOB, Union Bank of India, Bank of India, Bank of Baroda, Allahabad Bank, SBI, IDFC, ICICI,HDFC, SCB,etc.
- CIBIL has two focus areas: A Commercial Bureau that deals with the records of companies, institutions and A Consumer Bureau that deals with consumer credit records.
- CIBIL is a database of credit information about a customer. It provides data to banks and other lenders who use it as a quick and efficient resource to filter loan applications.
- All information about the customer will be reflected in the CIBIL report like address, phone number, email id, account information, credit card loans, overdraft account and inquiries of customers.
How do I improve my credit rating and CIBIL score?
To successfully avail personal loan from any bank, we recommend you maintain a respectable CIBIL TransUnion credit score by:
Using Credit Cards regularly – The customer should prove that he is capable and responsible for paying short term credit. Paying the outstanding balance on or before the due date significantly improves will CIBIL score.
Making outstanding payments on time – Nonpayment of EMI or loan installments can get you a bad rating. In the case of partial payments, try to pay at least 50%-75% of the outstanding.
Staying within your credit limit – Overly utilizing your credit limit indicates that your income is not sufficient to manage all your expenses and that you have no control over spending.
Applying for new credit in moderation – Take only as much as you need. Take into consideration different rates and offers from different banks before making a decision.
Bookmypersonalloan helps customers to get a loan based on CIBIL report. We go through all bank policies and decide whether the individual customer can avail a loan or not. If customer is eligible we will; analyze the individual customer profile significantly will suggest the bank based on customer previous record.