What is CIBIL Score? How to get your CIBIL Report?
CIBIL - India's first credit information bureau- is a repository of information, which contains the credit history of commercial and consumer borrowers. CIBIL provides this information to its Members in the form of credit information reports.
As all think CIBIL is not list of all the defaulters in India. It has a complete credit record of an individual or a firm that may be spread over different institutions
2)Who owns CIBIL?
CIBIL's equity was held by State Bank of India, Housing Development Finance Corporation Limited, Dun & Bradstreet Information Services India Private Limited and Trans Union International Inc. The shareholding pattern was in the proportion of 40:40:10:10 respectively.
But currently, almost all the leading banks and financial institutions have a stake in CIBIL.
3)Why is CIBIL established?
For credit grantors to gain a complete picture of the payment history of a credit applicant, they must be able to gain access to the applicant's complete credit record that may be spread over different institutions. CIBIL collects commercial and consumer credit-related data and collates such data to create and distribute credit reports to Members.
The member banks and institutions will gain complete knowledge and details about the various loans and debts held by an an individual and/or a firm. Based on the credit history the member bank or institution will decide whether to further finance/fund the individual/firm.
4)Who are Members of CIBIL?
Banks, Financial Institutions, State Financial Corporations, Non-Banking Financial Companies, Housing Finance Companies and Credit Card Companies are Members of CIBIL.
5)Where does CIBIL get the information from?
CIBIL primarily gets information from its Members only and at a subsequent stage will supplement it with public domain information in order to create a truly comprehensive snapshot of an entity’s financial track record.
6)What is a Credit Information Report?
A Credit Information Report (CIR) is a factual record of a borrower's credit payment history compiled from information received from different credit grantors. Its purpose is to help credit grantors make informed lending decisions - quickly and objectively.
7) What type of information on a borrower is available in the CIR?
The CIR includes the following information:
* Basic borrower information like:
1. Name
2. Address
In case of individuals:
3. Identification numbers
4. Passport ID
5. Voters ID
6. Date of birth
In case of non-individuals
7. D-U-N-S® Number
8. Registration Number
9. Legal Constitution
* Records of all the credit facilities availed by the borrower
* Past payment history
* Amount overdue
* Number of inquiries made on that borrower, by different Members
* Suit-filed status.
8)Who can access CIBIL Credit Reports?
CIBIL Members, which include leading Banks and Financial Institutions, can access information from CIBIL on the principle of reciprocity i.e. only those Members who have provided all their data to CIBIL are permitted to access CIBIL Credit Reports. Members can do so only to take valid credit decisions. Disclosure to any other person or entity is prohibited.
Individuals can also request access to their own Credit Reports directly from CIBIL.
9)Can the borrower obtain his own CIR from CIBIL?
Yes. As informed above borrowers /individuals can also access their own credit reports.
10)How to get CIR from CIBIL?
You can now access your Credit Information Report (CIR) directly from CIBIL.
If you have existing credit accounts or have recently applied for a credit facility, you have to submit identity and address details that have been submitted to the relevant Credit Institution/s. This will help CIBIL to provide you with more consistent information.
Documents Required
1)CIR Request Form
2)Identity Proof – PAN / Passport / Voter’s id
(Identity proof should be valid and not expired)
3)Address Proof – Bank Statement / Electricity Bill / Telephone Bill
(Address proof should be not more than 3 months old from the date of
application and should be in your name)
4)Fees of Rs 142/- (Rupees One hundred and forty two only) inclusive of all
taxes and express delivery charge via On-Line payment or Demand Draft
There are two options available for you to make the payment to CIBIL.They are Online Payment and Demnd Draft.
1.Online Payment
a)Complete the CIR Request Form (On-Line Payment)
b)Payment - Pay Rs 142/- via Net Banking / Debit / Credit / Cash Card
c)Get Registration ID - On successful completion of your payment transaction, you will receive a unique CIBIL registration id and transaction id in your CIR Request Form (On-Line Payment)
d)CIR Request Form (On-Line Payment) along with CIBIL registration id and transaction id will also be emailed to you on the email address provided by you
e)Print and mail documents - Print the CIR Request Form (On-Line Payment) and mail it along with your Identity and Address proofs to any one of the below mentioned addresses.Click below for online request form and payment
https://www.cibil.com/d2c/manageCustomerDetails.do?action=showAddPaymentPage
2.Demand Draft
a)Purchase a Demand Draft (DD) for Rs. 142/- in favour of Credit Information Bureau (India) Limited payable at Mumbai
b)Download the CIR Request Form
c)Submit the duly completed CIR Request Form along with Demand Draft, Identity and Address proofs to any one of the below mentioned addresses. Click below to
download CIR request form
http://www.cibil.com/pdf/CIR-Template-Revised.pdf
11)What are the addresses?
Address for sending via Speed Post / Regular Post
(Kindly affix the required postage) :
Credit Information Bureau (India) Limited,
P.O. Box 17, Millennium Business Park, Navi Mumbai- 400 710.
Address for sending via Courier / Registered Post
Consumer Relations,
Credit Information Bureau (India) Limited,
Hoechst House, 6th Floor, 193, Backbay Reclamation, Nariman Point, Mumbai 400 021.
12)Once you have received your CIR(Credit Information Report)from CIBIL, go through it thoroughly. It will have information like... Your associations with different banks such as personal loan, Credit card, Housing Loan, Vehicle Loan etc. It will also show "In which bank & In which loan account you have over dues? and How many months of over dues pending? How much is the total over dues? etc
It will have a break up as to What Bank? What loan account? etc... If you feel you have already cleared all the over dues, then you should be having enough proof for the same. like NOC issued by the concerned bank or A original settlement letter issued by the bank stating that the bank has accepted your full and final payment as the settlement towards your particular loan account.
Please note: This information available in CIR of CIBIL is provided to CIBIL by the concerned bank only. So if you dispute any information contained in CIR then you should approach the concerned bank only to correct it not CIBIL.
If you have either of the above then you can approach the concerned bank and ask them to send a corrected report to CIBIL
In case you don't have an NOC or Settlement letter issued by the concerned bank, then you are liable to pay the entire amount and clear the dues, then the bank will advise the CIBIL with the corrected information. Subsequently it will reflect in your CIR of CIBIL.
However if you can't pay the entire outstanding, then you can approach the concerned bank for settlement offer. The bank may offer you a settlement as per the matrix laid from time to time. Subject to payment of the entire amount mentioned in the settlement letter, the particular loan account will be closed in the bank records. Then the bank will send a advice to CIBIL stating that the particular loan account is settled. Subsequently it will reflect in your CIR of CIBIL as "SETTLED".
13)How to approach a bank for settlement?
Almost all the banks have a telbanking number(mentioned behind the credit cards or debit cards)You can call the number and request for a settlement offer by mentioning your loan account number or the credit card number along with other verification details. OR you can walk into any one of the branches of the concerned bank and they will be able to guide you.
