TransUnion CIBIL
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| Company type | Credit Information Company |
|---|---|
| Founded | Mumbai, Maharashtra, India (August 2000) |
| Headquarters | One Indiabulls Centre, Tower 2A-2B,19th Floor, Senapati Bapat Marg, Lower Parel, , India |
Area served | India |
Key people | Satish Pillai (Managing Director)[1][2] M.V.Nair (Chairman)[3] |
| Services | Research, Risk and Policy Advisory |
| Website | www |
TransUnion CIBIL Limited (Formerly: Credit Information Bureau (India) Limited) is India’s first Credit Information Company (CIC) founded in August 2000. TransUnion CIBIL collects and maintains records of an individual’s payments pertaining to loans and credit cards. These records are submitted to TransUnion CIBIL by member banks and credit institutions, on a monthly basis. This information is then used to create Credit Information Reports (CIR) and credit scores which are provided to credit institutions in order to help evaluate and approve loan applications. TransUnion CIBIL was created to play a critical role in India’s financial system, helping loan providers manage their business.
History and origin
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[4] to its Members which are credit institutions and banks in India. CIBIL’s over 2600 strong member base includes all leading public & private sector banks, financial institutions, non-banking financial companies and housing finance companies.[5]
The Credit Information Report (CIR) and CIBIL Score are used in the loan approval process. Once the loan provider has decided which set of loan applicants to evaluate, it analyzes the CIR / Score in order to determine the applicant’s eligibility.[citation needed] Eligibility basically means the applicants ability to take additional debt and repay additional outflows given their current commitments. Post completion of these first 2 steps the loan provider will request for the applicants income proof and other relevant documents in order to finally sanction the loan.
The CIBIL Score and Report help loan providers identify consumers who are likely to be able to pay back their loans. An individual with a credit score above 750 has better bargaining power with the lenders, since he is perceived as a responsible borrower.[6] Since consumers can now access their Credit Scores and CIRs directly from CIBIL at the cost of INR 500,[7] they can see for themselves how they are perceived by the lenders before applying for a loan. Hence, CIBIL empowers both loan providers and individuals to see their financial and credit history more clearly and hence, take better and more informed decisions.
Milestones
- 2000: TransUnion CIBIL Limited (formerly Credit Information Bureau (India) Limited) was incorporated based on recommendations made by the RBI Siddiqui Committee.
- 2004: Credit bureau services are launched in India (Consumer Bureau).[8]
- 2006: Commercial bureau operations commenced.
- 2007: CIBIL Score, India’s first generic risk scoring model for banks and financial institutions, was introduced. [9][10]
- 2010: Two firsts for the credit industry in India with the launch of:
- CIBIL Detect: India's first repository for information on high-risk activity.[11]
- CIBIL Mortgage Check: The first centralized database on mortgages in India.[12]
- 2011: CIBIL Score is made available to individual consumers.
- 2017: TransUnion CIBIL launches CIBIL MSME Rank to drive credit penetration in Micro, Small and Medium Enterprises and helping lenders assess risk better [13] [14]
Divisions
CIBIL houses credit on over 600 million trades across individuals and businesses, organised into three divisions: Consumer Bureau, Commercial Bureau and MFI Bureau.
The Consumer Bureau was launched in 2004 with 4 million records, and now maintains more than 600 million records. The Commercial Bureau was launched in 2006 with 0.7 million records, and now maintains more than 32 million records.[15]
Technical partners
- TransUnion International- a leading global credit bureau with presence in over 30 countries.
- Dun and Bradstreet - a leading global provider of credit information and insights on businesses.
References
- ^ "Satish Pillai, new MD & CEO of CIBIL". Business Line. 9 July 2015. Retrieved 2 August 2015.
- ^ "Cibil to launch mortgage default database". Hindustan Times. 2010-07-08. Retrieved 2010-12-08.[failed verification]
- ^ "SBI, HDFC dilute stake in CIBIL". The Hindu Business Line. 2005-05-17. Retrieved 2010-12-08.
- ^ "Difference Between Credit Report and Credit Score". Paisabazaar. 2017-03-03.
- ^ "How Cibil score check chances of landing a job". freescoreindia. Retrieved 26 December 2015.
- ^ "Important of Cibil Credit Score". Credit Vidya. 2012-05-17. Retrieved 2010-12-08.
- ^ "How to get Cibil Score Online". CreditVidya. 2012-05-17. Retrieved 2010-12-08.
- ^ "India to get three new credit data bureaus". Live Mint. 01 June 2009.
{{cite web}}: Check date values in:|date=(help) - ^ "TransUnion CIBIL Limited: Everything You Must Know". Bank Exams Today. 02 January 2017.
{{cite web}}: Check date values in:|date=(help) - ^ "Everything About : TransUnion CIBIL Limited". Aim Success.
- ^ "CIBIL and TransUnion launch CIBIL Detect". India Infoline.
- ^ "CIBIL and TransUnion launch CIBIL Mortgage Check". Business Standard. Retrieved 02 September 2010.
{{cite web}}: Check date values in:|accessdate=(help) - ^ "TransUnion CIBIL launches credit risk ranking for MSMEs". SME Times. 1 March 2017.
- ^ "TransUnion CIBIL introduces ranking for MSMEs". Bank Frontiers. 1 March 2017.
- ^ "Money Indices". Money Indices. Retrieved 26 December 2015.