cibil Previously, lenders would treat all loan seekers equally. Each applicant, if approved by the lender’s internal credit policy , would be charged at the same interest rate for a particular loan size and purpose . The lenders would charge a higher interest rate to all the borrowers, in order to compensate for the possible default of a small portion of the loan disbursed. In other words, it’s like a professorA Cibil credit report will include the name, date of birth and address of the borrower along with other details such as identification numbers which include PAN , passport numbers, voter ID number and telephone number. It also carries information about the past credit re-payment by the borrower. If the borrower is a defaulter, the report will connote the amount overdue and the suit filed against him by the credit providers, if any.
Implications By obtaining one’s CIR, the person knows his/ her financial standing as seen by a lender. Moreover, this puts pressure on lending institutions to send updated information of borrowers to CIBIL on a regular basis, thus minimising errors on their part. That also means that borrowers get a fair chance of acquiring the required amount of credit. In case a customer notices errors in the CIR even after upgradation.
The Credit Information Bureau of India Ltd (CIBIL) is one of the four credit bureaus licensed by the Reserve Bank of India (RBI) and also one of the largest databases of credit payment history. As per a recent ruling, CIBIL can make available the Credit Information Report (CIR) of a person for a nominal cost.CIR is a factual record of consumers’ payment history built up from information received by lenders, such as banks
