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Disclaimer : The credit report will be generated from Experian Credit Bureau

Credit Report
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CIBIL or TransUnion CIBIL Limited is India’s oldest Credit Information Company (CIC). CIBIL is an acronym for Credit Information Bureau (India) Limited. Since its establishment, which was in the year 2000, CIBIL has been collecting and maintaining credit information of Indian residents provided by Indian 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 loan or credit card applicant’s credit score and credit report judge whether they can repay the loan on time or not. This way, CIBIL plays an important role in India's financial and loan system. As per the latest records, CIBIL has 2600 members which include India's leading public and private sector banks, financial institutions, housing finance companies and non-banking companies. In 2017, CIBIL launched CIBIL MSME Rank to help lenders assess loan risk against micro, small and medium enterprises.

What is CIBIL Score?: CIBIL Score, also known as the CIBIL TransUnion Score, is a 3-digit whole 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.

Importance of CIBIL Credit Report: All banks and financial institutions check credit reports and credit scores of the loan or credit card applicants before approving their loan or credit card applications. The credit report and credit score of an individual indicate his/her financial stability, which helps the lenders to analyse 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 oldest and major credit bureaus in India that generates a credit report along with a credit score that defines credit-worthiness of an individual. If you have been paying credit bills and loan amount on time, then you will have a high credit score. High credit score means that there are more chances to get a loan at considerate interest rate. If you have a low credit score of say below 650, then there are high chances that your loan application will get rejected by the lenders. For any individual, it is recommended that they check their CIBIL score in every 6 months so that they can maintain or improve it, in case the score is low.

Consumer CIBIL Bureau vs Commercial CIBIL Bureau: CIBIL is a credit bureau that contains credit information of everyone. It basically has two segments. The first segment is the Consumer CIBIL Bureau, which maintains the credit records of individuals. These credit records 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 partnership firms, proprietary firms and public limited companies. It was launched in 2006 and currently maintains around 32 million credit records.

A credit report is a document, which shows your financial history with respect to all forms of credit. The key types of credit or borrowing instruments that form a part of the credit report include credit cards and all sorts of loans such as personal loanhome loancar loan, to name a few. The important thing to note here is that such information is a historic representation, so in case you have never taken a loan or a credit card, your credit report, when generated will reflect the same.

As credit report only reflects how you have used credit instruments such as loans and credit cards in the past, your net worth plays no direct impact on how high or low your credit score would be. Therefore, your bank balance, annual salary, business turnover, investment in mutual funds, real estate holdings, amount of gold you own, etc. will not show up on your credit report and have no direct impact on your credit score. However, owning a large number of assets may have an indirect bearing on your ability to get loans in the future as you would be better placed to opt for secured loans using property, mutual funds or gold as collateral.

Key Information Contained in a Credit Report

Apart from the historic records pertaining to your borrowing instruments such as loans and credit cards, your credit report also includes the following key information:

  • Name
  • Date of birth
  • Permanent Account Number (PAN)
  • Aadhaar Card
  • Additional Identity Information such as the serial number of Driving License, Voter’s ID card, etc.
  • Current and previous residential addresses
  • Current and previous employers with their address
  • Income tax information availed through previous IT filings
  • Dates on which your credit report was pulled by lenders to determine loan/credit card eligibility
  • Information related to overdraft facilities available with your banking accounts, etc.

Companies that Prepare Credit Reports in India: In India, credit reports are prepared by establishments known as credit reporting agencies, credit bureaus or credit information companies. These institutions maintain the credit information of every individual submitted by various member banks, NBFCs (non-banking financial companies) and various government agencies such as the Income Tax Department. There are four credit bureaus that provide credit reports in India - CIBIL TransUnion, CRIF High Mark, Equifax and Experian. Each of these credit bureaus has slightly different credit scoring models; hence the same individual’s credit score can vary in reports prepared by different agencies.

The idea of these credit scoring models is not to deny loans to a customer, but to avoid lending money to a customer with a bad credit history, thereby limiting the chances of repayment defaults. Credit bureaus have brought change to the in-house scoring model of the banks by introducing a credit scoring model, which benefits the customer and banks equally. While for customers, the credit bureaus create more room for lower interest rates, for banks and NBFC’s they provide convenience by offering useful and relevant credit information of every individual.

CIBIL TransUnion Credit Report: CIBIL stands for Credit Information Bureau (India) Ltd. and it was set up as India's first credit bureau. Currently, CIBIL has teamed up with TransUnion, a globally recognised credit rating and analytics company, to provide CIBIL credit report to Indian individuals. Lenders who are registered members of CIBIL submit monthly credit reports to CIBIL regarding its borrowers. CIBIL on the basis of such information prepares credit reports. CIBIL credit reports are available in the lieu of a fee, but are also available free once in a year at any time at their website. Key Institutions that have holdings in CIBIL TransUnion include Bank of India, Indian Overseas Bank, Bank of India, ICICI Bank, India Alternatives Private Equity Fund, Aditya Birla Trustee Company Private Ltd., Union Bank of India, Bank of Baroda and Trans Union International Inc.

Experian Credit Report: Experian India is a completely owned subsidiary of Dublin, Ireland-based Experian LLC and operates as Experian Credit Information Company of India Private Limited. Experian credit reports include the details of all your previous loans and credit cards; however, it uses its proprietary statistical algorithm to calculate your credit score. Therefore, the credit score provided by Experian would be different from that provided by CIBIL TransUnion and other CICs. Those who require Experian credit report can get it for free once a year at the credit bureau’s official website. As per the RBI’s directives, the CICs shall give access to the FFCR (Free Full Credit Report) along with the credit score any time once in a year to every individual whose credit data they hold. Individuals can also request for their free Experian credit report through Paisabazaar.com. Paisabazaar.com’s bureau partner is Experian, therefore, Paisabazaar.com is authorised to receive your credit information (on your consent) from Experian. You can access your Experian credit report online as well as through mail, to check on your eligibility for loans and credit cards as well as to identify the instances of identity theft. Some leading Indian financial institutions that have collaborated with Experian include Union Bank of India, Sundaram Finance, Punjab National Bank, Magna Finance, Federal Bank, Axis Bank and Indian Bank.

Equifax Credit Report: Equifax is an Alanta, US-based international organisation engaged in providing information solutions for the workforce, commercial and consumer segments. Equifax India operates as ECIS (Equifax Credit Information Services Private Limited), which is a collaboration of Equifax with leading financial institutions in India such as Union Bank of India, Sundaram Finance Limited, Religare Finvest Limited, Kotak Mahindra Prime Limited, Bank of India, Bank of Baroda and State Bank of India. The consumer credit bureau department of Equifax India has been operational since September, 2010. You can get a copy of your free Equifax Credit Report at Equifax’s official website once in a year.

CRIF High Mark Credit Report: CRIF High Mark is India’s only full service credit bureau, which provides credit reports to individuals across retail, agriculture and microfinance lending and businesses. CRIF credit report includes credit score ranging from 300 to 900, details of all your current and previous loans and credit cards and your personal details captured in the credit bureau. As per the RBI’s orders, individuals can request for their full free CRIF credit report and CRIF Credit Score for free at the credit bureau’s website once in a year. CRIF is among the leading providers of banking credit information in continental Europe. It is also among the key global players who specialize in business information, analytics, scoring, decision and credit management solutions. CRIF High Mark’s other investors include State Bank of India, Punjab National Bank, SIDBI, Edelweiss and Shriram City Union.

A CIBIL report basically includes your credit history that is maintained and recorded by the credit bureau. This report along with the credit score is used by the money lenders and banks to know your credit worthiness. Usually, the credit report contains the following elements:

CIBIL Score: This 3-digit score, ranging from 300 to 900, plays the most important role in your loan and credit card approval. The score determines the chances of you defaulting on your loan payment, based on your credit history. A score above 750 is considered good and increases the chances of approval on your loan and credit card application.

Personal Information: Your CIBIL report also includes your personal information such as your name, date of birth, gender, PAN, passport number, driving license number along with your contact details.

Account Details: This section contains information regarding loans and credit cards owned till date. Along with the details of the lenders, it also contains your account number, loan type, current loan balance, overdue amount, interest rate of each loan, etc. It also shows the monthly record of your credit payments.

Employment Details: This section shows your monthly or annual income as reported by the credit bureau’s member banks and other financial institutions.

Contact Information: This section includes your contact information such as your address and telephone numbers.

Enquiry Details: The last section of report has the name of the lenders that have enquired about you. If you have too many hard enquiries in a short span of time, then it will negatively impact your credit score.

The Utility of Credit Reports

The primary purpose of these reports is to help lenders such as banks and NBFCs determine the credit worthiness of loan or credit card applicants. Your report contains data regarding how closely you have followed the payment schedule of your previous or current loans and credit cards. The information related to the missed payments, past due payments and related penalties is also present in the report. This information is also taken into consideration when calculating your credit score. The credit score itself is a 3-digit number, which is derived statistically by taking multiple parameters into account and as a rule of thumb, the closer your credit score is to the 900 mark, the more credit worthy you are believed to be by the prospective lender. Conversely, the closer your credit score is to the 300 mark, the less credit worthy you are determined to be and the less will be your chances of getting approval on your loan/credit card applications by a prospective lender.

Prospective lenders are not the only people who have access to these reports. You can also access a copy of your report. With the help of your credit report, you can figure out your eligibility for loans and credit cards that you may be interested in. It is in fact recommended that you get a copy of your report at least once a year to ensure that the information in the document is up-to-date and correct. Errors in your credit report can cost you dearly as if it may lead to rejection of credit card/loan applications as well as availability of lesser loan amounts or high interest rates charged to loans and credit cards issued to you.

If you have been rejected for a loan or credit card, there is a high probability that it happened because there is information in your credit report that marks you as a borrower with low credit worthiness. That’s the bad news. The good news is – it’s not the end of the world and with a small amount of effort you have an opportunity to improve your credit worthiness. For starters, any information featured on your report only stays there for a limited period usually five years or less. So any information beyond that period is replaced by the new information that you add. So start following the tricks and tips mentioned below to start laying the foundation of a good credit score and a blemish-free credit report:

  • Ensure your pay your credit card bills and loan EMIs on time
  • Do not apply for multiple loans and credit cards simultaneously
  • Check your credit report for mistakes periodically and get them corrected if required
  • Keep your debt-to-credit ratio lower than 50% across all credit cards
  • Ensure that you do not have multiple outstanding unsecured loans or credit cards

Among the above, the main reason why many people have a low credit score is due to late payment of loan EMIs and credit card bills. It is easy to avoid late payments through discipline. The other common reasons such as a high debt-to-credit ratio and multiple outstanding loans are usually the result of lifestyle inflation, which is also avoidable through careful financial planning.

Applying for Your Credit Report

As mentioned earlier, people can avail their credit reports from Equifax, Experian, CRIF High Mark or CIBIL TransUnion. They can request for their credit reports online as well as offline. The turnaround time i.e. the duration between application submission and receipt of the report will vary as will the associated charges and the documents required.

Online Application Procedure: In case of an online application, you need to follow the steps given below:

  • Fill out the credit information report application form.
  • Pay the required fees* through credit card/debit card or net banking.
  • Provide the answers to authentication tests, if required (this is required to ensure your identity).
  • In case you fail to pass the authentication test, you have to upload digital copies of your documents to get hold of your report.

In case of online reports, the credit bureau sends those out via password-protected e-mail attachment to your registered e-mail ID and through speed post or courier sent to your home address within 7 to 10 working days.

*As per RBI’s instructions, all credit bureaus shall give access to the FFCR (Free Full Credit Report) along with the credit score any time once in a year to every individual whose credit data they hold. People who require Experian credit report for free can also get it through Paisabazaar.com.

Offline Application Procedure: In case you plan to apply through the offline route, you need to do the following:

  • Download and fill out the credit information report application form from the desired credit bureau’s website.
  • Attach the required documents such as the copies of PAN Card and Driving License.
  • Enclose a Demand Draft payable to the relevant authority for the required amount and mail it to the address mentioned on the website/application form.

In case of offline applications, you should receive your report within 10 working days by courier at the address mentioned by you on the application form. You can also check your application status online in the interim.

Due to the interchangeable use of these closely related terms, there is often confusion between the terms credit score, credit report and credit rating. Following is a table comparing these three terms**:

Credit Score

Credit Report

Credit Rating

A statistically generated three digit number that sums up your credit worthiness.

A historical record of the repayment schedules of all loans and credit cards of an individual.

This conveys the creditworthiness of companies, countries or a government.

A high credit score (closer to 900) improves your chances of getting a loan approved. A low credit score (closer to 300) adversely affects your chances of getting a successful approval on loans or credit card applications from lenders.

A clean credit report leads to a good credit score. The credit history of a good credit report proves that the borrower was good at managing various debt instruments.

Credit rating is usually denoted by grades such as AAA, AA, B++ etc. A company rated as AAA would be able to raise funds at a much lower rate as compared to the companies with lower ratings.

Changes depending on how well or poorly the borrower manages his/her debt instruments such as loans/credit cards.

An entry in your report stays for around 5 years till it is replaced by newer entries.

Changes depending upon the performance of the industry, the market or the company/country.

**The above table is indicative and the information provided is subject to change.

Credit Report for Business

A business credit report is also generated by various credit bureaus and these reports play a major role in determining the sanction of business loans. Unfortunately, a free credit report is currently only available for individuals therefore you will have to pay a fee when you seek a business credit information report. Additionally, business credit information reports may take a few more business days to reach at the mentioned address as compared to an individual’s credit report, which takes about 7-10 days to reach the mentioned address.

A credit report is analogous to a medical file and you need to be well-versed with some of the key terms when reading it to understand your financial health better. Some of the must-know terms are given as follows:

NA/NH : In case you do not have a credit card and have never taken a loan, this is what your credit score would look like. Otherwise, it could mean that you have no credit activity for the past 2 years or that you have no credit exposure as you use add-on cards that are linked to your spouse’s or parent's account.

STD : This entry is found against loan/credit card accounts if the credit payments are made timely or within 90 days from the due date.

SMA : An account is classified as Special Mention Account (SMA) if it is moving from being a standard account to sub-standard due to overdue loan/credit card payments.

SUB : An account is classified as SUB (Sub-Standard) if the loan/credit card payments are being made after 90 days.

DBT: An account is classified as DBT (doubtful) if the account has remained the SUB status for a year (12 months).

LSS : When an account is tagged as LSS, it signifies that there is a loss, which remains uncollectible.

DPD : Days Past Due (DPD) column displays the number of days by which a scheduled payment was delayed for the account. Ideally this should show up as 000, meaning no late payments.

Written Off/Settled Status : If the status of an account is mentioned as written off, it implies that the borrower was unable to pay the outstanding dues for more than 180 days and resultantly, the lender has written off the unpaid dues. If the status of an account is mentioned as settled, it implies that the borrower in consent with the lender has partly paid the dues against the total outstanding amount.

The terms mentioned above are just a representative list and the list is by no means exhaustive.

Q1. How is my CIBIL Score calculated?

Your CIBIL score is calculated using a complex statistical model, which is a proprietary business secret of TransUnion and CIBIL and hence, not available to the general public. The statistical model identifies multiple variables in your credit report in order to calculate credit score. 

Q2. Will my CIBIL score ever change?

Yes. Your CIBIL score depends on multiple factors such as all current and previous loans/credit cards, the payment history of credit instruments, the number of outstanding loans/credit cards and the credit-to-debt ratio. A change in any of these factors can bring about a change in your CIBIL score. Thus, little noticed factors such as late payments and maxing out your credit cards as well as more noticeable factors such as a new home loan or car loan can change your credit score.

Q3. Is CIBIL the only one who provides a CIBIL Score?

Yes. CIBIL Score is provided only by TransUnion CIBIL Limited and it is one of 4 companies that provide credit scores and credit information reports in India. Apart from CIBIL, the three other credit reporting agencies that are currently licensed to operate in India are Experian, Equifax and CRIF High Mark and they provide Experian Score, Equifax Score and CRIF High Mark Score respectively.    

Q4. Is the Credit Information Report as same as the CIBIL Score?

No. Your score is only a part of your credit report, which is also known as the Credit Information Report. Apart from your credit score, your CIBIL report also includes the details of various loans and credit cards that you have had over the past 5 to 7 years. The details related to your credit card/ loan include credit limits, credit repayment track record, the number of credit checks that have been made by the prospective lenders in the past and a lot more. Just like a medical report gives the details regarding your physical health, similarly, a credit report provides the details about your financial health.

Q5. Can everyone access my CIBIL Score?

No. Your CIBIL score is confidential personal information that only you or a few authorised entities (on your consent) are allowed to access. These authorised entities can access your credit report only under specific circumstances such as when you apply for a new loan or credit card and are legally not allowed to share any of information with any unauthorised third party. Authorised entities that can access your CIBIL score/report include financial institutions and banks who are CIBIL members.

To dispel some of the common myths associated with credit score, please read “Top 4 Credit Score Myths Debunked”      

Q6. How do I check My CIBIL Score?

You can get your CIBIL report and score online as well as offline. To get your CIBIL score and report online, you need to visit the CIBIL’s official website, fill out the CIBIL Online Credit Score Request Form and proceed to payment. Your request for CIBIL score will not get completed until you answer a few questions regarding your loans and credit cards for authentication. Once your details are verified, you will receive your CIBIL score and report through an e-mail within 24 hours.

To get your CIBIL score and report offline, you need to download the credit information report application form from the CIBIL’s official website. Fill out the form and submit it to the mentioned address with the Demand Draft and the required documents. On receiving your request, CIBIL will verify the information and send you a printed copy of your credit report at the mentioned address.

Note: Individuals can avail Free Full Credit Information Report once in a year.   

Q7. How to check CIBIL Score using PAN Card?

In India, your PAN (Permanent Account Number) acts as an identifier for various financial transactions and checking your CIBIL report and score is no different. So make sure you keep your PAN card handy when requesting for CIBIL report. 

Q8. How to check CIBIL Score for free?

As per the RBI’s directives, the credit bureaus shall give access to FFCR (full free credit report) once in a year to everyone whose credit information they hold. You can request for your free credit report anytime once in a year from the CIBIL’s official website.

Q9. How did CIBIL know about my loans and credit cards?

CIBIL works on a reciprocity principle i.e. CIBIL members can access the records of CIBIL only if the members (Banks and NBFCs) provide CIBIL TransUnion with the records of their borrowers. In this manner, all your loan and credit card information gets reported CIBIL by your existing lenders and these form the basis of your report and score. The same logic holds true for credit scores prepared by Experian, Equifax and CRIF High Mark.  

Q10. Would checking my CIBIL Score cause it to decrease?

No. If you check your credit report or score, it is considered to be a “soft look” and this type of check does not affect your CIBIL score in any way. This holds true even if you’re checking other credit bureau’s credit score or report.

Q11. Why do banks need to check my CIBIL Score?

Banks are businesses and they want to make money. So when granting a new loan or credit card, they want to be sure that the applicant will pay it back. By accessing your credit report and score from credit bureaus, the loan officer will be able to judge whether you are a low risk borrower who has little chance of defaulting or a high risk borrower with a high risk of defaulting. Depending on this analysis, your loan interest rate, loan quantum, credit limit for a new credit card, and other such variables are determined.   

Q12. Why is a credit card account that I already paid off and closed still on my report?

Your current lenders report your loan/credit card status to CIBIL periodically and these details get reflected in your report over the time. Therefore, if you close out a loan or credit card account this month, it might be a couple of months before the information gets reflected in your credit report. Other causes of such discrepancy may be a reporting error due to the bank or NBFC that you took the loan or credit card from or you may be a victim of identity theft.

Q13. What happens if my CIBIL Report has errors?

In case you find errors in your CIBIL report, you can request CIBIL to correct it through their Dispute Resolution procedure. As part of this process, you will be required to submit supporting documents (bank NOC, loan settlement letter, etc.) and also a nominal fee to get your records updated.

For additional details, please read “How to Resolve your Credit Report Disputes”. 

Q14. Can CIBIL delete or change my credit information on its own?

No. CIBIL does not have the authority to delete or make changes on your credit report on its own. They are only involved with collating the data as provided by the member banks and NBFCs. However, in cases of credit report disputes, CIBIL will make changes to your credit report provided there is sufficient documentary evidence to show that an error has indeed occurred. However, the concerned bank or NBFC will have to provide the necessary clearance before such changes are made.  

Q15. What is CIBIL 2.0?

Over the past few months, CIBIL TransUnion has been shifting to a new scoring model in order to be more relevant with changing customer credit data and profiles as well as current economic trends. This new scoring model has been termed as CIBIL 2.0. The main change is an assignment of risk index from 1 to 5 to individuals with relatively new credit history (less than 6 months). The higher the numeric value of the risk index, the lower the perceived risk of default.

Read “All you need to know About CIBIL Score” for more info.   

Q16. Does CIBIL Score affect my chances of getting a new loan or credit card?

At present, your credit score whether reported by CIBIL, Experian, Equifax or CRIF High Mark, is one of the key factors that determine your eligibility for a new credit product. Though different banks and NBFCs have different cut off criteria and these are not available to the general public, having a high credit score (closer to 900) definitely improves your chances of getting approved for additional credit.

For more information about how to improve your score, read “Tips to Improve Your Credit Score”.      

Q17. How much CIBIL Score is good?

There is no clear data available at present regarding what is a good or high CIBIL score for getting loans or credit cards. As mentioned earlier, the CIBIL score range is from 300 to 900, therefore the closer you are to 900, the better your chances of approval.

Q18. What is the minimum CIBIL Score required for a personal loan?

Banks or NBFCs in India currently do not publish any clear data regarding what is the minimum CIBIL score that they require to grant a personal loan. However, they also do not grant a personal loan without CIBIL check. So be on the safe side and ensure you have a credit score as close to 900 as possible in order to maximise your chances of approval on a personal loan application.    

Q19. What is the minimum CIBIL Score for a home loan?

Because banks and NBFCs do not publish any data with respect to a minimum qualifying CIBIL score for home loans, a higher CIBIL score improves your chances of approval on a home loan application.

Q20. How much credit score is required for a credit card?

Currently, you cannot get a credit card without CIBIL check no matter what your credit card agent tells you and having a high CIBIL score will definitely boost your chances of a successful application. As of now, the credit card issuers do not publish data regarding the minimum credit score required for a credit card. Therefore, keep your credit score as high as possible.    

Q21. How do I increase/improve my CIBIL Score?

CIBIL score is based on your credit history and it cannot be increased overnight no matter what a self-styled CIBIL score improvement agency might tell you. It starts with paying your credit card dues and EMIs on time, while also requiring you to minimise your outstanding debt.

For more tips on how to improve your CIBIL score, please read “Establishing a Strong Credit Score: 9 Tips and Tricks”.

Q22. CIBIL Bureau Customer Care

In case of a query, feedback or concern, one can contact CIBIL's consumer helpline number at 022-6140-4300. You can also send them a fax at +91-22-66384666. You may even send your query online at their Self Service Portal (https://www.cibil.com/self-service-portal/viewGeneralQueryFormAction.action).

In case you are not satisfied with the received solution or response, you may escalate the issue to the senior management as mentioned at their Escalation Desk.

(https://www.cibil.com/complaints-escalation-procedure/)

Rise In Credit Card Use Among Indian Consumers, Reveals TransUnion Survey

27 Sep, 2017: According to an online survey conducted by TransUnion CIBIL the credit use is witnessing an all time increasing among the urban Indian consumers with almost 19% of the urban consumers saying they are likely to apply for a credit card in near future.

TranUnion CIBIL partnered with YouGov Plc, a leading global research service provider, to conduct a survey among 1,088 urban Indian consumers between 13th to 18th July 2017. The population they targeted is the one who skews higher on education and household income when compared to the total population of India. The results suggested a greater propensity towards using and applying credit cards to meet their financial needs.

Banks Can Check Your Credit History For The Past 3 Years

1 Jun, 2017: Getting a loan for credit defaulters is going to get tougher. CIBIL has introduced its CreditVision tool with a new algorithm that enables banks to get information about the customer's transactions for the past three years across different banks and credit institutions. With this information, banks will be able to identify defaulters (or potential defaulters) and customers who will be able to repay on time and are worth pursuing.

Many banks are doing a retro analysis before introducing it to the credit appraisal system. This tool is still in it testing phase and will go live in next few months. Until now, CIBIL score was the only source for the banks to find credit history of an individual, especially the non-customer base. With this algorithm, banks will be able to take a precise decision by looking at the customer's payment patterns, exposures and trends.

Number Of Cases Against Loan Defaulters Decreased in FY 2017

30 May, 2017: As per the latest data by CIBIL, India’s first Credit Information Company, the number of cases filed by Indian banks and credit institutions has reduced to 9,575 worth Rs. 1.5 crore as on March 2017 as compared to 11,555 cases worth Rs. 1.7 lakh crore in March 2016. This shows a decrease of 11% by value and 17% in the number of cases.

The experts suggest various reasons for this. While some say that the decrease might be a result of more cases being settled outside the court. Also, the banks’ decision to sell a portion of their bad loans to Asset Reconstruction Companies (ARCs) might have led to the downfall. In FY 2016-17, bad loans worth Rs. 35,000-40,000 crore had been sold to ARCs by the banks.

Another data by CIBIL shows that the cases filed by bigger banks like SBI, Bank of Baroda, Axis Bank, ICICI banks, etc. have seen a substantial rise. SBI has filed 3600 cases worth Rs. 71,900 crore against 2688 cases worth Rs. 50,500 crore.

90% Indians pay Credit Card bills on time: CIBIL Survey

12 Apr, 2017: According to a survey conducted by credit bureau TransUnion CIBIL, around 90% of Credit Card users in India are aware that non-payment or delay in paying their monthly bill impacts their Credit Score negatively. In fact, the survey, conducted among 1100 respondents, said around 92% Indians pay more than their total due amount often.

The credit bureau had conducted this research in other international markets too. It found that India ranks above all countries, having the highest percentage of Credit Card users who pay more than the minimum due amount in their credit card bills.

“Timely payment of your entire credit card bill is crucial to build a strong Credit Score. A customer with a strong credit score will have a low risk profile and will have more and better avenues for taking credit,” said Radhika Binani, Chief Product Officer, Paisabazaar.com.

Credit Score of an individual represents his creditworthiness, and is one of the important factors for banks while considering a loan application. Disciplined usage of your Credit Card is one of the easiest ways to build and improve your Credit Score. However, any delay or non-payment of your entire Credit Card bill impacts your Credit Score negatively.

The survey by TransUnion CIBIL, added that residents of Delhi, Ahmedabad, Pune and Mumbai use their Credit Cards more often than people from Kolkata, Bangalore, Chennai and Hyderabad. Also, Delhi tops the list on awareness around credit cards and its usage.

TransUnion-CIBIL launches CMR for ranking MSMEs

1 Mar, 2017: TransUnion-CIBIL launched a ranking for small businesses in order to take care of “information asymmetry”. The step has been taken because the banking industry is observing a potential stress in its MSME exposure of about Rs. 55,000 crore.

The company launched the CIBIL MSME Rank (CMR) on 28th February. It will rate 2.1 million MSMEs on a scale of 1 to 10 by looking at their past seven year borrowing histories. This ranking algorithm would determine the ranking on the basis of payment history, defaults (if any) and credit score.

Presently, CMR is only available to member banks but soon it will be accessible to borrowers also. Axis Bank’s Jairam Shridharan said the rank would provide them critical insights into companies and would enable greater opportunities for the small deserving businesses.

Loan demands witnessed 30% drop post demonetisation

25 Jan, 2017: According to CIBIL, overall loan disbursements in all loan categories dropped by 30% in India post demonetisation.

Gold loans and other consumer durables loans witnessed a steep decline of close to 60% during November and December 2016. More significantly, the demand for two wheeler loans, housing loans, auto loans and personal loans dropped by 40%, 27%, 16% and 25% respectively during the same period.

On the other hand, credit card usage has increased to 41% after demonetisation. States such as Gujarat, West Bengal, Maharashtra and Andhra Pradesh have witnessed a significant drop in new loan applications. However, in these states, credit growth has risen subsequently after New Year.

CIBIL Report: Auto and Consumer Durable loans worst hit

12 Jan, 2017: CIBIL TransUnion announced that two wheeler and consumer durable loan application numbers have been adversely affected by the demonetisation drive. Number of loans sanctioned by Private Banks and NBFCs were severely impacted by demonetisation and the worst hit states include Gujarat, Maharashtra, West Bengal and Andhra Pradesh.

The demand for credit cards and auto loans declined after 8th November but it was picked up later in December. According to CIBIL, the so termed “short term disruption” caused by demonetisation has put the brakes on an unprecedented growth of the credit market in India which started 4 years back.

In January- September 2016 period, consumer loan demands increased by 35% percent over previous year’s numbers. The application volumes of these loans declined drastically during the November-December 2016 period. The CIBIL announcement also states that other loans which include auto, housing, and personal loan segments have also witnessed significant decline in the expected application numbers subsequent to demonetisation.

The two-wheeler loan application volumes declined by 42.9% the expected volume of 1.4 million applications.  The auto industry has seen the lowest demand in past 16 years. Similarly for consumer durable loans, there was a 60% drop from the expected number of 3 million applications.

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