THE Credit Information Bureau (Cibil) is owned by banks and other lending institutions in India. It is a repository of information, containing the credit history of commercial and consumer borrowers. Cibil aims to provide this information to its members in the form of Cibil credit report. This report is a factual record of a borrower's credit-payment history. The report is prepared using information received from various credit providers who are also members of Cibil. The bureau also incorporates the information available in the public domain in this report.
A 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. The report also provides the number of inquiries made on the borrower by different members. The report does not provide a borrower's income or other details pertaining to his wealth or assets owned. Cibil credit report is meant to only provide factual information which will be useful for the banks and other credit providers while taking the lending decision. It does not provide any view or opinion on a borrower – if the loan can be given to that borrower.
Cibil credit report can be accessed by all member entities, which include commercial banks, non-banking financial institutions and credit card companies. An individual can also access his credit report. He has to fill up a form and submit it along with identify proof and address proof. The report is made available after you pay the stipulated fee. To rectify the contents of the credit report, a borrower has to approach the bank from which he availed the credit. The bank after updating its records will provide the information to Cibil which, in turn, ensures that your credit report is rectified. Paying all your loans on time is the only prescription to keep your credit report clean.
