INDIVIDUAL borrowers will be able to get their credit score and credit report online soon from the credit information bureau Cibil, beginning next financial year. Cibil is in the process of making its systems automated.
Arun Thukral, MD of Cibil, said in a press conference that the company would start offering individual customers the credit report via e-mail by April-June quarter next year.
Cibil began offering services to individuals in August last year. It has built a database of around 160 million records of individual's credit behaviour over the last six years. "We have been processing around 15,000 individual queries for credit report per month since this product was launched," Thukral added. The company is looking t offering more value added services such as core and subscription.
"Credit score based on round 258 considerations on an individual's credit behaviour, was until now availed only by banks and other members of the bureau. For the first time we are looking at offering the same to the customers," Thukral said. According to him, the company will also start subscription services by next financial year where the customers can get their score periodically in a year and keep a check on their spending behaviour and bring in discipline. Cibil will charge Rs 100 for the credit report, apart from service charge and cost of courier.
If a customer disputes any of the information that is provided in the report, he can contact the respective banks online. The company, they will help customer correct wrong data, if any, by getting in touch with the respective banks.
"We are also talking to all leading microfinance institutions (MFIs) and telecom companies to become a member. The information will help them understand their post-paid customers better," Thukral said.
