CIBIL Facts

CIBIL Facts Credit Information Bureau (India) Limited or CIBIL is a Credit Information Company (CIC) founded in August 2000. Post Inception, we have come to play a critical role in India’s financial system. Whether it is to help loan providers manage their business or help consumers secure credit faster and at better terms, the use of CIBIL’s products have led to a massive change in the way the credit life cycle is managed by both loan providers and consumers.

So what exactly do we do?

CIBIL collects and maintains records of an individual‘s payments pertaining to loans and credit cards. These records are submitted to CIBIL by banks and other lenders, on a monthly basis. This information is then used to create Credit Information Reports (CIR) and credit scores which are provided to lenders in order to help evaluate and approve loan applications. What is our role in the Loan Approval Process? CIBIL’s products, especially the CIBIL TransUnion Score and the CIR are very important in the loan approval process. The credit score helps loan providers quickly determine, who they would like to evaluate further to provide credit. The CIBIL TransUnion Score ranges from 300 to 900. Our data indicates that loan providers prefer a credit scores which are greater than 750. Once the loan provider has decided which set of loan applicants to evaluate, it analyzes the CIR in order to determine the applicants eligibility. 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. What this means for you as an individual Since, the credit score and CIR not only helps loan providers identify consumers who are likely to be able to pay back their loans, but also helps them to do this more quickly and economically. This translates into faster loan approvals. Until recently, there was little visibility and transparency with regards to the loan approval process and the elements that loan providers used to evaluate your loan application. Since, CIBIL has made your credits score and CIR available to you, you will be able to see how valuable a customer you are to loan providers. In alignment with our creed  , CIBIL empowers both loan providers and individuals to see their world more clearly and hence, take better and more informed decisions.

Useful Links

SELF SERVICE PORTAL

• IDENTIFY THE LENDER NAME AND LOAN ACCOUNT NUMBER OF AN ACCOUNT ON YOUR CREDIT REPORT
  You see “Not Disclosed” on the report you have and want more information. The credit report should be no older than 60 days.
• CHECK THE CURRENT DATA REPORTED FOR AN ACCOUNT ON YOUR CREDIT REPORT
  If you have disputed information on an account you can use this tool to check whether the changes you have requested have been made. The credit report should be no older than 60 days.
• AUTOMATED RE-DISPATCH OF YOUR CREDIT SCORE & REPORT
  You successfully passed online authentication and have not received the report within 24 hours, you can use this tool to request an immediate re-dispatch.
• REPORT DISPATCH STATUS
  You were not able to pass online authentication, have submitted your documents to us and want to know the processing status of your request.
• KYC DOCUMENT UPLOAD
  You were not able to pass online authentication and need to submit your documents to CIBIL.
• UNDERSTANDING CIR
  Understand the information on your Credit Report.

What is the CIBIL TransUnion Score 2.0?

The CIBIL TransUnion Score 2.0 is a new, updated version of the Credit score which has been designed keeping in mind the current trends and changes in the consumer profiles & credit data. Banks are gradually switching to the new version and you may find a difference in the new version when compared to the earlier version (i.e., the score 2.0 may be lower than the earlier version). Please note, the score currently available to you is the earlier version. However, the difference in the Credit Score does not impact the credit decisioning during the Loan approval process as both the versions of the score may have a different score eligibility cut off while processing the loan application.

For example, if your Bank earlier used to sanction loans/credit cards to individuals with a credit score of 800 and above it may now lower its score cut-off, if it has switched to the new version.

The CIBIL TransUnion Score 2.0 also introduces a risk index score range for those individuals who have a credit history of less than 6 months. These individuals were categorized under the category of “No History- NH” in the earlier version. The score range is from 1-5, with 1 signifying “high risk” and 5 signifying “low risk”.

Score 2.0 summary and interpretation:

Score & Index		Interpretation(i.e., for whom does this score reflect)
NA or NH	Individual has no credit history & it has not been reported to us. Individual has no credit history but has only been enquired upon Individual has credit history but none that is reported in the 24 months prior to enquiry. Individual has a credit history but it has not been reported to us in the last 24 months.
1-5	Individual has a credit history which is less than 6 months, hence a risk Index is returned Higher the index, lower the risk
300-900	An individual with a credit history of more than 6 months (in the last 24 months) Higher the score, lower the risk

DISPUTE RESOLUTION PROCESS

DISPUTE YOUR CREDIT REPORT ONLINE :

Your Credit Information Report (CIR) plays a large part in the loan application process. Hence, any discrepancy in your CIR may result in reduced chances of a loan approval. Therefore, it is important that the information on your CIR is accurate and updated. A dispute request can be raised based on either a CIR purchased by you directly from CIBIL or a CIR accessed by the Credit Institution (CI) with whom you have applied for a loan.The CIR consists 5 sections namely Personal Information, Contact Information, Employment Information, Account Information and Enquiry Information. If any information on your CIR is inaccurate or needs to be updated, we will assist you in doing so.

FOR MORE DETAILS, GO TO FREQUENTLY ASKED QUESTIONS (FAQs).

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You can now raise an on-line dispute for any data inaccuracy reflecting in your report. All fields can be disputed in your report, except the following fields:

• Control Number
• Member Name (Unless it is an Ownership Dispute)
• Account Number (Unless it is an Ownership Dispute)
• Date Reported
• Enquriy Date

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HOW TO INITIATE A DISPUTE

The easiest way to initiate a dispute request is by submitting a duly completed On-Line Dispute Form. Please click below to initiate an On-Line Dispute request.

Raise an On-Line Dispute

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Alternatively, you can raise a Dispute Request by writing to us at the following address :

Credit Information Bureau (India) Ltd, Hoechst House, 6th Floor, 193, Backbay Reclamation, Nariman Point, Mumbai 400 021.

DISPUTE RESOLUTION

Your Credit Information Report (CIR) plays a large part in the loan application process. Hence, any discrepancy in your CIR may result in reduced chances of a loan approval. Therefore, it is important that the information on your CIR is accurate and updated. The CIBIL CIR consists of Consumer / Borrower Information, Account Information and Enquiries. If any information on your CIR is inaccurate or needs to be updated, we shall be pleased to assist you in rectifying / updating your CIR. You can raise a dispute online by clicking the link provided at the bottom of the page. This process is known as Dispute Resolution. A Dispute Request can be raised based on either a CIR purchased by you directly from CIBIL or a CIR accessed by the Credit Institution when you have applied for a loan with that Credit Institution. Go through the types of dispute enlisted below to understand the various discrepancies that can be rectified. For more details, go to the Frequently Asked Questions.

TYPES OF DISPUTES 1. Consumer / Borrower Information:     On receipt of your CIR, if you observe that your Consumer / Borrower information needs to be updated, you can now rectify the same by initiating a Dispute Request. The fields that can be disputed are as under: Name Date of Birth Gender Income Tax ID Passport Number Voter's ID Telephone Numbers Address State PIN   2. Account Details:     You may also notice that your Account/s Information may not be updated for your most recent payment. This will usually be the case if you have purchased your CIR within 45 days of making a payment. Credit Institutions report information to the CIBIL on a monthly basis, which would mean that the latest payment will not reflect on your CIR immediately. You can dispute for the following fields on your CIR. Account/ Loan Type Account Status Ownership Type Date of Last Payment Date Opened Date Closed Sanctioned Amount/ High Credit Current Balance Amount Overdue DPD/ Asset Classification     3. Ownership:     You can also raise a dispute for Ownership of an Account. The term Ownership of an Account means that that some personal details and one or more account/s do not belong to you.     4. Duplicate Account:     If the same account reflecting more than once in your CIR, you can initiate a Dispute Request.     Kindly note that the following fields cannot be disputed:     Control Number Member Name (Unless it is an Ownership Dispute) Account Number (Unless it is an Ownership Dispute) Date Reported Enquiry Date           CONTROL NUMBER Every CIR has a unique 9 digit Control Number which is displayed on the top right hand side of your CIR. The control number will assist us in accessing the CIR that you have purchased for your review. In case, you are initiating a dispute based on a CIR accessed by your Credit Institution, kindly obtain the Control Number and the date of the CIR from your Credit Institution before raising the dispute request. In case you are disputing on a Bank Control Number, we request you to provide the following additional information while raising a dispute: Account Type Ownership Date Reported Date Opened Current Balance Action initiated by CIBIL Based on the information submitted by you to initiate a dispute, we shall check with the relevant Credit Institution/s and notify you as appropriate in 30 days.