Things That Banks Report To CIBIL And It’s Impact On You And Your CIBIL Score

Credit Information Bureau of India Limited or CIBIL maintains the credit history of borrowers and makes it accessible for the banks to help them see the credit records of the customer.

This information is made available only to those financial institutions who are a member if CIBIL. The maintained information by credit bureau includes the entire status of the payment record of all the loans and credit cards that acustomer has. It also provides the information for the closed loans and cards if any and keeps the record for 7 years.

Banks and other financial institutions who are members with CIBIL provides information about every borrower and the bureau keeps it consolidated in a separate database. When ever there is any updation in the record of acustomer and whenever any new customer applies for a loan or card the bank sends the information to the credit bureau.

CIBIL report provides the information of an individual customer as well as of a commercial organisation.

The credit report of an individual will have the following details:

* General information like Name, Mailing Address
* Pan Card Number, Passport Number and Voters Id Number.
* Registration Number for firms
* Details of all the loans and advances availed by the borrower from any bank
* Payment status of all the instalments
* Default status like bounce or non payment history
* Amount overdue on particular card or loan
* Payment history of all closed loans and credit cards

CIBIL report is specially maintained to help the banks so that they can easily get to know the track record of any individual who applies for the loan. No bank would be interested in lending money to a defaulter and this is where a CIBIL report becomes useful.

Whenever an individual or a firm applies for a loan, the concerned lender immediately gets his CIBIL issued and checks his credit history. Whether the status of your loan is clean or it is full of bounces or you have had a settlement, a CIBIL report has it all.

The information provided by the banks of a borrower’s track is responsible for CIBIL score. CIBIL score is basically a rating given to every customer depending upon the previous and current repayment record. A good track record gets you a good score whereas a bad history in payments will fetch you a bad CIBIL score.

The more your score is, more are your chances of fast approval with a lower rate. Therefore, the information provided by the banks to credit bureau effects your CIBIL score a lot.