Top 10 Frequently Asked Questions About Cibil Solved

There are many questions arising in the minds op people regarding CIBIL, its origin, its working criteria and so on. Here are some frequently asked questions about CIBIL with their appropriate answers:

1. What is Cibil?

CIBIL is the first and only credit information bureau of India which assembles and distributes information regarding credit accounts that a borrower has to its member institutions in form of credit information report. It contains the information of all the credit facilities availed by an individual and a firm.

2. Who are members with Cibil?

Almost all leading banks, financial institutions, credit card companies, Housing finance organizations, Non banking financial institutions and state financial corporations are members of cibil.

3. It provides credit reports on which sections?

It supplies information on consumer segment as well as commercial segment. The consumer department covers the credit facilities availed by an individual borrower and commercial department covers the facilities availed by proprietorship firms as well as private limited and partnership companies.

4. What is the main function of cibil?

Main function of the bureau is to gather information on all the credit accounts maintained by a customer and firm and provide it to it’s member institutions on request.

5. What is a credit report?

Credit report is record of customer’s credit history. It included the details of all the loans and other credit facilities obtained by a customer from any of the member institutions.

6. What information is available in credit information report of a borrower?

A credit report of a borrower has the following information:

• Personal information- Name, mailing address, date of birth, driving license no, pan no, voters id no and passport no.
• In case of a firm, it includes Registration Number
• Details of all the credit facilities that a borrower has
• Repayment history of all the accounts
• Amount overdue on an account if any
• Number of enquiries made by the members in past 12 months

7. This report is accessible to whom all?

Credit report can be seen by only the member institutions who have submitted their complete data to cibil. Disclosing this information is illegal.

8. Can an applicant view his/her own CIR?

The answer to this question is NO. But you can get a copy of your credit report from the member, if the institution has taken out a copy of your report.

9. Does the approval of a credit facility of a borrower depend on his credit report?

Cibil only provides the previous and current track record of your payments. It has got nothing to do with the decision on lending funds to you.

10. If any credit application is rejected, would this also be reflected in Credit report?

No, rejection is not updated in credit report because banks do not provide this information to cibil. Read answer 6 for more details of what is reflected in your credit information report.