What is CIBIL
CIBIL means Credit Information Bureau (India) Limited .It is a Credit Information Company (CIC).Credit Information Bureau (India) Limited is founded in August 2000. Post Inception, CIBIL have come to play a great role in India’s financial system.this is the article about What is CIBIL And How To Get cibil Report in india
How CIBIL Works
CIBIL collects and maintains record of an borrower‘s payments be appropriate to loans and credit cards.When a bank give loan to a borrower, the bank send all of the data to the Credit Information Bureau (India) Limited . Means total amount of loan, tenure of loan and your repayment details like your repayment details. These records send on a monthly basis to CIBIL. 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.
CIBIL TransUnion Score and the CIR are very important in the loan approval process.The credit score helps loan providers quickly determine,With the credit bank easily understand about the borrower. The CIBIL TransUnion Score ranges from 300 to 900.Cibil data indicates that loan providers prefer a credit scores which are greater than 750.
Uses Of CIBIL
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.
Completion of these first 2 steps the Bank or other loan providing institution will request for the applicants income proof and other relevant documents in order to finally sanction the loan.
Since, the CIBIL’s credit score and CIR not only helps loan providers identify the write consumers who are likely to be able to pay back their loans at time, but also helps them to do this more effectively . This translates into faster loan approvals.
How to Get Cibil Report
To get CIBIL’s score report.Go to your web browser and logon to www.cibil.com. when the page open.Go to near bottom of the page. If you are an individual then click on Buy Your Credit Score Button.New page opens.Then follow six steps to get cibil report.
- select on I Wish to purchase my score radio button
- In the 2nd tab Tell us about yourself ,fill the accurate information about the person for whom you want credit score.
- In the 3 rd tab How can we reach you? fill your contact no.
- 4th tab Help Us Identify You. Choose the identity proof which you want to submit. Select one of the identity proof form 4 options
- Select One of the address proof.
- In the 5th step provide the loan account no. if any .If you have no loan account then leave it blank.
- Fill the image characters in the box.
- check the I acknowledge and accept the Terms and Conditions applicable and available on the site.
- Click on the Click here on pay online button .pay charges and download the cibil score
Required help, Please see the video