What is CIBIL ? What are its aims? www.cleanics.in
CIBIL is the repository of information which is pooled in from all Banks and lending Institutions operating in India. CIBIL have a database size of over 17 crore consumer records and over 65 lacs company records contributed by our over 500 Members.
The Credit Information Companies (Regulation) Act, 2005, and various Rules and Regulations issued by Reserve Bank of India has empoweredCIBIL or (Credit Information Bureau (India) Ltd to collect the data from various types of credit grantors (i.e. lenders). and then share the same within the group. The legislation has enabled banks to submit data to CIBIL without obtaining borrower consent This has enabled CIBIL to tracks repayment history of bank customers loans, credit cards and further banking finances.
CIBIL’s aim is to fulfill the need of credit granting institutions for comprehensive credit information by collecting, collating and disseminating credit information pertaining to both commercial and consumer borrowers, to a closed user group of Members. Banks, Financial Institutions, Non Banking Financial Companies, Housing Finance Companies and Credit Card Companies use CIBIL’s services. Data sharing is based on the Principle of Reciprocity, which means that only Members who have submitted all their credit data, may access Credit Information Reports from CIBIL. The relationship between CIBIL and its Members is that of close interdependence.
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