You can soon access your personal information directly from CIBIL  

CIBIL the country’s only individual credit bureau said that it would soon launch new products like mortgages, CIBIL Direct within the current financial year. You can even access to your individual scores directly from the rating company. Access to the scores usually allows individual to work at improving them and enhancing their access to credit or obtain better rates on their borrowing.

 

CIBIL and TransUnion today launched a new product ‘CIBIL TransUnion Personal Loan Score’ with an aim to measure credit ratings of personal loans. This product will help the banks, non-banking financial companies (NBFCs), and other financial institutions to reduce delinquency of unsecured loans. The new analytical tool can be used to measure the likelihood of at least one personal loan or consumer loan due for more than 91 days, over a period of 12 months.

 

The score can be used for variety of credit transactions like approval of personal loans, consumer loans and reviewing and managing risk associated with existing portfolios. The score is already implemented and available to members through CIBIL on consumers across India. The lenders can differentiate among good and very good. “Soon the access to individual information will help the customers to be aware of their scores and will also educate them,” said Terry McCafferty, Chief Operating Officer, CIBIL.

 

Last month RBI gave long-pending clearance to three more credit bureaus, which includes global credit information bureau like Equifax and Experian as well as new entrant Highmark.

 

CIBIL however said their early start would definitely give them advantage over the new entrants in the credit information business. “Highmark, Experian and Equifax still have time to come into the market while we have already pioneered the information sharing concept,” said Arun Thukral, managing director, CIBIL.

 

CIBIL has a database of more than165 banks and financial institutions and being in this field for last 5 years, it has very rich information. Many financial institutions, housing financial companies and SMEs are already working with us, Thukral added.