CIBIL Credit Score to be available soon
Credit Information Bureau of India Ltd [CIBIL] will launch Credit Scoring system known as Cibil Credit Score. If you don't know what a Credit Score is, you can know it now here.
CIBIL is aggregating data on the basis of PAN, Passport Number, Voter ID of all borrowers. At the end of August 2007, CIBIL had credit profiles of 90 Million individual borrowers. Every month CIBIL sends out more than 2 million credit reports to various institutions to analyze a person's creditworthiness before lending.
The CIBIL Credit Score System:
It will be on a scale ranging from 100 through 999. Lower the Cibil credit score, lower the chances of getting money on credit. Say if your credit score is close to 100, then this implies, outright refusal of credit, requirement of additional security / guarantee, higher down payment , shorter duration and higher interest rates.
If you have a very high Cibil credit score, say 800, this implies, lower interest rates, waiver of processing fees and faster disbursement of funds. The CIBIL scoring system will go live by the end of this year.
How can I improve my CIBIL Credit Score ?
Questions and comments can be sent to feedback @ cardbhai.com.
CIBIL is aggregating data on the basis of PAN, Passport Number, Voter ID of all borrowers. At the end of August 2007, CIBIL had credit profiles of 90 Million individual borrowers. Every month CIBIL sends out more than 2 million credit reports to various institutions to analyze a person's creditworthiness before lending.
The CIBIL Credit Score System:
It will be on a scale ranging from 100 through 999. Lower the Cibil credit score, lower the chances of getting money on credit. Say if your credit score is close to 100, then this implies, outright refusal of credit, requirement of additional security / guarantee, higher down payment , shorter duration and higher interest rates.
If you have a very high Cibil credit score, say 800, this implies, lower interest rates, waiver of processing fees and faster disbursement of funds. The CIBIL scoring system will go live by the end of this year.
How can I improve my CIBIL Credit Score ?
- Pay all your EMIs on Loans in time.
- Never fail to pay the Minimum Payment required by your Credit Card. CardBhai recommends full payment on credit card every time. Credit Card is categorized as revolving credit and is essential to build a good credit history
- Never borrow Personal Loans for risky ventures such as investing in the share market.
Questions and comments can be sent to feedback @ cardbhai.com.
Labels: CIBIL, Credit-Score-India
Published by CardBhai @ 9:11 PM
7 Reader Comments
7 Comments:
you are doing gr8 job.. This site is excellent..
Thanks for the valuable site
CIBIL is governed by Credit information companies act 2005, it is looked after by Reserve Bank of india.Cibil should provide once Credit information for the payment of Rs.100. this is th egovt of inida act. CIBIL cannot deny individuals information by the CIBIL, compain to RBI, DBOD division. a case can be filed in the court by the RBI. the cibil can be punished for a fine of rs. one lakh and the officers of the CIBIL can be jailed for one year.
come on use the opprtunity provided by the law and get out of the CIBIL
TIRANGA DE
can a salary account be blocked because of non payment of a credit card with the same bank?
David, I am in the same situation as you are!!!....and to be more specific it is with citibank and citicard!!!....these are large corporations and as end users of credit cards we should be allowed to take the overseas banks on individual level....the international banks and corporate banks like HDFC and ICICI take their brand image for granted and we small people should educate other people about the dangers of taking loans and financing these companies with late fees, over limit fees and got knows shit fees to make the ownership of credit card extremely miserable......after cotton farmers suicide, the next highest suicide would be amongst credit card holders and nobody talks about it!!!....Credit information companies act 2005.....this act does not even talk about companies, being salary providers going bankrupt and creating multiple defaulters and ruining individuals credibility because of corporate tie ups of salary accounts and subsequent tie ups for salary accounts...for example, reltronics ...pune based BPO...does CIBIL guarantee employment ??? then why should it ruin people of right of an individual to a decent chance of repaying credit card company???? Or are the Credit Card companies only too keen to help people commit suicides with there recovery teams???
David, I am in the same situation as you are!!!....and to be more specific it is with citibank and citicard!!!....these are large corporations and as end users of credit cards we should be allowed to take the overseas banks on individual level....the international banks and corporate banks like HDFC and ICICI take their brand image for granted and we small people should educate other people about the dangers of taking loans and financing these companies with late fees, over limit fees and got knows shit fees to make the ownership of credit card extremely miserable......after cotton farmers suicide, the next highest suicide would be amongst credit card holders and nobody talks about it!!!....Credit information companies act 2005.....this act does not even talk about companies, being salary providers going bankrupt and creating multiple defaulters and ruining individuals credibility because of corporate tie ups of salary accounts and subsequent tie ups for salary accounts...for example, reltronics ...pune based BPO...does CIBIL guarantee employment ??? then why should it ruin people of right of an individual to a decent chance of repaying credit card company???? Or are the Credit Card companies only too keen to help people commit suicides with there recovery teams???
Is it possible in the cibil, if some one put the wrong GENDER,DATE OF BIRTH AND KYC DETAIL by and employee of any institution while spooling the CIBIL
vikram singh
Can I know my Credit score to send any request to CIBIL? Because I applied home loan 3 months back, due to some EMI breaks I couldn't get the loan that time. From that time, i have been paying properly. Now, I want to apply the home loan, before that i want to know my Credit score. Please advise me.
Thanks,
PK
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