India Credit Card Help Guide

CIBIL promoted by Transunion is the leading Credit Bureau in India while others such as Experian are still struggling to harness Consumer Database. CIBIL is continuously striving to deliver better customer experience, although albeit at a slower pace. We tried the CIBIL Online interface to fetch CIBIL Transunion Score and here is a detailed experience of ours.

PAN card is a must for fetching CIBIL score online. Upon entering Consumer Details[Name, Address, Phone, etc] and Paying Rs 470 online we got a CIBIL Registration ID as shown below, [Step-1]

CIBIL Wants to Confirm Your Identity
CIBIL will ask a series of questions related to your loans and credit with Banks and Financial Institutions. Keep your past Loan Account Numbers, Credit Card Numbers etc handy because this is an online authentication process and

Nothing Really works well in India because the Systems Designers are not really passionate about their job nor delivering world class systems with excellence in customer satisfaction.

During the course of being a free adviser to the community through “CardBhai.Com”, I have seen lots of cases of disputed transactions where the Banks harass the consumer even though the onus actually lies on the bank to prove about any disputed transactions.

I’d like to bring to your notice

CIBIL has released some interesting Statistics on the state of Credit Cards market in India. The number of credit cards has seen marginal increase YoY. However, the average balance of cardholder of Foreign Banks has risen from Rs 61,000 to Rs 82,000 and in case of domestic banks the average balance has risen from Rs 39,000 to Rs 47,000. So does the rise in balance pose an alarming situation as was the case of American Consumers during 2008 Financial Crisis ? Well, CIBIL has also released another interesting data point – The number of cardholders who have not met their payment obligation in 90 days has reduced from 2.82% to 1.62% in Q4-2011. [Failing for 90 days means,

While transacting online, make sure that you are on a secure website before entering away your card details. How to make sure what is a secure website ? In your browser address bar, you should look for “https” followed by the name of the site. S – Means security in this case, which includes high level of encryption to keep your data safe while being transferred on the Internet. If you are not seeing a “https”, then please do not enter the details of your Credit Card and immediately call the merchant asking for other modes of payment.

Also, we should Thank RBI for having introduced an additional level of security to transact online – Verified by Visa or Master SecureCode – an additional password without which the transaction will not complete.