CIBIL Report or Credit Information Report (CIR) provides a detailed information about the credit facility you have availed in past and the repayment disciple followed by you. The credit facility includes home loan, personal loan, credit cards, automobile loans and business loan.
The major sections covered under CIBIL report are:
Information in CIBIL Report
This section contains your following details
Identification Proofs like PAN , Passport, Driving Licence, Voter ID, Unique ID no
Past and present address
Past and present contact details
This section provides your following details. These details are same as of the details provided by you for the most recent loan taken.
Occupation (salaried or business)
Monthly income in case of salaried individual and annual in case of sole proprietor, partnership firm, company. These details are of the financial year in which you have taken loan.
Income indicator( gross or net)
Past Loan Repayment Track Record (Account Information)
This section will determine your credit worthiness and eligibility for taking new loans
This section provides details about the different types of loans you have taken such as home loans, vehicle loans, LAP, personal loans, credit cards, business loans, etc across all banks
Loan wise record of type of loan, sanctioned loan amount, rate of interest, current loan amount outstanding, payment record, any delayed payments, defaults, settlements, write-offs, sanction date, last payment date, closure date
Includes loans availed by others where you may be a co-borrower and a guarantor
Past Loan Applications (Enquiry Information)
When you apply for any credit facility such as home loans, vehicle loans, LAP, personal loans, credit cards, the respective bank will view your credit worthiness through the CIR. The CIBIL algorithm will note this and mark it as an enquiry
This section lists all your loan applications reported by all banks with date, loan type and loan amount applied
Too many loan requests mean a customer is trying to get a loan from many banks but is not able to get it
Apart from CIBIL, Equifax, Experian and High Mark Credit Information Services are the other major Credit Bureaus in India, providing Credit Information Report (CIR)
Free CIBIL Report Online
Free CIBIL report is now mandated to be available to all customers as per RBI notification dated September 1,2016, titled “ Fee Annual Credit Report to Individuals”. With effect from 1st Jan 2017, All Credit Information Companies (CIC) including CIBIL, Equifax, Experian and High Mark are required to provide individuals with one free base level consumer credit report (including credit score) a year. The Free Credit Report should be detailed and the same as the one provided to the banks and other credit institutions. The customers can also get the errors in their credit report rectified by informing the credit agency or the bank. This will be in line with global practices where all credit bureaus are required to provide one free credit report annually.
Online CIBIL Report
Who writes CIBIL report? how do they know all this about me?
CIBIL is a third party agency that maintains and periodically updates credit profile of borrowers and share the same with lenders, service providers such as mobile phone companies and borrowers (for a fee). There are four authorized credit bureaus in India as of now. Of these CIBIL is the oldest and has the widest coverage in terms of number of customer accounts. Newer ones like Experian, Equifax and Highmark are also growing fast.
CIBIL report online?
You can access it online by going to CIBIL website (www.cibil.com). In order to access the report, you will need to authenticate yourself by answering some simple questions about yourself and your loans. In case the online authentication succeeds, you will be able to generate your CIBIL instantly by paying Rs. 550. In case the authentication fails, you will need to send authentication documents to CIBIL office in Mumbai and get your report.
Similarly for Experian Credit Information Report, you need to pay a fee of Rs. 399 (including taxes) and Rs 138 for downloading Equifax Basic Credit Report (Credit score will not be included in this).
You can also get one free basic consumer credit report (including credit score) every year from all Credit Information Companies
What information does the CIBIL report have about me?
Very simply put, it helps lenders identify borrowers who are likely to pay back their loans and avoid borrowers who have a poor credit history. Before they sanction you a loan, the banks check how much debt you already have and how regular have you been with re-paying these.
CIBIL History - How long does negative information, is displayed in credit report?
All information related to your credit repayment history will be displayed in Credit Repoart for period of 3- 4 years Similarly, negative credit information will be displayed for same duration.
CIBIL Report updation frequency
Credit Information report is updated as and when new information is received from the member credit institutions. Information related to repayments of current loans and new enquiries for fresh loans is updated regularly.
Difference between a credit report and a credit score?
Credit report is a complete record of all loans and credit cards availed by you in the past compiled by one of the credit bureaus such as CIBIL, Experian, Equifax or Highmark. The credit report also contains your personal information and a record of all loans and credit cards applied irrespective of whether those were sanctioned or not. Against each account, the credit report shows your payment track record, sanctioned amount, current outstanding balance, date of opening of account, last payment and track record of any delays in paying installments.
Credit score, on the other hand is a three digit number assigned by the credit bureau based upon all the above information. The score can range from 300 to 900 in India and better the past repayment record, higher the score. More recent credit activity tends to have a higher weightage than that in the past.
09th Dec 16 Kotak Mahindra Bank to launch Kona Kona Cashfree, a nationwide digital banking initiative
Kotak Mahindra Bank has announced the launch of a pan India digital banking initiative with Kona Kona Cashfree. The idea is to promote cash free transactions by giving incentives, educating and making people aware of various digital payment options available. The initiative is taken to complement the vision of Digital India. The bank has already launched a range of digital banking apps such as Kaypay, an UPI based application and Kotak Bharat, first of its kind multi lingual app in India that does not require internet connectivity.
09th Dec 16 PNB organizes financial literacy cum Digital Banking camp
Punjab National Bank organised an awareness camp on Digital Banking. The camp was held at the branch of village Kotli Jabowal, Arnia on Indo-Pak border. The focus of the camp was to spread awareness about the benefits of opening a saving account and using digital banking applications.
09th Dec 16 MSME ministry to consider increasing cash withdrawal limit for micro units
Ministry for Micro, small and Medium Enterprises (MSME) is planning to increase the cash withdrawal limit for MSMEs to Rs. 2 lacs per week. MSMEs in India are significantly dependent on cash transactions and hence any efforts to move them towards digitisation have to be a gradual process. The main objective of government is to boost the growth of MSMEs in digitisation but without any irregularities in cash availability.
08th Dec 16 Canara Bank cuts MCLR by 15 basis points
Canara Bank has reduced its overnight and three months marginal cost of lending rate to 8.90 and 9.05 percent from 9.05 and 9.20 percent earlier. The bank has also reduced its six months and one year lending rates by 15 basis points to 9.10 and 9.15 percent from 9.25 and 9.30 percent respectively. Revised rates are effective from 7th December, 2016.
08th Dec 16 RBI stunned market with unchanged repo rate
Reserve Bank of India announced its fifth biannual monetary policy on 7th December, 2016. In the latest policy, RBI has left the repo rate unchanged that stands at 6.25 per cent. However, banks were given a liquidity boost with RBI withdrawing the 100 percent incremental cash reserve ratio (CRR) requirement which was imposed in late November post demonetisation.
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