CIBIL stands for Credit Information Bureau (India) Limited. It is India’s first Credit Information Company, which was founded in August 2000. After establishment, CIBIL played vital role in Indian Financial System. It helps in collection and maintaining records of Individual payment affecting loans and Credit Card. The member bank and all the credit institution submit their records to CIBIL on monthly basis. The information received from banks and credit institutions would be used to create Credit Information Report and Credit Score that are provided to credit institution to help in evaluation and approving loan applications.
Objectives of CIBIL
Evolution of CIBIL
Apr 2011: individuals were able to avail CIBIL TransUnion Score
Sep 2010: First centralized database on Mortgages in India- CIBIL Mortgage Check was launched
Jul 2010: CIBIL Detect - India's first repository for information on high-risk activity was initiated
Nov 2007: CIBIL TransUnion Score introduced to Banks
May 2006: Started Commercial Bureau operations
Apr 2004: CIBIL Launched Credit Bureau services in India (Consumer Bureau)
Aug 2000: CIBIL was Incorporated basis the recommendations made by the Siddiqui Committee
Nov 1999: CIBIL is also Report submitted by Siddiqui Committee for setting up India's first Credit Information Bureau
Functions of CIBIL
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