What are the Roles and Functions of CIBIL?

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                                                             

• It takes pride in having the topmost credit information sharing in India that makes enable the credit grantor in accepting payment and information backed decisions.
• CIBIL has gained knowledge, experience and expertise to offer data and technology backed solutions.
• Wide gamut solutions were developed diligently for helping our customers in making intelligent decision in entire stage of customer life cycle.

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

• The Consumer Bureau of CIBIL keep its dynamic information repository of India for providing its member comprehensive risk management tools
• Consumer Credit Information is important tool used by credit grantor at the time of new customer acquisition.
• Portfolio Review provides the credit grantor with a comprehensive view of their borrower’s credit relationships across multiple lenders.