Borrower Data Under One Roof- Equifax

Equifax India, a credit information solutions and analytics company, has introduced a software product called BureauOne to simplify the money lending process.

Custom-created for India, BureauOne collates various credit bureau responses and serves as an intelligent router that connects the lender's loan processing systems directly with all the major credit bureaus operating in the country.

Using this tool, lenders can easily submit one inquiry to BureauOne, and the product will send back a result of reports from all of the bureaux connected to it, giving customers the ability to improve the credit appraisal process more efficiently.

Simply put, this means lenders need not seek data of borrowers from multiple agencies.
                 

Shahid Charania, managing director of emerging markets, Equifax, said, "This multi-bureau solution will reduce operational costs for our customers. The solution was built for India and is customisable through all phases of development and deployment to ensure that it is exactly the kind of product that meets our customer requirements."

The solution empowers lenders and businesses to make better underwriting decisions in the most cost effective and timely manner while also eliminating duplicate efforts to input and retrieve consumer information, it said. The solution also comes with a rules engine that can be configured to send the same enquiry to multiple bureaus based on responses received from the first bureau, leaving little room for human error.

At present, BureauOne is being used by some of the leading players belonging to the public and private sectors and the NBFC segment.

"The BureauOne solution is helping us in implementing our multi-bureau strategy," said Rajiv Sabharwal, executive director, ICICI Bank. "With the advent of multiple bureaux in the country, it is imperative for us to develop capability to use the data being provided by them. BureauOne allows us to do that without creating any operational strain on our resources."
Visit- www.cibilconsultants.com
Source: Secondary

CIBIL: Quarter percent of loan seekers are below 30 years of age

MUMBAI: There has been a huge rise in the number of people under 30 years of age seeking credit in the last five years, according to credit information provider, CIBIL report. While those under 30 years constituted just around 7 percent of the new credit applicants in 2008 and the same has grown to over 25 percent now, the CIBIL report said.

Interestingly, eagerness shown by youth in getting indebted comes at a time when people have been complaining about bleak times on the economic front due to falling growth, which also led to some job losses, the report said. Till FY 2008-09, the economy was doing very well and the same has now plummeted and logging even a 5 percent growth is also seemed to be an uphill task this fiscal, it said.

CIBIL further said it could be noted that the demographics have undergone a radical shift in the past decade, with the country getting more "younger", i.e. The percentage of working age population (between 15 and 35) growing rapidly. The percentage of those under 40 years applying for their first credit has gone up to 60 percent in 2014, from the 50 percent mark in 2008, the report said.

"Youth are driving credit growth with 60 percent of new loan applications coming from applicants, who are under 40," it said. With the economic growth facing troubles, coupled with a sense of "policy paralysis", lenders have been focusing very hard on the retail segment for growth as the project loans are not coming at all, the report said. According to the CIBIL, which has completed 10 years of operations, retail credit growth has driven an increase in its credit reports usage at loan origination. The credit information company said in the last five years, bulk of the growth has come from personal loans and two wheeler loan segments, followed by home loans.

CIBIL claimed the data it produces, and prudent risk management policies, have resulted in fewer delinquencies in banks' retail portfolios. It said the NPA rate of around 1.9 percent in 2010 has declined to 1.3 percent in 2013. "There is almost 30 percent reduction in NPA rates over the last four years," it said. In what it claimed is representative of the increasing usage of credit scores, CIBIL said over 80 percent of the credit active population has a CIBIL score of greater than 750.
For solution to any of your financial worries, contact us: CIBIL Consultants- Doctors for all your financial worries.

Source: Secondary

Fraudsters evolve new methods says, Cyber Crime reports

MUMBAI: Cyber crimes on debit or credit card usage have more than doubled as fraudsters evolve new cloning methods to stay ahead of banks which are improving security features with chip and pin cards, according to preliminary industry data. 

The number of such crimes has increased by about 125% since a year ago, a senior official from the National Payments Corporation or NPCI, a settlement platform for e-payments, told ET on condition of anonymity. 

Every month there are up to 50 cases of travelers who have used their cards in smaller towns and when they leave it gets swiped again even though they are carrying their original card, according to data provided by cyber crime experts. 

"The rate of cyber crime on debit/credit card usage is tremendously rising at the national level," said Rakshit Tandon, Director - A&R Info Security Solutions & Advisor- Cyber Crime Unit, Uttar Pradesh Police, Agra. "Awareness about security measures is abysmally low from both customers and banks. People are falling victim either of cloning or identify theft." 

On an average there are about between 40 and 50 cases compared with between 10 and 12 cases Tandon had to deal with every month two years ago. 

It was not a joke played out on April 1, when Delhi's Santosh Pandey had read six cash withdrawal texts on his mobile phone in the morning wiping out Rs 80,000 in just five-ten minutes during midnight from Navi Mumbai ATMs, the place he has not visited even once in life. 

The country's largest lender, the State Bank of India BSE -0.73 %, will shortly make two security mechanisms fully operational: a one-time password or OTP and SMS card block facility with a brief narration. Besides, SBIBSE -0.73 % is set to run a media campaign on do's and don'ts for a customer to protect the person from any cyber attacks. 

"We have been running extensive campaigns to create awareness among customers and will pace it up. We are compliant to all RBI guidelines in this regard," said SBI's Pulak Sinha, general manager (payment solutions). The bank keeps on receiving complaints of debit card cloning, he said. 

NPCI runs a system called Fraud Monitoring Solutions where 45 scenarios have been fed to detect any possible manipulation. "It will decline transactions in such scenarios. Cloning related frauds are on the rise," said the NPCI official on condition of anonymity. But this will not trace transactions where debit cards are used within the parent bank's ATM network. 

Most of us are using debit cards encrypted with black magnetic strip on the flip side, which can easily be cloned unlike a chip-enabled card. "The entire industry hardly has one or two percent cards with chip and pin. This will not expand unless it is mandated by the regulator," said a head of a public sector bank. 

Here's how some ploys work: 

A cyber swindler typically uses skimmers, a device to take image of your cards. There are several innovative ways to use such tool. This mostly happens with travelers. 

For example, a customer uses card to pay her bills at restaurants, bars, hotels and malls. Now, a person with malicious intentions, will drop her card deliberately and bent to pick it up when the skimmer planted on his shirt pocket will take images within fraction of seconds. The same image is transferred to personal computer and then, given to manufacturers to get a duplicate card. 

For password, fraudsters take the help of "shoulder surfing", where one can trace password closely observing finger movements standing just behind user's shoulder. 

Similarly, a customer leaves potential space for skimmers when he gives his card to a third party at a petrol pump to pay bills. 

The most latest con game is that some glue is put below the key pad at ATMs so that the circuit does not function properly even if you press button but the ATM can read your card data once it gets swiped in the machine. Later, when you exit from ATM terminal, the prowler will immediately enter the same and remove the glue and will receive the desire access but for only one time. 

Con men can also get your card data cloned from the ATM slips, which almost every user drops at dustbin without destroying it completely.

To learn about Identity Theft visit www.cibilconsultants.com
Source: Secondary

Study says, Effective coordination is the key to contain cyber attacks.

PUNE: Better communication and information about cyber security, right investment in skilled personnel and enabling technologies together with adoption of security measures will minimize the risk of current and emerging cyber threats, says a Websense - Ponemon Institute US report. 

The report: "Exposing the Cyber security Cracks: Roadblocks, Refresh and Raising the Human Security IQ," has focused on challenges IT executives face in dealing with cyber risks, amid communication issues between IT security professionals and executives, a desire to overhaul current security systems and limited security knowledge among executives and employees. 

The findings assume importance in the wake of rise in data thefts and the eventual financial losses suffered by customers of different business organizations such as banks that are encouraging use of IT and mobile technology driven services. 

Based on a survey of nearly 5,000 global IT security professionals (including 545 in India), the report reveals a knowledge and resource gap in the enterprise - leading to an increased level of vulnerability and risk of data security breaches. 

Web sense, Inc. is engaged in protecting organizations from cyber attacks and data theft while Ponemon Institute is dedicated to advancing responsible information and privacy management practices in business and government. 

Globally, 29% of respondents would do a complete overhaul of their current enterprise security system if they had the resources and opportunity, the survey showed. It said nearly half (47%) the respondents felt frequently disappointed with the level of protection a security solution they had procured while only 12% had never been disappointed in their security solutions. 

The report indicated that advanced persistent threats (APTs) and data exfiltration attacks rank among top fears for IT security professionals and 56% believed a data breach would trigger a change of security vendors. Encouragingly, 49% say they are planning to make significant investments and adjustments to their cyber security defenses in the next 12 months. 

Despite these concerns, a high 52% of companies do not provide cyber security education to their employees and less than half (42%) the employees have undergone a cyber threat modelling process in their present role, the report says, adding that of those that did, nearly all, (94%) found it to be important in terms of managing their cyber risk. 

"Advanced persistent threats and data exfiltration attacks rank the top fears for IT security professionals," said Larry Ponemon, chairman and founder of the Ponemon Institute. "These fears manifest because they believe their technology is in need of an overhaul and there is a widening gap in the knowledge and resource sharing among IT security professionals and executive staff. Encouragingly, the survey revealed plans for technology and education investment in place for the future," he added. 

Communication roadblocks are barriers to reducing the risk of a cyber attack, the survey said highlighting that 25% of cyber security teams never speak with their executive team about cyber security. Of those that did, 25% speak once a year and 18% speak twice while only one percent spoke weekly. 

Creating higher awareness among employee about IT threats and investing in training to help them combat such threats however seems to be a low priority for organizations the survey noted. Only 32% of respondents believe their company is investing enough in skilled personnel and technologies to be effective in executing its cyber security objectives or mission. In fact, 45% of companies represented in the research do not provide cyber security education to their employees, the survey revealed. 

Cyber law expert Vaishali Bhagwat told ToI that the human dimension in information security is almost ignored, yet the first to be blamed in case of a security breach incident. "Organisations run security awareness programmes to demonstrate compliance rather than deliver genuine behavior change in end users," Bhagwat said. "Security is never baked in as it is nobody's priority. In a market that is kind to the one who reaches there first, security is bound to go on the back burner unless some sanctions are imposed on organisations that release insecure products," Bhagwat said, adding, "Technology is pushed on to users without giving due consideration to human behavior and no significant efforts are being made to change human behavior so that it readily absorbs new technology to ensure its appropriate use." 

"This Ponemon Institute security survey highlights that a lack of communication, education and inadequate security systems is making it possible for cyber criminals to attack organizations across the globe," said John McCormack, Websense chief executive officer. "It's not surprising that many security professionals are disappointed with the level of protection their current solutions provide, as many still use legacy solutions that cannot disrupt the kill chain to prevent data theft." 

To learn about Identity theft visit: www.cibilconsultants.com

Source: Secondary

Most common cyber crime: Net banking fraud

GURGAON: Higher internet connectivity in Millennium City has also given cyber crimes a bigger playing field. Of the total 759 cases of online crime recorded in the past year by the police, 248 were related to bank fraud, making it the most common among cyber crime cases registered by the police.

According to data released on Saturday, a total of 759 complaints in the past year have kept the cyber crime cell busy. Of these, 248 are related to net banking/credit/debit card fraud, followed by 72 cases of abuse on social networking sites, 68 cases of email ID hacking and 59 complaints of SMS and call abuse.

Increased number of complaints on abuse on the internet led the police to inaugurate a new cyber crime cell in the city earlier this year. Officials blame the alarming numbers on advanced technological expertise and ease of access to information. "Unlike in the preceding years, this year the number of net banking-related crimes have surpassed social media-related complaints. The vulnerability of credit and debit cards and net banking has made it easy for criminals who are just a click away from easy money. They are difficult to investigate and this is why some of the most trying cases this year belong to this category," an officer of the cyber crime cell said.

Yet, it was this year that Inspector Suresh Kumar, head of the cyber crime cell, was adjudged cyber cop of year for his work on cases of online banking fraud. Under his leadership, the department continues to spread awareness on how to beat web criminals.

The cell has approached the problem by taking students into the loop and conducting awareness drives, since they are some of the most frequent users of the Internet and easiest targets.

Complaints received

Hacking of E-mail ID: 68

Defamatory / Offensive emails: 39

Phishing/Anonymous Mails: 07

Facebook Related Complaints: 72

Twitter Related Complaints: 02

Website Hacking: 03

Fake Website: 11

Lottery Fraud: 06

Net Banking/ Credit/Debit Card Fraud: 248

Fraud/ Cheating Through Internet: 64

Forgery through Computer: 01

Cheating Through Mobile: 32

ID Theft through Internet: 10

Posting Personal Information on Internet: 13

Data Theft: 22

Abusive/Offensive/Obscene calls & SMSes: 59

Sexual Harassment/Pornography: 07

Miscellaneous Complaints: 95

Protect yourself from Identity Theft. Visit www.cibilconsultants.com

Source: Secondary

Credit card frauds takes play this way

Recently, credit card frauds made front page headlines. In some cases, the credit card of someone in India was used in the US, despite the fact that the card was with the customer in India.

Though fraudulent transactions are reported on lost or stolen cards, the factor contributing the most to fraudulent transactions is duplication---copying the data on the magnetic strip in a card, when it is used for a valid transaction.

So, does this mean you should stop using your card? No. Come July, cards with an embedded chip and a compulsory PIN (like that used for ATM transactions) will be made mandatory in India. This would make your credit card transactions more secure.

Till then, here are a few things to keep in mind. If you do not use your credit card much, reduce its credit limit. Most banks have this facility. The original limit can be restored whenever you need it. If you need a higher credit limit, split the amount by taking multiple cards from the same bank. If the bank doesn’t allow this, take a card from another bank as a back-up and reduce the limit on the card you use frequently. Memorise and scratch out the three-digit CVV (card verification value) code on the back of the card. Note down the bank’s call center number, as well as your card number, and carry this with you. This way, you can block a card whenever the need arises.

When abroad, keep your India number in use, even if you are using a local number. This will allow access to text messages from your bank. Ensure you read all messages sent by the bank carefully and promptly block the card if any transaction is not authorized by you. Avoid using credit cards outside India, as such transactions are expensive (3.5 per cent foreign exchange surcharge is levied on all foreign exchange transactions) and the card is prone to duplication in certain countries. Instead, use foreign exchange debit cards or traveler's cheques.

Online frauds

Using credit cards online has become more secure after the Reserve Bank of India mandated an independent password, known only to the customer, in addition to credit card details. If you are providing your credit card details on the phone to any establishment, the requirements are more stringent---you have to use a PIN generated specifically on a request through your registered mobile number.

To prevent online fraud, never go to your bank or credit card account online by clicking on links from an e-mail. Save the link to your online account in Mozilla ‘bookmarks’ or Internet Explorer ‘favorites’ if you use these browsers for online operations. Whenever you log on to net banking accounts, use the virtual keypad. This way, even if your computer is virus-infected with a keystroke logger (it keeps track of your keystrokes), your password would be secure.

While using the card at a merchant outlet, use the message facility available on the verification programme. You can enter a message while verifying your credit card for the first time in the ‘verified by Visa’ or ‘MasterCard Secure’ programme, such as “if this phrase is displayed, I will know this is a genuine website”. Use the net card facility offered by a few banks. Through this, while shopping on websites that charge foreign currency amounts on your credit card, banks provide a temporary one-time virtual credit card.

These steps will ensure credit cardholders remain relaxed, even as the regulator tries to make the overall environment more secure.

Learn about how to maintain good credit score at www.cibilconsultants.com 

Source: Secondary

Real-time Credit Scoring Fuels Personal Loan

Unsecured personal loans which had all but disappeared after record defaults in 2007-08 are making a strong comeback thanks to the Credit Information Bureau of India's real-time credit scoring. Also expanding the market are new intermediaries who are generating leads that help lenders go beyond tapping walk-in customers at retail chains.

Consumer loans on equated monthly installments started picking up a couple of years back initially through credit cards. The EMI sales was also driven by subvention from the dealer or manufacturer who agreed to bear the interest cost but not the credit risk. Card companies were the first to tap this opportunity. But considering that there are only 1.9 crore credit cards in circulation the market is quite limited. Lenders such as Bajaj Finance, Future Capital, and Fullerton have expanded the market by putting up their loan desks within retail chains.

"In 2007 all finance companies did not have a clue of who the borrower. The loans were on the basis of documents filed by the borrower. We found that even Form 16 documents were fake" said the chief of finance company. He added that loans were pushed by agents who had an incentive to get disbursements which created a moral hazard resulting in bad loans rising. What has changed now is that lender is now able to identify how leveraged the applicant is, they can also identify in five minutes if the borrower had missed out on any loan installment in the past.

Besides finance companies banks too are scaling up their consumer loan business. According to the latest RBI data, outstanding consumer loans on April 28, 2014 stood at Rs 13700 crore up 60% from Rs 8600 crore a year ago. These consumer loans are typically those availed for making small-ticket purchases such as washing machines, flat screen televisions or laptops. Among finance companies, Future Capital's consumer loan book has almost doubled from Rs 1821 crore in March 13 to Rs 3593 crore in March 14. Bajaj Finserv has seen its Consumer loans disbursements rise 36% to Rs 13,360 crore in FY14.

Lenders are able to take a decision within minutes because they are able to pull down an individual's credit history within five to seven minutes and find out the extent of loans and the level of delinquency. "We now have credit history information in respect of 330 million accounts in our repository which includes information from 350 cooperative banks and over 300 regional rural banks," said Harshala Chandorkar, senior VP, Cibil. "Besides drawing the credit scores from Cibil, the lenders have systems where their credit policy is built into the software. This allows them to disburse loans instantly," she added.

Expanding the market to tier II centres are a new set of intermediaries. Onemi India which initially started as a catalogue mail order firm which retailed consumer goods at EMIs by tying up with card companies. With a customer base of 2.5 lakh Onemi has now raised $5mn in private equity funding from Venture East. It is now targeting loans of Rs 385 crore during FY15.

"For the lenders the last mile is always the problem. What we do is conduct the due diligence on behalf of the lenders at the applicants location. Besides earning from generating leads for lenders we are also looking at whether we can underwrite some of the credit risk," said Abhijit Bhandari, director and founder of Onemi. The company is now looking at raising more capital which will be invest in warehouses and logistics.

"We are also looking at selling to customers of micro finance companies. Since MFIs can lend only in income generating segments we are looking at retailing goods such as inverters and bicycles. Our research has shown that there is also a great demand for laptops even in rural areas," said Bhandari. While banks continue to find it a challenge to lend to the new-to-credit segment, finance companies and intermediaries like Onemi see this as a big opportunity.

Besides getting information on borrowers, Cibil is now trying to enrich its database by including repayment profile of those who have never availed of a loan. The credit scoring agency has sought permission from Reserve Bank of India to obtain payment track record in respect of utilities such as telephone bills and also in payment of insurance premium. "The telecom companies have expressed their willingness to share subscriber credit records. They are already using Cibil credit records for fixing credit limits for post-paid subscribers," she said.

Improve and maintain your credit score at www.cibilconsultants.com

Source: Secondary

How The Credit Information System Can Be Made More Efficient?

An efficient credit information system in any country is not about identifying the defaulter– though that is definitely a value add– the main purpose is to recognize good behavior by a borrower and ultimately reward through a reduced risk versus reward play.

It has a positive influence on productive investment spending, induces positive credit discipline, creates awareness about the benefits of having a healthy credit life and the importance of proper management of liabilities.

It has been almost 10 years since the concept of credit information, credit bureaus and scores was introduced in the Indian financial sector. Credit Information Bureau (India) Ltd, or Cibil, started its operations in 2004.

The Reserve Bank of India (RBI) constituted a committee in March 2013 under the chairmanship of Aditya Puri, managing director of HDFC Bank, to examine reporting formats used by CICs and related issues.

The committee, comprising representatives from various stakeholders including the CICs, public and private sector banks, foreign banks, has presented its report to the RBI.

Its recommendations, if accepted, would have huge impact on stakeholders involved -- CICs, credit institutions and the consumer.

Some of the recommendations will require changes in the law (The Credit Information Companies [Regulation] Act, 2005) that governs this domain (points 1, 3 and 4 of the table) and some will require technology changes by the CIC/lender (points 5 and 6 of the table).

This will take time, effort and costs and the RBI should ensure that all recommendations it accepts are implemented immediately.

Some of the recommendations, which will make the Indian credit information industry more robust and complete, are:

Inclusion of information related to commercial paper & derivatives in the CICs data format

Linking consumer & commercial reports

Providing alerts to credit institutions to avoid multiple/fraudulent financing

Adding new fields in the reporting format

However, the RBI and the committee missed out on a few key areas, which include.

Reduction in the costs for a report and score, accessed by an individual, currently in the Rs 400+ range.

Treatment to be given if a credit institution sells its portfolio to a non-credit institution and an individual thereafter repays any outstanding, that transaction is not reported to any credit bureau, resulting in punishing an individual for no fault of hers.

Recognition by the credit bureaus of credit counsellors as credit advisors to individuals and their role as facilitators to improve credit life cycles of consumers (widespread in developed countries).

Recommendation to increase the range of data being taken in by the credit bureaus to include telecom, insurance and non regulated bodies, thus making credit bureau data more complete.
For getting credit scores and credit report, book an appointment now only at www.cibilconsultants.com

Source: Secondary

Lenders Respect Financial Discipline !

An individual’s credit score provides a loan provider with an indication of the ‘probability of default’ of the individual based on their credit history. What this means in simple English is that the score tells a credit institution how likely the loan applicant is to repay a loan (should the credit institution choose to sanction your loan) based on the individual’s past pattern of credit usage and loan repayment behavior.

Given that the credit score is a loan evaluation tool developed to help loan providers, the first logical question that comes to mind is “what difference does it make to me?”

Well, the obvious answer is that the higher your credit score (i.e. the closer it is to 900) the more likely you are to get your loan application approved. The reason being, closer the score is to 900, the more confidence the loan provider will have in the individual’s ability to repay the loan.

While, this is what is claimed it is always useful to analyse the underlying data, which serves as the foundation based upon which such claims are built.

So what exactly does the data say?

The best way to analyse the impact the credit score has on an individual’s loan application is to observe the lending behaviour demonstrated by credit institutions over time. The table below shows us a comparison of new loans sanctioned by loan providers based on an individual’s credit score in 2008 as compared with those in 2011.

The data tells us that 90% of new loans sanctioned in both 2008 and 2011 were to individuals with a credit score of 700 or more. 

However, the data also indicates that over three years, lending institutions showed a change in preference from individuals with a credit score ranging from 750-799 in 2008 to individuals with a credit score of 800 and above in 2011.

Hence, you will have to maintain greater financial discipline in order to secure credit in the future.

It is important to note that loan providers also consider your total income, overall debt burden and fit with their internal credit policy before deciding upon your loan application.  Hence, if your EMI to income ratio is over the set cut-off percentage your loan application may get rejected despite having a credit score of 847.

Simply put, the Cibil TransUnion Score is like the marks one earns on school examinations. Higher marks (credit score) do increase the chances of your being accepted to college (getting a loan approval) but don’t guarantee your admission. A more overall evaluation of your extracurricular activities (income level, overall debt burden) is required before you admission is secured.

Similarly, different colleges will have different cut-offs with regards to the marks (credit score) required to gain admission (loan approval).

Renew, Revamp and Retain your credit score with packages available at www.cibilconsultants.com

Source: Secondary

Cell Phones are easy identity theft targets

Cell phones are more powerful than ever, with innovations and features being unveiled constantly.

A recent survey shows adults own cell phones, and many use them for much more than just making calls -- for e-mail, instant messaging, Web access, shopping online, even banking, bill-paying and much more.

But can cell phone users really be sure all their personal information is secure?

As devices have become more data-intensive, security is a challenge. But the organization says the industry is constantly improving security features on wireless networks and devices, to try to keep consumers safe.

To help keep information secure :

• Set up a voicemail password, to make it harder for someone to break in.

• If you're going to shop or bank online, do it over a secured network: Free WiFi access points are much riskier.

• Don't download apps from unknown sources. Some apps have been accused of gathering personal info.

Source: Secondary

Drop down in credit score due to errors !

Want to correct the errors in CIBIL Report and remove your name from CIBIL? Firstly let’s understand the type of errors that can be on your CIBIL report. Before that, the first thing you need to do, get your CIBIL Report.

Banks and financial institutes keep updating CIBIL about your credit behavior on monthly basis. So, at the time of entering some data, there can be some human error which can occur. Even though these are human mistakes, still they are responsible and correctly blamed by a lot of complaints.

Remember that each of these little things is very important and different banks have different criteria and weight age on a particular thing. So, getting each thing right is very important for your future loans. Make sure you have all of them corrected.

At times you will see things which do not belong to you, it comes into the category of “human error” or actually it might be on your name, just that you are not aware of it, this might happen if your documents are misused by some other person. This happens and has happened with lot of people. So take this seriously. Note that you might not see a recent update in your CIBIL report if you have applied for a CIBIL report within 45 days of a transaction. It takes time to update it in CIBIL report.

Once the loan provider confirms that there is an error, it will provide CIBIL with corrected data. CIBIL then updates the data and informs you as appropriate. Always remember, it is the duty of CIBIL to help you resolve your request.

Please remember that CIBIL score does not make changes to any information on its own. It is only a custodian of information received from credit institutions. CIBIL is permitted to make changes to your credit information only when it is confirmed by the relevant lenders.

For Receiving your credit score and Cibil report, book an appointment at www.cibilconsultants.com

Source: Secondary

Information your Cibil report contains !

In India, very few people know about CIBIL. CIBIL maintains all the data regarding any credit taken by any individual in his entire life cycle. It provides a report known as credit report which contains all the detail regarding all the accounts taken by the individual. This report is very important because it shows our past, future and present of credit history.

All banks refer to credit score of every loan applicant as part of due diligence process. It is an important step in loan due diligence process as it gives a fair idea of the credit-worthiness of every individual. In very simple terms - CIBIL Score determines the probability of a default of a customer. A high CIBIL credit score demonstrates financial discipline and a lower likelihood of default.

Credit Information Report (CIR) contains the basic information about your credit history and any other financial related information that is available from CIBIL.

Personal information: Your name and details of ID proofs are shown here. Your PAN, Passport, Drivers License, Voter ID etc. appear in this section.

Contact information: Your recent address, phone number and email address given by you to the banks and lenders will be shown here. The address category tells whether it is permanent or temporary and official or residential.

Employment information: This section shows your occupation and income. The most recent information as provided by the lender for a particular credit account will be shown here.

Account information: This is the most important section of the report, which shows the details of your existing loans and other credit facilities. Along with this, the details such as name of the lender, types of credit facility, account number, account type and type of the ownership will be given here.

Get your credit report easily by visiting www.cibilconsultants.com

Source: Secondary