CIBIL Score and Report
The Credit Information Bureau (India) Ltd, better known as CIBIL, is the premier agency for providing credit reports and scores pertaining to individuals. CIBIL sources financial data of individuals such as loan and credit card information from leading banks and other financial institutions in India. This data is then presented in the form of a CIBIL credit report, also known as a Credit Information Report (CIR).
CIBIL was incorporated in 2000 and has continued to expand its presence throughout the country. It is backed by TransUnion International and Dun and Bradstreet, which are major global credit bureaus and agencies.
What is CIBIL Score / credit score?
CIBIL Credit score is a numerical expression that is based on your credit files which represents your creditworthiness. It includes all the details of the credit that you have acquired throughout the years. It also shows how much credit you have taken and how you have repaid it. It will also show if you have missed making any payments or if you have settled any loan. It contains your debt and repayment history along with all your relevant details.
Credit score is calculated based on your credit report based on the intensive in-house algorithm calculations. One of the oldest credit rating agency is Credit Information Bureau or CIBIL. CIBIL scores their ratings from 300-900, 300 being the lowest. Equifax is another such credit rating agency, they score between 1 – 999 points.
CIBIL scores are calculated on the basis of at least 6 months of historical financial data of an individual. The data is fed into an algorithm with 258 different variables; each with a different weightage.
The other credit rating agencies are Experian and Crif Highmark. All the agencies are approved by the Reserve Bank of India and offer credit report services to the banks and the other financial institutions.
Credit Score Verification
We obtain your Credit Score from the three credit agencies in India and provide advisory on improving your credit score.
Requesting Credit Report
We will apply on your behalf to the three credit rating agencies in India, requesting a copy of your Credit Report. The application will be made along with the necessary supporting documents.
Credit Report Review
Once you have received a copy of the credit report from the rating agencies, an IndiaFilings Expert will help you understand the Credit Report and provide advice on improving your Credit Score.
In case you notice any incorrect information on your Credit Report, We will help you raise a request with the Rating Agency for review and removal of incorrect information.