CIBIL (India’s first credit information bureau) is an only credit bureau in India. It is a repository of credit information, which contains the credit history of commercial and consumer borrowers of all the customers of its members (banks and financial institutions). CIBIL provides this information to its members in the form of credit information reports. CIBIL shares a reciprocate relationship with its members. It collates the credit information available from all the its members, and gives back an informed report which helps them in their credit decision making. CIBIL maintains only credit information of various loan customers and credit card customers. The information comprises personal information like name, address, date of birth, phone number(s), passport number, voter’s ID number, PAN, etc. and credit information like monthly repayment track record, loan type, outstanding amounts, loan amount disbursed, various dates etc. This information is then used by credit underwriters to make effective credit decisions. CIBIL helps banks, financial institutions and other financiers to share credit histories of retail and commercial customers. The bureau provides both positive and negative information about bank’s borrowers. In short it keeps a track of borrowers in paying loan. Banks will now be able to access the borrower’s full credit history. If you are a defaulter your name will be added in this list and all the banks will have access to this list. So, if you try to apply for a loan or a credit card, before approving your loan this list is being searched for your name. Depending on your credit history, and other factors collated from a consumer’s application, the credit officer will take the decision to grant loan or not.
Credit Information Bureau has about 16 banks and financial institutions now but initially It is promoted by State Bank of India (SBI), Housing Development Finance Corporation Limited (HDFC), Dun & Bradstreet Information Services India Private Limited and Trans Union International.