CIBIL stands for Credit Information Bureau India Limited. It is a credit information company engaged in the maintenance of records of all credit-related activities of individuals and organisations.
Banks, non-banking finance companies, and other financial institutions submit customers' credit information to the bureau. Based on this information, CIBIL issues the Credit Information Report (CIR) and assigns a credit score to the customer.
The Credit Health Report document and the corresponding credit score, commonly referred to as the CIBIL score, determines yourcreditworthiness and tells the lender how likely you are to repay your loan on time. A high score indicates a lesser likelihood of loan default, while a low score suggests credit-risky behaviour.
It is important to note that while CIBIL is a repository of credit information, it does not participate in any lending activity. It does, however, provide critical information that banks and lenders use to determine an applicant’s credit profile and identify those customers who have a more reliable history of borrowing.
Other services from CIBIL
Besides your credit score, CIBIL also offers a credit report for individuals and a credit report for companies.
Your credit report contains your credit score and important information about your borrowing history, repayment frequency, and a record of repayment defaults and delays, if any. The report also maintains data about your employment and contact details.
Similar to an individual’s report, the CIBIL report for companies comprises details about a company’s credit history. It includes data about existing credit, any pending lawsuits, as well as any outstanding amounts. The bureau fetches this data from financial institutions and meticulously maintains it over time.
Factors such as your repayment history, credit utilisation ratio, and the number of ongoing loans influence your CIBIL score.
It is considered good practice to keep a tab on your credit score at least once a year. Check your credit score for free with Bajaj Finserv. Enter just a few basic details and get access to your score as well as your personalised Credit Health Report.
The words 'CIBIL score' are often used synonymously with 'credit score' and refer to a three-digit score between 300 and 900. CIBIL stands for Credit Information Bureau India Limited, an Indian credit rating bureau that has access to your credit information.
Your CIBIL score is a three-digit number ranging between 300 and 900 that denotes your creditworthiness. A high score can help you get quick approval and better deals on loans and credit cards. For most banks and non-banks, the minimum credit score required for loan approval is 685 or higher.
CIBIL Score is a three-digit numeric summary of your credit history. The score is derived using the credit history found in the CIBIL Report (also known as CIR i.e Credit Information Report). A CIR is an individual's credit payment history across loan types and credit institutions over a period of time.
The credit score calculated by CIBIL is known as the CIBIL score. So, the only difference between CIBIL and credit score is that credit score can be provided by any of the 4 credit bureaus in India.But only CIBIL provides CIBIL score. A credit score from any of the 4 credit bureaus is equally valid.
The maximum CIBIL score one can achieve is 900. However, reaching this score is rare and not necessary for obtaining a credit card. A score of 800 or more is considered excellent and considered highly favourable for best credit card offers with lower interest rates and higher credit limits.
No, you cannot hide your CIBIL score. The details of the loan availed by you, the payment made, and the score obtained will be mentioned in the report.
Higher credit limits: A high credit score indicates responsible credit behaviour, which may lead to lenders offering you higher credit limits on credit cards as well as loans. This can offer you with more financial flexibility and purchasing power.
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