CIBIL

Ref: HO circular no: 202/06 dt 04.11.06 38/07 dt 05.03.07

Book published by HO on Guidelines for Master Creation and Database Updation CRisMAC System dt 02.11.04

CIBIL
In pursuance to Finance Ministers announcement in Budget proposals of 2000-2001, Credit Information Bureau (India) Ltd (CIBIL) has been set up in January 2001. CIBIL has been formally launched in January 2004 with the main purpose to serve as an effective mechanism for Exchange of information among Banks and Financial Institutions For curbing growth of NPAs.

CIBIL
Purpose:
Pool Information of borrowers, track records Provide the same to member Banks & Financial Institutions. Informations: All Suit filed above Rs 1.00 crore All Willful defaulters above Rs 25 lakhs Information on all borrowers who have given consent.

Govt of India Passed a law ie: Credit Information Companies Regulation Act 2005.

CIBIL
CIBIL has a paid up capital of Rs 25 crores held by SBI, HDFC
and 2 foreign partners ie:

Dun & Bradstreet Information services TransUnion International at 40: 40: 10: 10 ratio.

CIBIL
After disinvestment, at present SBI HDFC Dun & Bradstreet Information service (India) Pvt Ltd Trans Union International Inc ICICI BOB BOI HSBC IOB PNB UBI CITI Corporation Finance (India) Ltd CBI Standard Charterd Bank G E Strategic Investment Industries Sundaram Finance Ltd 10 % 10 % 10 % 10 % 10 % 5% 5% 5% 5% 5% 5% 5% 5% 5% 2.5 % 2.5 %

CIBIL
Dun & Bradstreet and Transunion Int are pioneers in several Countries. RBI in 2003 advised all Banks to obtain consent letter from all existing and new borrowers and also from the guarantors. Consent letter from Agriculture borrowers and staff loan accounts need not be obtained. CIBIL site is available in website: www.cibil.com

CIBIL
Members: Members are called Credit grantors, include banks, NBFCs, HFCs, and credit card Companies. Presently about 60 banks, 8 FIs, 8 NBFC, 8 HFCs, 2 SFCs, and I Credit Card Co are the members of CIBIL. Type of information available: There are two segments of data available, ie: Consumer bureau Commercial bureau Consumer bureau: Consists of individual and Joint borrowers.

Commercial bureau: SHG, Proprietorship Concern, Partnership firms, HUFs, Institutions, Tusts, Companies etc Companies, Partnership etc.

CIBIL
CIBIL charges Rs 30/- per enquiry under Consumer bureau and Rs 1000/- enquiry under Commercial bureau. In case of consumer bureau, the following fields are mandatory: Name in two parts Date of birth Address with pin code Amount applied. If data available, it gives details of the borrower. If not, gives NIL report.

CIBIL
In case of Commercial bureau, the following details are mandatory, ie: Name, City, Pin, Amount applied and purpose. CIBIL information report contains the following details: Current total outstanding debt Customers address Loan repayment record Negative date ie: penalties and defaults.

CIBIL
Date sharing is based on the principle of reciprocity which means that only those members who contribute date on their borrowers, could access reports to use only for taking credit decisions. Benefits: Make the credit granting process objective and transparent, evaluate the risk more accurately, avoid adverse selection of the borrower.

CIBIL
Terms and conditions:
One Customer, there should be only one Customer ID. Name of the borrower should be at least two worded. Not to use salutation like Mr, Mrs, Shri, Dr , Prof etc If name is single worded, add initial. If no initial, add fathers name / husbands name.ie: X s/o Y.

CIBIL
Date of birth mandatory. Complete postal address with pin

How to get the CIBIL report:

CIBIL website: www.cibil.com At present, only ROs were given passwords to use the website. Access to data centre is available only to authorised personnel.

CIBIL
Type of information on borrower available in Credit information report. (CIR)
Basic information like
Name Address In case of individuals ID numer Passport ID Voters ID Date of birth In case of non-individuals: Registration Number Legal Constitution

CIBIL
Records of all the credit facilities availed by the borrower. Past payment history Amount overdue Number of enquiries made on that borrower, by different members Suit filed status.

CIBIL
Information not included:
Income , revenue details Amount of deposits with the bank Details of the borrowers assets Value of the assets mortgaged Details of investmets.

CIBIL
When is a credit facility classified as default? CIBIL does not classify any accounts as default accounts. It merely reflects this information after the member has classified it so. Can a borrower obtain his own CIR from CIBIL. - NO. He can obtain the same from the member of CIBIL. Lending decisios: - Does the CIR indicate if credit should or should not be given ?

CIBIL
NO. CIR only provides factual information and does not provide any opinion, indication or comment pertaining to whether credit should or should not be granted.