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Credit Score


What is CIBIL?

CIBIL stands for Credit Information Bureau (India) Limited. It is the first credit information company in India, established in August 2000. The company collects and maintains credit records of individuals as well as commercial entities. This includes borrowing and payments related to loans and credit cards.

CIBIL obtains this information with the help of its associate partners which include members of banks and credit institutions. Information is provided to CIBIL on a monthly basis based on which CIBIL prepares a Credit Information Report (CIR) and CIBIL credit score of an individual. This report is then provided to credit institutions, when requested, to help them evaluate and approve loan/credit applications.

CIBIL plays a major role in India’s financial system by helping banking institutions better manage their business and be helping customers secure credit on fair terms. CIBIL is also referred to as the Credit Bureau. It is licensed by the RBI and governed by the Credit Information Companies Regulation Act, 2005.

What is a CIBIL Score and Report?

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. A CIR does not contain details of your savings, investments or fixed deposits.

What does my Credit Score mean?

CIBIL provides a score between 300 and 900 for any customer for whom sufficient information is available to generate a score. If there is not enough information for a customer, then it is set as -1.

The various tiers for the credit score are:

  1. Less than 300: This indicates that the bureau does not have enough information about your financial history to assess your score.
  2. 300–449: This indicates that you have been delaying extensively and you better not make any delays to your EMI payments.
  3. 450–599: This score is considered as nominal by the lenders. There is a high chance of rejection of your loan requests by most of the banks and NBFCs.
  4. 600–749: This range is average. Some banks will be ready to provide loans, but it will depend on the type of loan requested by the individual.
  5. 750+: This is a great score by all the lenders. Customers with this score should be eligible for pretty much all the loans.

What is a Credit Information Report (CIR)?

The CIR provides information about the customer’s biographic details, the customer’s loan account details. The customer’s loan account details include information about the date when the loan was disbursed, the type of loan (whether it is a home loan or a personal loan, etc.), the last paid date, the number of instalments already paid and the delay with which the payments have been made.

How does a CIR look like?

The key sections in the CIR is as below:

CIBIL Score

This is a value between 300–900 which is calculated based on multiple factors like the type of loans, the repayment pattern for the loans and loan history information amongst other additional factors. Anything above 750 is considered to be a good score by other lenders.

Biographic Information

This section contains information about the customer’s biographic details like the full name and the ID number like the Aadhaar number.

Contact Information

This section contains contact information like all the phone numbers that the customer has registered with and reported and the address information.

Employment Information

This section has the monthly or the annual income details reported by the lenders (Lender/NBFCs).

Account Information

This section has the details about all the loan accounts that the customer has availed. This includes the type of loan, the date when the loan was disbursed, the lender’s name, the last date when the payment was made, the number of instalment information reported by the lender, the delays as reported by the lender and the status of the loan.

This section is a critical section for each person to check for himself/herself as this is forms the crux of the credit score for an individual.

Enquiry Information

The number of times a person opts for a loan, the lender requests for the credit scores. This comprises of one “enquiry”. For a customer who has many enquiries, the lenders consider them as “credit-hungry” and hence do not look at such customers positively.

What does your CIBIL Report tell Banks and credit Institutions?

If you have ever applied for a loan or a credit card, chances are that you have come across the term CIBIL Report or CIBIL TransUnion Score. Today in addition to your income and employment, your CIBIL report and score is an integral component of the loan or credit card approval process. Almost no loan or credit card gets sanctioned without checking your CIBIL Report and Score.

Your CIBIL Report is a month-on-month record of your loan or credit card payment history. Your credit score is a numeric indicator of your credit history which reflects your financial and credit health. CIBIL calculates the credit score through advanced analytics and assigns a number between 300 and 900 based on your credit history. The closer your score to 900, the more confidence the credit institution will have in your ability to repay the loan and hence, the better the chances of your application getting approved. While each bank will have its own credit scoring cut-off based on the credit sanctioning policies, it has been observed that most banks are lending to consumers with a CIBIL TransUnion Score of 750 and above.

So ever wondered what exactly does your CIBIL Report tell Banks and why is it so important for the approval of your loan application? To put it simply the information in your CIBIL Report helps banks answer some very crucial questions to help decide on your loan application:

Credit Leverage:

Your credit report showcases to the credit institutions your credit exposure.

  • How many loans and credit cards have you availed?
  • What is the type of credit you have availed – Secured (Home Loans, Car Loans, Loan against Property) and Unsecured (Personal Loan, Credit Card)
  • What is the composition of Secured vs. unsecured credit?
  • How much is the total amount of credit you have taken?

Credit Behavior:

Your CIBIL Report reflects your credit behavior on how you are servicing your loans and credit cards:

  • Have you been making payments on your loan EMIs and credit card bills on time?
  • If you have defaulted on payments then by how many days? What is the current status of your loan account?
  • Have you ever made settlements on your credit card bills?

Credit Appetite:

Another crucial question which your credit report helps answer is whether to approve your loan or not and how much credit can you comfortably manage:

  • How many loans and credit cards have you availed?
  • What is the type of credit you have availed – Secured (Home Loans, Car Loans, Loan against Property) and Unsecured (Personal Loan, Credit Card)
  • What is the composition of Secured vs. unsecured credit?
  • How much is the total amount of credit you have taken?

Review your CIBIL TransUnion Score and credit history regularly in order to track your financial standing and be “loan ready” always.