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According to RBI, CICs deal with the problems associated with
asymmetric information in the following ways, by:
Cibil was promoted by State Bank of India (SBI) and HDFC Ltd.
Along with these two major shareholder, Dun & Bradstreet and
TransUnion International were equity and technology partners and
have provided systems and methodology support to Cibil. Over the
years the shareholding pattern has changed and now the major
shareholder of Cibil is TransUnion International, one of the
largest Credit Bureaux with presence in 33 countries. TransUnion
now holds 27.5% shares in Cibil.SBI and ICICI bank each hold 10%
share and several other banks and financial institutions hold a 5%
stake in the company.
How does CIBIL work?
Cibil is a composite Credit Bureau, which caters to both
commercial and consumer segments. Banks, Financial Institutions,
State Financial Corporations, Non-Banking Financial Companies,
Housing Finance Companies and Credit Card Companies are Members of
Cibil collects credit information from its members and then
processes this information to form a comprehensive credit report
and a credit score. This information is then disseminated on
request to member banks and institution as well as to individuals
reviewing their credit information. Cibil TransUnion Score
ranges from 300 to 900 - the higher the credit score, the lower the
risk you are to the banks and other lending institution.
According to the latest estimates Cibil now have over 930 credit
institutions as its members and maintains over 290 million consumer
trades and over 14 million commercial trades. What this means to
you is that if you have borrowed from a bank, you will most likely
have a Cibil Report and a Cibil Score.
For borrowers with no credit history, Cibil TransUnion Score
2.0, will grade first-time borrowers on a risk index of 1 to 5-1
being the highest risk of default and 5 the lowest.
Cibil has recently launched "Market Place" which is an online
portal that offers customized loan and credit card plans
based on the individual's credit rating. Upon purchase of the CIBIL
TransUnion Score, one gains access to Market Place for two
Cibil is also considering using information from mobile and
utility bills to strengthen the verity of the information
We, at CreditVidya, believe in empowering you. Because we believe that knowledge is not only power but also gives you a sense of belonging. We believe in supporting the consumers by not being their crutch but as catalysts and enablers.
How to get your CIBIL credit score online ?
How to join the exclusive CIBIL's 800 plus Credit Score Club ?