what is CIBIL ? what is the CIBIL contact number ?

what is CIBIL

CIBIL is the repository of information which has been pooled in by all Banks and lending Institutions operating in India. Presently we have a database size of over 170 million consumer records and 6.5 million company records contributed by our over 500 Members.
CIBIL’s aim is to fulfill the need of credit granting institutions for comprehensive credit information by collecting, collating and disseminating credit information pertaining to both commercial and consumer borrowers, to a closed user group of Members. Banks, Financial Institutions, Non Banking Financial Companies, Housing Finance Companies and Credit Card Companies use CIBIL’s services. Data sharing is based on the Principle of Reciprocity, which means that only Members who have submitted all their credit data, may access Credit Information Reports from CIBIL. The relationship between CIBIL and its Members is that of close interdependence.
The establishment of CIBIL is an effort made by the Government of India and the Reserve Bank of India to improve the functionality and stability of the Indian financial system by containing Non Performing Assets (NPAs) while improving credit grantors’ portfolio quality. CIBIL provides a vital service, which allows its Members to make informed, objective and faster credit decisions.

Registered Corporate Office

CREDIT INFORMATION BUREAU (INDIA) LIMITED
Hoechst House, 6th Floor,
193 Backbay Reclamation,
Nariman Point,
Mumbai 400 021
Tel : +91 - 22 6638 4600

Branch Office

CREDIT INFORMATION BUREAU (INDIA) LIMITED
Hoechst House, 7th Floor,
193 Backbay Reclamation,
Nariman Point,
Mumbai 400 021

Contact Details

Consumer Helpline Number : +91 - 22 6140 4300

Fax : +91 -22 6638 4666

To Contact Us Online

CIBIL issue ??????? Ahmedabad 9426497770 /079-40099917

The first step is get your credit report from credit rating agency - CIBIL.

The next step is to read it carefully and know the reason why your name is in the default list?

1- It could be due to Human Error e.g. Wrong - Name, DOB, Gender, PAN, Passport Number, Address etc.

2- It could be due to Incorrect Reporting/Mistake e.g. Wrong Credit Cards Details, Ownership - Accounts that aren't yours, but in your credit file, Late Payments - Reports of late payments in your credit file, when you paid on time or you may be a victim of identity theft.

3- It could be due to Loan Default e.g. Loan Defaults, Credit Cards Default, Late Payments and any other factors that are negatively impacting your CIBIL score and history.

For first reason, you would just need to report it to CIBIL with valid proof and they will fix it.

The second reason is also easy to fix. In these cases check out - who put you on default list e.g. Bank Name. If you have any acknowledge letter or any proof (related to above problem) from the bank or financial institution just submit that to CIBIL. If you don't have, you have to follow up with that bank and got a letter and forward it to CIBIL. CIBIL then verify the proof with the bank and incorporate the update on your credit file. With in few days the correct info will be displayed in your credit report.

If bank is not cooperating with you then write a letter to bank to fix it with a copy to CIBIL. If you don't hear from them in 30 days or not satisfied with the action you can lodge a complaint with Banking Ombudsman to resolve the issue.

The third reason could be that you have indeed defaulted on a loan and hence your name was entered in the defaulter list. If this is the case, You need to take up this with the defaulted bank and settle it out. And submit that settlement letter to CIBIL. The default will remain on your file but show as settled.

If you don't want to settle it than it will remain on your file for seven years and it will destroy your score. During this period no one will give you any loan or credit. After this seven year period, you again need to start rebuilding your credit by paying your loan and credit card bills on time.

policywala.com

‘Good CIBIL score can fetch profitable home loan deals’

Buying a home is one of the most crucial decisions of anyone’s life. This involves thorough planning and research and the most important factor which influences your decision is your financial ability and the home loan. In a bid to get a good home loan deal, it is important to maintain your Credit Information Bureau (India) Limited (CIBIL) Score. Harshala Chandorkar, Sr VP- Consumer Relations, Communication & CIC Compliance, CIBIL, gives suggestions on how to maintain and improve your credit score to get the best home loan deals. She takes up queries on MagicBricks.com’s live chat forum – GuruTalk. The topic of the discussion was ‘How to improve CIBIL scores to get the best home loan deal’.

While discussing how important is the credit score, Chandorkar says, “Banks access credit reports and scores from CIBIL to evaluate the credit worthiness of borrowers. The report and the score has become an important tool which is used by all the banks and financial institutions.”

So how does it function? CIBIL collates credit information from all banks and financial institutions. They share information pertaining to all the loans and credit cards with CIBIL on a monthly basis. A Credit Report is a month-on-month record of an individual’s complete loan-related EMI (home loans, personal loans, automobile loans and so on), credit card or overdraft payments.

She observed that generally a CIBIL TransUnion Score of 750 and above is considered a good score. However, each bank has its own cut off score, says she.

So, what are the opportunities and challenges for a good credit rating? CIBIL does give a credit rating but computes a credit score based on the credit history of an individual. Chandorkar states that the credit score is calculated based on the following factors in your credit history:

- Credit Utilization: How much credit is this consumer using?
- Defaulting: How many accounts are past due – by how many days and by how much?
- Number of inquiries: Has this consumer applied for additional credit lines?
- Trade Attributes: How old are this consumer’s lines of credit? What type of credit does he have? For example, Does the consumer have a good mix of credit or is it all credit cards?

“Some of the benefits of a good credit history and good score are speedier access to credit objective decisions, negotiate for better credit terms, build reputational collateral for the future”, she says.


Source: MagicBricks.com Bureau

How to Remove your Name from CIBIL Defaulter List?

The first step is get your credit report from credit rating agency - Online Request Form

The next step is to read it carefully and know the reason why your name is in the default list?

1- It could be due to Human Error e.g. Wrong - Name, DOB, Gender, PAN, Passport Number, Address etc.

2- It could be due to Incorrect Reporting/Mistake e.g. Wrong Credit Cards Details, Ownership - Accounts that aren't yours, but in your credit file, Late Payments - Reports of late payments in your credit file, when you paid on time or you may be a victim of identity theft.

3- It could be due to Loan Default e.g. Loan Defaults, Credit Cards Default, Late Payments and any other factors that are negatively impacting your CIBIL score and history.


For first reason, you would just need to report it to CIBIL with valid proof and they will fix it.


The second reason is also easy to fix. In these cases check out - who put you on default list e.g. Bank Name. If you have any acknowledge letter or any proof (related to above problem) from the bank or financial institution just submit that to CIBIL. If you don't have, you have to follow up with that bank and got a letter and forward it to CIBIL. CIBIL then verify the proof with the bank and incorporate the update on your credit file. With in few days the correct info will be displayed in your credit report.

If bank is not cooperating with you then write a letter to bank to fix it with a copy to CIBIL. If you don't hear from them in 30 days or not satisfied with the action you can lodge a complaint with Banking Ombudsman to resolve the issue.

The third reason could be that you have indeed defaulted on a loan and hence your name was entered in the defaulter list. If this is the case, You need to take up this with the defaulted bank and settle it out. And submit that settlement letter to CIBIL. The default will remain on your file but show as settled.


If you don't want to settle it than it will remain on your file for seven years and it will destroy your score. During this period no one will give you any loan or credit. After this seven year period, you again need to start rebuilding your credit by paying your loan and credit card bills on time.


policywala.com

Take advantage of India’s first consumer credit bureau score and database.

The CIBIL TransUnion Score can help lenders make more reliable, confident decisions based on robust data and objective analytics.


The CIBIL TransUnion Score can also help you reduce the inefficiencies associated with manual subjectivity, errors and limited information. The CIBIL TransUnion Score is the result of collaboration between Credit
Information Bureau (India) Limited (CIBIL) and TransUnion, a trusted global leader in analytic and decision services.

Good and Bad credit Report

CIBIL report is not always bad. It’s an extremely good concept which is now taking shape in India recently. If there are two people A and B and A is a good guy and B is a bad guy, obviously A should get better rates of interest, faster processing, first right to loan. Whereas, guy B should get loan at higher rate of interest (because he is risky) and may be banks can even deny entertaining him at all.

CIBIL gives us the power to build our credit report. So if you become responsible and use your credit effectively and with planning, you can build a good credit history with CIBIL, which will help you in long run. Also note that taking a lot of loans without having the capacity is also a negative thing and that can affect your credit report.

Credit Information Bureaus and 'CIBIL'

All information regarding your track record on servicing your loans or cards or other debt products are updated by the financial institutions to the credit bureaus at regular intervals. The standard interval of update is on a month on month basis.

During such large amount of information flow from the financial institutions to the credit bureaus there is a good possibility of the financial institution wrongly or in accurately updating information.

For example you might missed a couple of payments and your account has become overdue and the financial institution would have updated the same with the credit bureaus but when you regularize the account the financial institution may not have updated this information and still show your account as overdue.

In some other cases you might have pre-closed a particular account but the financial institution has still not updated the same with the credit bureaus.

In a vast number of cases and in our experience where the customer has settled a bad loan, we often find that the settlement would not been updated with the bureau.