BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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DICGCI
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CIBIL
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ECGL
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EXIM Bank
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Detailed explanation-1: -The Credit Information Bureau (India) Ltd. (CIBIL) was incorporated in 2000 and launched its operations in April 2004. Following enactment of the Credit Information Companies (Regulation) Act (CICRA) in 2005, three other Credit Information Companies (CICs) were also set up.
Detailed explanation-2: -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.
Detailed explanation-3: -Shareholders in CIBIL™ include TransUnion International, ICICI, SBI, IOB, HSBC, Union Bank of India, Bank of India, Bank of Baroda, and Allahabad Bank. CIBIL™ has two focus areas: A Consumer Bureau that deals with consumer credit records and a Commercial Bureau that deals with the records of companies and institutions.
Detailed explanation-4: -Does the CIBIL Defaulter Status Affect Loan Approval? Yes. Whenever a lender marks you as a defaulter, the same gets updated with CIBIL and your CIBIL credit score goes for a toss. With a low CIBIL credit score, it will become extremely challenging for you to get a loan, especially personal loan.