BANKING AFFAIRS

Detailed explanation-1: -The Credit Information Bureau (India) Limited (CIBIL) is the most popular of the four credit information companies licensed by Reserve Bank of India. There are three other companies also licensed by the RBI to function as credit information companies. They are Experian, Equifax and Highmark.

Detailed explanation-2: -Credit Information Bureau (India) Limited (CIBIL) is a credit bureau or credit information company, engaged in maintaining the records of all the credit-related activities of companies as well as individuals, including credit cards and loans.

Detailed explanation-3: -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-4: -Faster credit decisions – Enhances a credit institution’s ability to expand while maintaining credit portfolio quality. Speed and cost – Use of TransUnion CIBIL CIRs helps make home loan processing faster and cheaper by eliminating the need to research and verify borrower details.

Detailed explanation-5: -CIBIL scores can range anywhere between 300 and 900, with 900 denoting maximum creditworthiness. A CIBIL score of 750 or above in your credit report is ideal. It will aid in qualifying you for personal loans and credit cards.