On the consumer front, CIBIL is working towards simplifying the process of fetching credit scores -- it is tying up with a payment gateway which will help individuals fetch theirs scores online by making an online payment.
The minister said RBI maintains a list of non-suit filed borrowers of banks and financial institutions, while CIBIL had a database on suit-filed accounts of Rs 1 crore (Rs 10 million) and above.
You will be able to access your credit scores in December 2010. The score will range from 300 to 900, indicating the levels of default. It will be available to consumers for a sum not exceeding Rs.100 as prescribed by the RBI. CIBIL, which already has a huge database of credit reports - which are currently consulted by banks before sanctioning a loan is putting up the infrastructure to be ready to service consumers who wish to access their credit reports.
This central registry will help banks, financial institutions and non-banking finance companies get mortgage details of consumers before issuing loans against property. The personal loan score will provide details on the likelihood of customers becoming 91 days delinquent on a personal or consumer loan over the next 12 months. It will range between 300-900, indicating the levels of default. A home loan repository and a fraud repository will also be launched soon.
At the same time there were few complaints about the wrong reporting of credit information to the Credit Information Bureau (India) Ltd, which was taken up by the RBI with the concerned bank for redressal, minister of state for finance Namo Narain Meena told the house in a written reply.
The much awaited Credit Information Bureau (India) Ltd was launched on Wednesday with a database of 55 consumer credit records which would help creditors to evaluate risks, reduce incidence of defaults and non-performing assets.
The Reserve Bank of India on Thursday said the newly operationalised Credit Information Bureau (India) Ltd will publish a list of defaulters of Rs 1 crore (Rs 10 million) and above.
A critical factor that can ensure easier and hassle-free access to home loans is keeping a watchful eye on your Credit Information Bureau India Ltd (CIBIL) Report and CIBIL TransUnion Score.
CIBIL provides credit information about individual customer and business entities that helps banks in taking decision on sanctioning credit to any customer.
Such classfication brings with a high cost, including closing of formal credit channels, and likely criminal proceedings.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
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