CIBIL – A Primer
Do you know what CIBIL is ? Well, it’s been a while since it was established but not many people know about it or what it was instituted for. CIBIL stands for Credit Information Bureau India Ltd., and was set up by the Govt. and RBI around 8 years ago. The main intent was to tackle the rising problem of credit card and loan defaulters in India by accumulating all information about spenders, lenders and borrowers into one huge consolidated database as a single point reference.
It’s member list comprises of all banks, financial institutions, state financial corporations, NBFCs, housing finance companies and credit card issuers.
Rediff has an interesting article on CIBIL and it’s working, as well as some things you need to be aware of and some cases of how even CIBIL could make a mistake. Do check it out.
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