Cibil plans to text credit score to your mobile phone

“Mobile transactions would change the way the industry is functioning. That’s our next focus. That’s where the growth will happen. We will be able to give the credit report to customers on their mobile immediately. We are exploring this possibility,” said Arun Thukral, MD, Cibil.

Though banks have their own internal risk management and credit policy, credit score has become a major factor in securing loans.

“Credit score is a very critical component in decision making. If you get a credit score of above 800 (the maximum being 900), the possibility of getting a loan is extremely high,” Thukral said.

Credit bureaus have also started working with utility companies to tackle multiple applications and defaulters. “We are working with Vodafone to introduce POC (proof of concept). We are in dialogue with Bharti (Airtel). They can eliminate frauds while customers apply for new connections,” he said.

Cibil has developed an exhaustive repository of information on mortgage that will help contain defaults and fraudulent transactions by enabling informed decisions.

“Earlier, fraudsters used to avail of multiple loans on an already mortgaged property... This solution will serve as a due diligence tool for lenders before establishing business relationship with new customers,” he said.

There’s a major shift in loan offtake. “Till the middle of 2008, it was credit cards and personal loans, but now it’s home and auto loans. After the

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