Now, buy your CIBIL TransUnion Score
The TransUnion Score, which plays a critical role in the loan approval process of credit institutions, is now available to consumers for Rs 450, CIBIL Managing Director Arun Thukral told reporters here.
"We are very happy to provide this service directly to consumers as knowing their CIBIL TransUnion Score will help them assess their credit history better and enable them to 'see themselves as lenders do'," he said.
"We believe that this initiative will also be helpful in making the lending process more transparent, inculcating financial discipline and enhancing consumer awareness on credit information."
Knowing their CIBIL TransUnion Score will enable consumers to better manage their credit history, avail speedier access to credit and derive benefits associated with good credit history. The score is provided along with the CIBIL Credit Information Report (CIR).
The TransUnion Score is a three-digit numeric summary (ranging from 300 to 900) of a consumer's credit history, compiled from information received from credit institutions who are members of CIBIL.
An individual's score provides a credit institution with an indication of the "probability of default" based on his/her credit history. It helps in estimating the likelihood of repayment of loan based on the individual's past pattern of credit usage and loan repayment behaviour.
The closer the score is to 900, the more confidence the credit institution will have in the individual's ability to repay the loan and hence,