Credit Information Bureau (India) Limited, (Cibil) will soon offer products like personal loan scores, fraud repository and mortgage repository by the end of next fiscal.
Arun Thukral, MD, Cibil said, ?This proposed move is to enhance our product portfolio to offer holistic solutions to our member base in future. Going forward, the consumers will be able to access their credit reports, thereby creating a whole new culture of credit consciousness. Credit information sharing and consumer awareness will thus result in increased availability of credit, and banks and financial institutions will have a suite of advanced credit decision products for risk management.? Cibil has till-date recorded the credit history of around 8.5 crore individuals with a total data base of 12.5 crore records and also, a large number of corporates. The individual credit ratings have been assigned in the band of 300-900 points, in which the lowest point indicates a ?bad or worse? credit rating.
All the individuals those have been rated bear a credit history of at least six months. The ratings have been assigned to an urban centric database given to Cibil by various banks and financial institutions.
?The implementation of guidelines as laid in the Credit Information Companies Regulation Act 2005 would broaden the availability of credit information to and from other sectors such as co-operative banks, regional rural banks, telecom and the insurance companies,? Thukral added.
He said that in the current scenario, where banks and financial institutions have become very prudent in giving loans to the individuals in the country, the Cibil ratings would play a pivotal role in identifying the repayment capacities of the loan seekers.
Citing the example of sub-prime crises in the US, Cibil CEO Terry McCafferty said credit ratings were perceived safe or risky by different American banks as per their respective credit lending norms.