CIBIL Full Form: Know All About CIBIL Here!

By Ritesh|Updated : October 27th, 2021

CIBIL Full Form: The full form of CIBIL is Credit Information Bureau(India) Limited. It is responsible for any credit-related activities of not just individuals in India but also companies and is hence the credit bureau. This includes any activity concerning credit card and loan information. This database does not involve itself in any decision regarding lending loans, credit cards, etc. The main role of CIBIL is to help banks and other credit lenders by providing information regarding an individual’s credit history, which allows them to pick and filter applications efficiently. 

Table of Content

History Of CIBIL

CIBIL was started in the year 2000 and it is the first credit information company in India. This was set up following the RBI Siddiqui Committee’s recommendations. CIBIL laid down the first country’s risk scoring model for all financial institutions in the year 2007. Following this, the CIBIL Detect repository and CIBIL mortgage check were also launched. Although CIBIL was started in the year 2000, CIBIL score was only available to consumers after eleven years. The parent company of CIBIL is TransUnion, an American multinational group that is one of the four credit bureaus in India. 

Products And Services of CIBIL

Now that you know CIBIL's full form, you might also want to know about its products. CIBIL has three products. They are credit scores, a credit report for individuals, and also a credit report for companies. 

Credit Score: It is a score that shows the creditworthiness built using the past credit history of an individual. Generally, individuals with a lesser score would not have credit extended to them by various banks and financial institutions. 

Credit Report: This is the report obtained from financial institutions. This includes information regarding the history of borrowing, repayment routine, etc of an individual.

Credit Report for Companies: This includes all information regarding a company’s credit history details. A good report fetches them easier loan approvals. 

Key Points To Know About CIBIL

  • CIBIL was licensed by the RBI as per the Credit Information Companies Regulation Act, 2005. 
  • The CIBIL score is a three-digit number that ranges between 300 to 900.
  • Based on the CIBIL score, one can understand the eligibility for loans, discount on the interest rate, loan tenure, credit limit on credit cards, and loan approval rate. The more the CIBIL score is, the easier these benefits are.
  • In 2016, the American company TransUnion acquired about 82% stake in CIBIL, making it TransUnion CIBIL.
  • At the moment, CIBIL has over 5000 members. This includes banks, financial institutions, housing finance, etc. 
  • As of 2020, Rajesh Kumar has been appointed as the CEO of TransUnion CIBIL.

If you’ve approached any bank regarding a loan, CIBIL is a term used frequently. Now that you know the full form of CIBIL, you can work towards maintaining a good CIBIL score.

For your banking exam, an understanding of different banks is essential. We have articles for several other terms that you can check out to either use for educational purposes or anything else.

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FAQs

  • The full form of CIBIL is Credit Information Bureau(India) Limited.

  • Some ways to maintain a good CIBIL score are by paying EMIs or credit card dues on time, not cancelling credit cards, taking one loan at a time, making part-prepayments whenever possible, etc.

  • CIBIL score is calculated by the TransUnion CIBIL using several factors. They are payment history, credit exposure, credit type and duration, and other factors. Each of these factors has a particular weightage.

  • There are several factors that affect the CIBIL score. Some of them are loan rejections, late or missed payments, taking many loans at a time, etc.

  • To find the CIBIL score, one needs to fill the CIBIL online credit request form, and make a payment.

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