What is a CIBIL Score and Report?
CIBIL stands for Credit Information Bureau (India) Limited.
CIBIL Score is a three-digit numeric summary of your credit history. The score is derived using the credit history found in the CIBIL Report (also known as CIR i.e Credit Information Report). A CIR is an individual’s credit payment history across loan types and credit institutions over a period of time. A CIR does not contain details of your savings, investments or fixed deposits.
Your CIBIL score, calculated based on your credit behavior as reflected in the ‘Accounts’ and ‘Enquiries’ section of your CIR, ranges between 300-900. A score above 700 is generally considered good.
Contains your name, date of birth, gender and identification numbers such as PAN, passport number, voter’s number.
Address and telephone numbers are provided in this section, up to 4 addresses are present.
Monthly or annual income details as reported by the Members (Banks and Financial institutions).
This section contains the details of your credit facilities including name of lenders, type of credit facilities (home, auto, personal, overdraft, etc.), account numbers, ownership details, date opened, date of last payment, loan amount, current balance and a month on month record (of up to 3 years) of your payments.
Every time you apply for a loan or credit card, the respective Bank or financial institution accesses your CIR. The system makes a note of this in your credit history and the same is referred as “Enquiries”.