TransUnion CIBIL
{{Short description|Indian credit bureau}}
{{Tone|date=November 2024}}
{{Use dmy dates|date=November 2018}}
{{Use Indian English|date=November 2018}}
{{Infobox company
| name = TransUnion CIBIL Limited
| logo = File:TU.png
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| former_name = Credit Information Bureau (India) Limited
| type = Credit Information Company
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| founded = Mumbai, Maharashtra, India ({{start date and age|df=yes|2000|08}})
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| hq_location = One Indiabulls Centre, Tower 2A-2B,19th Floor, Senapati Bapat Marg, Lower Parel
| hq_location_city = Mumbai, Maharashtra
| hq_location_country = India
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| area_served = India
| key_people = Bhavesh Jain (Managing Director & CEO){{cite news|title=TransUnion CIBIL elevates Bhavesh Jain as managing director and CEO|url=https://economictimes.indiatimes.com/industry/banking/finance/transunion-cibil-elevates-bhavesh-jain-as-managing-director-and-ceo/articleshow/116247140.cms|accessdate=12 Dec 2024|publisher=The Economic Times}}
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| services = Research, Risk and Policy Advisory
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TransUnion CIBIL Limited is a credit information company operating in India. It maintains credit files on 600 million individuals and 32 million businesses. TransUnion is one of four credit bureaus operating in India and is part of TransUnion, an American multinational group.{{cite web|title=India to get three new credit data bureaus|url=http://www.livemint.com/Home-Page/a0DDNYf6He8Nb50kEREqtK/India-to-get-three-new-credit-data-bureaus.html |website=Live Mint|date=1 June 2009}}{{cite news|title=CIBIL eyes new sectors for growth|url=https://timesofindia.indiatimes.com/business/india-business/CIBIL-eyes-new-sectors-for-growth/articleshow/47741102.cms|accessdate=27 October 2017|publisher=Times of India|date=20 June 2015}}
Consumer credit reporting
{{main|Credit bureau#India}}
Trans Union CIBIL aggregates consumer borrowing and payment information for the purpose of assessing loan risk and pricing credit (setting the interest rate). It has partnered with Chicago-based TransUnion.{{cite web|url=http://www.creditvidya.com/credit-score/importance-of-cibil-credit-score-cs103.aspx |title=Important of Cibil Credit Score |publisher=Credit Vidya |date=2012-05-17 |accessdate=2010-12-08}}{{cite web|url=http://creditvidya.com/credit-score/how-to-get-your-cibil-credit-score-online-cs107.aspx |title=How to get Cibil Score Online |publisher=CreditVidya |date=2012-05-17 |accessdate=2010-12-08}}
Consumer credit scores are also used in unemployment decisions,{{cite web|title=How Cibil score check chances of landing a job|url=http://www.freescoreindia.com/articles/how-does-cibil-score-impact-my-employability.html|website=freescoreindia|accessdate=26 December 2015|archive-date=26 December 2015|archive-url=https://web.archive.org/web/20151226202525/http://www.freescoreindia.com/articles/how-does-cibil-score-impact-my-employability.html|url-status=dead}} although there are no studies in India showing that impaired credit leads to employee misconduct and unemployment.{{cite news|last1=Shetty|first1=Mayur|title=Employers add credit score to list of employee background checks|url=http://timesofindia.indiatimes.com/business/india-business/employers-add-credit-score-to-list-of-employee-background-checks/articleshow/58248581.cms|accessdate=6 September 2017|publisher=Times of India|date=18 April 2017}}
Business credit reporting
{{main|Credit bureau#India}}
TransUnion CIBIL aggregates business financial and payment information for the purpose of assessing loan risk and pricing credit (setting the interest rate. It has partnered with New Jersey–based Dun and Bradstreet. D&B maintains files on 150 million business worldwide."[http://www.dnb.com/company.html About Us]." Dun & Bradstreet. Retrieved on 1 October 2012. "HQ info: 103 John F. Kennedy Parkway Short Hills, NJ 07078"
CIBIL full form
CIBIL is fully known as Credit Information Bureau (India) Limited
What is CIBIL score?
CIBIL score is a bank's assessment of a client's trustworthiness based on information from their credit history. The higher the score, the more favourable the bank is to the client. It is a 3-digit number ranging between 300 and 900. Ideally, 720 or above score considered as a good CIBIL score. It tells your financial health and your previous records of loans.
CRIF vs. CIBIL
Banks and financial organisations widely use CRIF and CIBIL.{{Cite web |date=2021-11-03 |title=CIBIL Score: Full Form, What it is? Difference Between Credit Score & CIBIL |url=https://www.buddyloan.com/blog/what-is-cibil-score/ |access-date=2022-07-05 |website=Buddy Loan Official Blog |language=en-US}} Both of them are more or less the same. Here's a comparative analysis of CRIF and CIBIL
CRIF Credit Scores:
| class="wikitable"
|300–500 |Very low |
| 500-650
|Low |
| 650–750
|Great |
| 750-900
|Excellent |
CIBIL Credit Scores:
| class="wikitable"
|<600 |Low |
| 600-649
|Difficult |
| 650-699
|Possible |
| 700-749
|Good |
| 750-900
|Excellent |
Higher CIBIL scores make your loan journey easy and smooth. They also help you secure lower interest rates on your unsecured loans. Your CIBIL score is affected by your loan history. It is influenced by various factors such as past settlements of loans or credit cards, delayed payments or overdue amounts, and unpaid loans. If your CIBIL score is low, it becomes significantly harder to obtain any type of loan. However, CIBIL scores can be improved,{{cite web | url=https://beingaman.in/how-to-improve-a-bad-cibil-score-quickly/ | title=How to Improve a Bad CIBIL Score Quickly? - | date=14 November 2023 }} though this process usually takes about 4–8 months. To achieve a good CIBIL score, it is crucial to pay your EMIs and credit card bills on time.{{cite web |title=Increase CIBIL Score |url=https://newsfrom360.in/finance/increase-cibil-score/ |website=NewsFrom360.in |access-date=6 February 2024 |date=4 February 2024}}
Competition
Competitors to TransUnion CIBIL include:
History
- 2000: CIBIL (Credit Information Bureau (India) Limited) incorporated.
- 2004: Credit bureau services are launched in India (Consumer Bureau).
- 2006: Commercial bureau operations commenced.
- 2007: CIBIL Score, India’s first generic risk scoring model for banks and financial institutions, was introduced.{{cite web|title=Everything About : TransUnion CIBIL Limited|url=http://www.aimsuccess.in/2017/01/everything-about-transunion-cibil.html|website=Aim Success|date=11 July 2022 }}
- 2010: Two firsts for the credit industry in India with the launch of:
- CIBIL Detect: India's first repository for information on high-risk activity.{{cite web|title=CIBIL and TransUnion launch CIBIL Detect|url=http://www.indiainfoline.com/article/news-business/cibil-and-transunion-launch-cibil-detect-113101302150_1.html |website=India Infoline}}
- CIBIL Mortgage Check: The first centralized database on mortgages in India.{{cite web|title=CIBIL and TransUnion launch CIBIL Mortgage Check|url=http://www.business-standard.com/article/companies/cibil-and-transunion-launch-cibil-mortgage-check-110090200169_1.html |website=Business Standard|date=2 September 2010 |accessdate=2 September 2010}}
- 2011: CIBIL Score is made available to individual consumers.
- 2016: Transunion acquired 92.1% stake in CIBIL to become Transunion CIBIL.
- 2017: TransUnion CIBIL launches CIBIL MSME Rank to drive credit penetration in Micro, Small and Medium Enterprises and helping lenders assess risk better {{cite web|title=TransUnion CIBIL launches credit risk ranking for MSMEs|url=http://www.smetimes.in/smetimes/news/top-stories/2017/Mar/01/transunion-cibil-launches-credit-risk-rank-for-msmes1634269.html|website=SME Times|date=1 March 2017}}{{cite web|title=TransUnion CIBIL introduces ranking for MSMEs|url=http://bankingfrontiers.com/transunion-cibil-introduces-ranking-msmes/ |website=Bank Frontiers|date=1 March 2017}}
- 2017: Bank of India sold its 5% share in the company for Rs190.6 crore, implying a value of US$592 million for TransUnion CIBIL{{cite news|title=BoI to complete sale of 29.96% stake in STCI Finance by month-end|url=http://www.financialexpress.com/market/boi-to-complete-sale-of-29-96-stake-in-stci-finance-by-month-end/830289/|accessdate=6 September 2017|newspaper=Financial Express|date=29 August 2017}}