Is CIBIL depriving Indian Consumers of their Civil Rights?
Credit Information Bureau of India Ltd. (CIBIL) is an organization that provides information on Indian individuals’ borrowing and bill paying habits. CIBIL is the major credit bureau in India. This means if you apply for any financial credit (home loan, personal loan, credit card, car finance etc) within India, your lender will ask CIBIL about you before approving your loan or credit. Your lender and CIBIL identify you by your PAN number, among other things. CIBIL does not tell your lender to give you a loan (or not to), it only provides the lending bank with a report of your loan and repayment history, as told to them by other banks. This report is called a Credit Report, and each report is identified by a 9-digit ‘Control Number’. Your lending bank uses this Credit Report to generate an internal Credit Score, based on their policies. For example, Axis Bank might have a stricter policy, and not provide loans to you based on your report, but ICICI might overlook a few discrepancies and
