CIBIL FAQ’s

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FAQ’s on CIBIL:

FAQs is an acronym for Frequently Asked Questions. There are various questions on this topic that people would like answers to. This article will explain and elaborate more on the queries.

What Is CIBIL?

CIBIL, this is an abbreviation for Credit Information Bureau India Limited. It is the first and only bureau of credit information in India. It is responsible for compiling and distributing information on credit report accounts of a debtor to its members. The information is put together in a report comprising of credit scores facilities that a person or a firm has given out.

Who CIBIL members are?

All leading banks, financial institutions, credit card firms, state financial corporations, non-banking financial firms, and housing finance corporations. These establishments are all members.

What is the main function of CIBIL?

Its primary function is gathering all the information about a person or a company’s credit account. Thereafter the information is analyzed and distributed to all its members when need be. The provided information is quite useful. It assists the financial institutions in making well-informed decisions on lending money.

CIBIL Defaulter List               CIBIL Score         

Credit Card Score                    Credit Card Benefits

Which are the sections that CIBIL provide reports on?

The bureau is responsible for providing necessary information on the commercial segments and individuals. In the consumer section, all the credit facilities used by individuals are properly analyzed. Commercial segments include the facilities made available by companies; private limited company, proprietorship, and partnership.

What a credit report is?

This is a well complied documented record of a person’s credit history. All the information entailing a persons credit facilities available and the loans the borrower has taken are shown in it. This report provided by the CIBIL to assist lenders in making the right decisions about loanapplicants efficiently.

What methods does CIBIL use in gathering the information?

The main sources of information are the members. All the required details about a person are gathered from the banks, financial institutions, and other members. However, CIBIL can supplement the availed information with the public domain to create profiles that have more comprehensive details and a snapshot of the borrowers’ history in finances.

What are the security actions taken by CIBIL to guarantee the Security of data?

Data security is a very important aspect in the bureau; themeasures that have been put in place according to global standards on best practices. They are always willing to corporate when international audits are been carried out. This prevents frauds and promotes transparency. To safeguard information, CIBIL adapts the latest technology that ensures proper security. Below are some of the key characteristics of its module for security.

  1. The information is distributed on the basis of need to know only. The unnecessary parties do not have access to the information.
  2. Date center has top notch security monitoring technology. It implements the use of the biometric access system, surveillance cameras and control access devices.
  3. It uses a secure firewall, vulnerabilityassessment technology and intrusion detection network to ensure information security.
  4. It uses the latest advanced smoke and fire detection and suppression system. This aids in early detection and damage control.
  5. Uses cryptographic solutions when the information is received or shared through physical media.
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