What is CIBIL Credit Report?

What is CIBIL Credit Report?

Credit Information Bureau (India) is also known as CIBIL. The CIBIL is owned by various government and private sector banks and financial institutions.

Let me tell you that what is the function of CIBIL?

Well, CIBIL collect your all kind of financial information and store it for the future references. It mainly store your name, PAN, Passport number and various payment history with your lenders. Say for example your credit cards payment history, default history of your personal loans, car loans, home loans or any other kind of loans..etc..

In short, CIBIL maintains the record of all of your credit history and shares this report with other lenders. So that before giving you a loan/credit, your lender will see your CIBIL report and see your credit worthiness and approve you for the loan.

This credit report can be accessed by all the lenders and financial institutions of India. You can also access your CIBIL credit report from their website.

You will have to submit few documents and pay Rs.142/- demand draft to get your own credit report. Thus, let me tell you that don’t default on your credit payments.

The more you will default, the more less likely you will get approved for the various types of credits and loans in the future. CIBIL credit report is becoming popular day by day.