Saturday, May 14, 2011

CIBIL MAKES CREDIT SCORES AVAILABLE TO INDIVIDUALS

Credit Information Bureau (India) Limited (CIBIL), the agency gathering data on credit histories of individuals, has now made credit scores available to individuals for a fee of Rs. 450/- per request. An individual's credit score would be a three-digit numeric summary of his credit history for the last three years, and this would be rated on a scale of 300-900. The higher an individual's score, the
better would be his chances of securing a loan. Banks have, since the last two years, used this data as an important factor in deciding on whether to approve or reject a loan. Making credit scores available to borrowers can also be seen as a step towards risk-based pricing.

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