According to the Hindu Business Line, the India based credit bureau Cibil will soon launch a new service that will alert banks about defaults and on any profile change of an identified set of customers, quoting Arun Thukral, Managing Director of CIBIL.

The service is designated to be called ALERT.  It is subscription-based and its objectives are to help member-banks to retain customers with good repayment record.  Alerts will be sent on changes in credit scores or trade lines.  Alerts will also be sent if a bank’s client will be setting up a credit relationship with another lending institution.  According to managing director Thukral CIBIL research showed that 70 per cent of customers in many banks moved to another institution to get a second product. Initially the service will be B2B and later extended to B2C.

Source: The Hindu Business Line