According to CIBIL report the loan borrowers with the higher CIBIL score will have more chances of getting the loan and credit card applications approved by the bank. This assessment tool has helped a lot in controlling the defaults and much improvement is noticed in Asset quality with the help of the CIBIL score records. With the assistance of the credit score the NPAs have reduced by 30% in the past 4 years. CIBIL report showed that about 80 per cent of credit active population has a CIBIL TransUnion score greater than 750, which indicate that banks are increasingly lending to borrowers with higher CIBIL. The credit grantors depend on the CIBIL score for the fast and careful lending decisions.
About CIBIL: Credit Information Bureau (India) Limited or CIBIL is a Credit Information Company (CIC) founded in August 2000. Post Inception, we have come to play a critical role in India’s financial system. Whether it is to help loan providers manage their business or help consumers secure credit faster and at better terms, the use of CIBIL’s products have led to a
Source: Rupee Times India
