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What is CIBIL?
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CIBIL - India's first credit information bureau- is a repository of information, which contains the credit history of commercial and consumer borrowers. CIBIL provides this information to its Members in the form of credit information reports.
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Who owns CIBIL?
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CIBIL's equity was held by State Bank of India, Housing Development Finance Corporation Limited, Dun & Bradstreet Information Services India Private Limited and Trans Union International Inc.
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On which segments does CIBIL provide credit reports?
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CIBIL is a composite Credit Bureau, which caters to both commercial and consumer segments. The Consumer Credit Bureau covers credit availed by individuals while the Commercial Credit Bureau covers credit availed by non-individuals such as partnership firms, proprietary concerns, private and public limited companies, etc.
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Who are Members of CIBIL?
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Banks, Financial Institutions, State Financial Corporations, Non-Banking Financial Companies (NBFC), Housing Finance Companies and Credit Card Companies are Members of CIBIL.
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How does CIBIL function?
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For credit grantors to gain a complete picture of the payment history of a credit applicant, they must be able to gain access to the applicant's complete credit record that may be spread over different institutions. CIBIL collects commercial and consumer credit-related data and collates such data to create and distribute credit reports to Members.
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Where does CIBIL get the information from?
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CIBIL primarily gets information from its Members only and at a subsequent stage will supplement it with public domain information in order to create a truly comprehensive snapshot of an entity’s financial track record.
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What is a Credit Information Report?
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A Credit Information Report (CIR) is a factual record of a borrower's credit payment history compiled from information received from different credit grantors. Its purpose is to help credit grantors make informed lending decisions - quickly and objectively.
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What are the measures taken by CIBIL to ensure the security of Member's data?
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The security of the Members' data is of paramount importance to CIBIL. CIBIL's security measures are aligned with global ‘best practices’, stringent risk management standards and are subject to regular audits by independent auditors. CIBIL has adopted state-of-the-art technology to provide information security. The important aspects are detailed below:
i) Information in the database is accessed only on a strictly ‘Need to Know’ basis. For example, the access to the Data Center is available only to authorized personnel engaged in regular systems and database administration.
ii) Access control devices, surveillance cameras installed at strategic locations and biometric access system at the Data Center with the highest levels of security.
iii) Comprehensive perimeter security solution consisting of a Firewall, Intrusion Detection and Vulnerability Assessment System to secure the network infrastructure from external security risk.
iv) Installation of the following devices to deal with fire hazards:
a. State-of-the-art (VESDA) smoke detection system to provide early warning and isolation of potential fire hazards.
b. FM200 based Fire Suppression System to extinguish fire with minimal damage to the IT systems.
v) Anti -Virus software installed on all servers in the Data Center. Security patches and necessary configurations are continuously applied to the Servers and Network appliances.
Another vital area in which security is of the utmost importance is the two-way transmission of information between CIBIL and it's Members. In this regard, CIBIL uses:
a)128-bit SSL encryption for all web-based transcription including FTP.
b) Cryptographic solutions for all information sent or received through any physical media i.e. CD, DAT and DLT.
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What is encryption?
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Encryption is technique used to mask proprietary information in order to prevent it from being accessed by unauthorized individuals. Only authorized individuals who have been provided with the appropriate decoding software can unscramble the information
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What type of information on a borrower is available in the CIR?
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The CIR includes the following information:
1) Basic borrower information like:
a. Name
b. Address
In case of individuals:
c. Identification numbers
d. Passport ID
e. Voters ID
f. Date of Birth
In case of non-individuals
g. D-U-N-S® Number
h. Registration Number
i. Legal Constitution
2) Records of all the credit facilities availed by the borrower
3) Past payment history
4) Amount overdue
5) Number of inquiries made on that borrower, by different Members
6) Suit-filed status.
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