CIBIl releases new data trends report

Credit Information Bureau (India) ltd (CIBIl) has released latest data trends report that throws significant light on the vitality of maintaining a good CIBIl Report and CIBIl Transunion Score.This data reveals that 79 per cent of new credit is sanctioned to borrowers above a score of 750. The report also indicated that Home loans and Credit Cards are growing steadily while delinquencies are decreasing with the availability of timely credit information for lending in the form of CIBIl Reports and CIBIl TransUnion Score.

While releasing the Home loan and Credit Card trends, Harshala Chandorkar, Sr Vice President- Consumer Services and Communications, CIBIl told media persons, "The credit information support received from CIBIl has made lending objective, information oriented and therefore much more reliable and less risk prone. Today banks and credit institutions can lend to consumers confidently based on the analytical tools and technology received from CIBIl on the consumer's past credit behavior as well as prediction about the likelihood of default based on the CIBIl TransUnion Score."

Speaking on how CIBIl has benefited the end consumer she added, "Credit grantors increasingly rely on CIBIl's services to make objective, faster and prudent lending decisions. Many industry leaders attribute the decline in defaults in retail credit and improvement in asset quality to the information support received from CIBIl. Evolution of CIBIl has also benefited the consumers by making access to credit opportunities faster and easier while driving credit penetration."

She informed that at the Annual CIBIl TransUnion Credit Conference in March 2015, R Gandhi, Deputy Governor, Reserve Bank of India said, "Over the past ten years, CIBIl has played a significant role in improving credit off take and management of credit risks in the country. Currently product offerings of CIBIl such as credit information report, credit score, watch lists, alerts and triggers, portfolio reviews, are increasingly being used by the lenders to improve their portfolio quality, control NPAs and increase profitability."