CIBIl helps people achieve their aspirations, stated Harshala Chandorkar, Senior Vice President, Consumer Services & Communication, Credit Information Bureau (India) limited (CIBIl). She was addressing a ‘Credit Education Workshop’ at the Indian Institute of Managament (IIM) in Raipur on Wednesday.
Chandorkar stated that CIBIl collects data from all its member institutions, namely all major banks and financial institutions, on a monthly basis and subsequently provides information to banks that enquire about a potential customer’s credit history.
The novelty in the process is that it is online and completely automated. So the response time is minimal leading to easy and faster sanctioning of loans. This transformation in credit processing has led to retail credit growth in the country and decline in incidents of frauds, she said.
Sitting on an entire financial sector database about individuals, CIBIl provides a range of solutions like assigning scores on credit health of each person, identifying geographic banking penetration and aligning itself with the motto of financial inclusion by facilitating easy implementation of national programs like Pradhan Mantri Jan Dhan Yojana and Pradhan Mantri Jeevan Beema Yojana, Chandorkar said.
Addressing the budding managers of IIM Raipur she stated that the profit for loan aspirants is that they can buy their own credit reports and know in advance - how a bank is going to perceive them and work accordingly to improve one’s score.
The consumer can also know who has viewed their accounts. Reiterating her message for financial discipline among the students Chandorkar said.
“Banks would like to give you loan, if you have a good credit history and Score,” she said.The presentation was followed by an interactive session.