CIBIL to launch two new products



“There has been a long- standing demand for a mortgage repository product as it was  often found that documents were being used for multiple loans against the same property. So now, a lender can check if the property has already been mortgaged with someone else,” CIBIL Managing Director Arun Thukral told Deccan Herald. Thus, it will help banks verify the authenticity of documents before making a decision to lend.

The second product, ‘Detect’, is basically a repository of a fraud database or suspicious  activities. Under this scheme any data relating to fraudulent activity like forged cheques or incorrect documentation which can be reported by the lender or the victim himself, will be shared by members, helping them to mitigate risk, Thukral said.

CIBIL plans to open its database to the common man by the end of 2009 at a nominal charge.

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