JOIN US
With the report, an individual will know his credit profile which may add weight to his loan applications. Though banks might not base their decision on a CIR for giving out loans, CIBIL officials said the credit profiles have become important in decision making.
The CIR analyses loans taken by a customer and his repayment details. It takes into account the customers’ loan amount, their credit cards and repayment history, details of which are maintained by CIBIL.
The credit reference agency has brought changes in its rules to also provide CIR to individual customers, sources said. Till late, the facility was restricted only to banks and financial institutions who are members of CIBIL. For getting credit profile, individuals need to provide proofs of identity and residential address, and submit a demand draft of Rs 142 to CIBIL.