What is CIBIL ?

Question

What is CIBIL ?

Accepted Answer

CIBIL is a credit information company that maintains credit records of individuals and companies.

CIBIL stands for Credit Information Bureau (India) Limited.
It was established in 2000 and is headquartered in Mumbai, India.
CIBIL collects credit information from various sources such as banks, financial institutions, and credit card companies.
This information is used to create credit reports and credit scores for individuals and companies.
Lenders use CIBIL reports and scores to evaluate the creditworthiness of borrowers before approving loans or credit.
A good CIBIL score (above 750) increases the chances of getting approved for loans and credit at favorable terms.
On the other hand, a poor CIBIL score (below 600) can lead to rejection of loan applications or higher interest rates.
CIBIL also provides dispute resolution services to help individuals and companies correct errors in their credit reports.

Accepted Answer

The Credit Information Bureau Limited is the most popular of the four credit information companies licensed by Reserve Bank of India

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