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| Know your credit worthiness for just Rs 142 |
| Prithvi Parihar/ PTI / New Delhi Oct 11, 2009, 15:11 IST |
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Interested in knowing your credit worthiness? You can get that at Rs 142 as the Credit Information Bureau of India has started giving individuals their Credit Information Report (CIR).
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.
Consumer rights activists and people in the banking industry have welcomed the step saying it would increase transparency in the financial dealings of banks.
"This would significantly increase transparency in credit card transactions. Customers would be able to know their status, ask for CIR and get corrected any ambiguity. So, they don't face any problem while taking loans in future," said Amit Kumar, associate editor of 'bankingonly.com'.
For getting credit profile, individuals need to provide proofs of identity and residential address, and submit a demand draft of Rs 142 to CIBIL.
Consumer Education and Advocacy President Bejon Misra asked for further improvment in transparency and credibility of the process of financial dealings of banks, so that no wrong information is feeded in the database.
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