"There has been substantial increase... 72 per cent of information collected by banks matches with CIBIL report in the past four-five years," Nair told reporters on sidelines of the fifth Annual Credit Information Conference, here.
"It was 65 per cent earlier. I am very hopeful that it goes upto 90 per cent in coming years. At the international level, matching data of 90 per cent means is very good", he added.
However, the Chairman hastened to add that despite the increase in generation of data, banks and financial institutions need to do a lot more on collecting "quality" data.
"Getting clean data (about the borrower) is very important. Though there is substantial improvement, still lot of things need to be done in terms of quality", he said.
Stressing the need for providing quality data, he said, "the track record of the person who applies for loan will be taken into account. The bank will be able to take a right decision because, if the borrower had defaulted somewhere he may not be able to get the loan."
"There are two verticals we are looking at. First, Microfinance vertical. We are building that vertical. We have started working on it and will take one or two years to build the whole system proper" he said.
Besides, he said, CIBIL was in talks with Reserve Bank of India to get details about user information from the Telecom Regulatory Authority of India (TRAI) and Insurance Regulatory Development Authority (IRDA) for first time borrowers.
He said that enquiries from first time borrowers for getting loans from banks and financial institutions have gone up by 200 per cent in past three years.