Commonly asked questions and answers on credit in India

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How do banks or financial institutions find out or report my creditworthiness in India?

CIBIL (India's first credit information bureau), provides comprehensive credit information on consumer and commercial borrowers to credit grantors in India. CIBIL shares credit information with its 175 members on the principle of reciprocity. CIBIL's members include all leading banks, financial institutions, non-banking financial companies, housing finance companies, state financial corporations and credit card companies.


What is reported and listed on my India credit profile?

Your CIBIL credit report can include the following information:

a) Name
b) Address
c) Identification numbers
b) Passport ID
d) Voters ID
e) Date of birth
f) D-U-N-S Number
g) Registration Number
h) Legal Constitution
i) Records of all the credit facilities availed by the borrower
j) Past payment history
k) Amount overdue
l) Number of inquiries made on that borrower, by different Members
m) Suit-filed status

Information that is not included are:

a) Income / Revenue details
b) Amounts deposited with the bank
c) Details of borrowers assets
d) Value of assets mortgaged
e) Details of investments

Where can I get a copy of my credit profile in India?

You can now access your Credit Information Report (CIR) directly from CIBIL. For further information on obtaining a copy please visit ( http://www.cibil.com/accesscredit.htm ).

How can I report and fix inaccurate information listed on my credit report in India?

You must contact the credit grantor from whom you have the loan with and request the necessary changes. The credit grantor will then report the change to CIBIL.

If you are a victim of Identity Theft in India that is negatively reflecting on your credit profile, I would then also contact the credit reporting agency at ( http://www.cibil.com ) and/or Reserve Bank of India at ( http://www.rbi.org.in ) that can help you with further assistance with this matter.

If I live in India and have no credit or bad credit history, how can I establish and/or re-establish my credit rating?

1) First, obtain a copy of your credit report and verify the accuracy of the report.
2) Then, if any inaccuracies exist, dispute them.
3) Pay off all debts that are past due or make payment arrangements to pay them over time.
4) Obtain a credit card or some other type of loan, and make timely payments to help rebuild your credit. If you cannot get approved for a credit card or loan because of no credit or bad credit, apply for a secured credit card.

Secured cards require a cash deposit that will usually be equal to your credit limit. Axis Bank is just one example of a financial institution in India offering secured credit cards. Please visit ( http://www.axibank.com ) for further information on that particular program or visit the Reserve Bank Of India at ( http://www.rbi.org.in/Commonman/English/Scripts/BanksInIndia.aspx ) for a list of banks in India that may offer secured credit card programs.




You may also want to read about Creditor Harassment In India where you will learn the rules that debt collectors must follow in India. Information is also given on grievance procedures.

Although all information has been written in good faith and reviewed, please email us at help@consumerbadcreditguide.com to report any inaccuracies.