How CIBIL get & share Credit information of consumers

CIBIL col­lects cred­it infor­ma­tion of the cus­tomers of each mem­ber finan­cial insti­tutes & get it com­piled by its own. CIBIL share the cred­it report of con­sumers with in its mem­ber group only. The Cred­it Infor­ma­tion Com­pa­nies (Reg­u­la­tion) Act, 2005, and var­i­ous Rules and Reg­u­la­tions issued by Reserve Bank of India has empow­ered CIBIL or (Cred­it Infor­ma­tion Bureau (India) Ltd to col­lect the data from var­i­ous types of cred­it grantors (i.e. lenders). and then share the same with­in the group.   The leg­is­la­tion has enabled banks to sub­mit data to CIBIL with­out obtain­ing bor­row­er con­sent. This has enabled CIBIL to tracks repay­ment his­to­ry of bank cus­tomers loans, cred­it cards and fur­ther bank­ing finances. Data shar­ing is based on the Prin­ci­ple of Reci­procity, which means that only Mem­bers who have sub­mit­ted all their cred­it data, may access Cred­it Infor­ma­tion Reports from CIBIL. The rela­tion­ship between CIBIL and its Mem­bers is that of close interdependence.

For cred­it grantors to gain a com­plete pic­ture of the pay­ment his­to­ry of a cred­it appli­cant, they must be able to gain access to the appli­can­t’s com­plete cred­it record that may be spread over dif­fer­ent insti­tu­tions. CIBIL col­lects com­pa­ny and con­sumer cred­it-relat­ed data and col­lates such data to cre­ate and dis­trib­ute cred­it reports to Members.

Thus, we can say that CIBIL col­lects com­mer­cial and con­sumer cred­it-relat­ed data and col­lates such data to cre­ate and dis­trib­ute cred­it reports to Mem­bers.   (A Cred­it Infor­ma­tion Report (CIR) is a fac­tu­al record of a bor­row­er’s cred­it pay­ment his­to­ry com­piled from infor­ma­tion received from dif­fer­ent cred­it grantors

Mem­ber banks con­tribute to CIBIL on a month­ly basis data of all their cus­tomers who main­tain a loan/­cred­it-card account with them. You may not get your pay­ment updat­ed with CIBIL imme­di­ate­ly after your pay­ment since its update their data on the basis of month­ly report of members.

Can a customer’s name be delet­ed from CIBIL?

No, since bankers share cred­it data month­ly with the CIBIL so, a cus­tomer’s name can­not be removed from CIBIL’s database.

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