CIBILCredit Information Bureau India Limited
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New Delhi [India], Feb 20 ( ANI ): Finway Capital, India's first Non-Banking Financial Company (NBFC) that assures 24 hours of Turn Around Time (TAT) on Tuesday introduced predictive intelligence technology to assess the payback capacity of loan seekers and borrowers whose applications are often rejected by financial institutions due to a poor CIBIL score.
The TransUnion-CIBIL Data Quality awards are announced annually across member categories to recognize the efforts of TransUnion CIBIL members who strive to enhance data quality in the industry and set benchmarks for others to follow.
Banks need to report accurate credit history because based on data submitted by banks, CIBIL gives a credit score to an individual.
With the continued expansion of India's economy and financial services sector, CIBIL needed to prepare its business operations for future growth.
But we may look at micro loans in future," says Harshala Chandorkar, Chief Operating Officer at TransUnion CIBIL Ltd.
A credit score provided by CIBIL is a three-digit TransUnion score which is derived from the credit history found in credit information report (CIR).
TransUnion CIBIL Limited, a credit information company, receives information from banks and other financial institutions about the financial behaviour of their customers and aggregates information to produce a score or number which indicate customers' creditworthiness.
ePayLater is also creating a new credit database for its customers, who do not have a decent CIBIL score and fail to get a credit card or loans.
CIBIL gives a numerical score to individuals, which represent their creditworthiness.
However, there are times when despite a high 750- plus credit score ( issued by credit bureau such as CIBIL, Equifax and Experian which keeps a record of your credit history and awards you a score between 300 and 900), your loan application might be rejected.
checked my CIBIL report and found that a settled consumer loan was part of my credit history.
But you can counter them if you have already checked your CIBIL score and found it to be satisfactory.