Mumbai: ICICI Securities Ltd on Tuesday said it has tied up with Credit Information Bureau (India) Ltd (CIBIL) to provide CIBIL TransUnion score and report to over 2.9 million customers of ICICI Direct.
CIBIL collects credit information of millions of borrowers. This information is collated into credit information reports based on which the CIBIL TransUnion Score is generated for individuals. The CIBIL
TransUnion Score and CIBIL Report are used extensively by banks and credit institutions to evaluate loan applications.
"The CIBIL TransUnion Score and CIBIL Report has become one of the most trusted indicators of the borrower's credit risk and repayment capability.
"We tend to be diligent about tracking our investments, unfortunately, this is not always the case with our credit card and loan obligations. This sometimes has a direct impact upon our ability to secure loans when we need them," CIBIL Managing Director Arun Thukral said in a statement.
CIBIL provides comprehensive credit information on consumer and commercial credit to credit grantors, individual consumers and business entities in India. CIBIL's advanced analytic and risk management tools help credit grantors mitigate risk and ensure superior portfolio performance.
The CIBIL TransUnion Score is a three-digit numeric summary of an individual's credit history- ranging from 300 - 900, and is integral to the loan approval process. It is derived using the credit history found in the CIBIL Report.
A CIBIL Report is an individual's credit payment history across loan and credit cards and credit institutions over a period of time.
"The CIBIl Report will help ICICI Direct customers to view both their loans and investments portfolio at a single place and thus manage their personal finance better. Tracking and maintaining high CIBIL TransUnion Score would ensure that customers get loans at a lower rate with high success rate.
"There are handy tips available for customers to further improve their CIBIL TransUnion Scores," said Abhishake Mathur, Head Investment Advisory Services, ICICI Securities.
