CIBIL Launches CIBIL TransUnion Score for Consumers

Consumers can access their CIBIL TransUnion Score to make informed borrowing decisions and avail speedier access to credit

Mumbai, April 20, 2011– Credit Information Bureau (India) Limited today announced that consumers can now purchase their CIBIL TransUnion Score directly from CIBIL. The CIBIL TransUnion Score, which plays a critical role in the loan approval process of Credit Institutions, is now available to consumers for र 450.  Knowing their CIBIL TransUnion Score will enable consumers to better manage their credit history, avail speedier access to credit and derive benefits associated with good credit history. The Score is provided along with the CIBIL Credit Information Report (CIR).

The CIBIL TransUnion Score is a 3 digit numeric summary (ranges from 300 to 900 ) of a consumer’s credit history, compiled from information received from Credit Institutions who are members of CIBIL. An individual's Credit Score provides a Credit Institution with an indication of the "probability of default" by the individual based on his/her credit history. The Score helps a Credit Institutions in estimating the likelihood of repayment of loan based on the individual’s past pattern of credit usage and loan repayment behaviour. The closer the score is to 900, the more confidence the Credit Institution will have in the individual’s ability to repay the loan and hence, the better the chances of the individual’s application getting approved.

Consumers can pay for availing their CIBIL TransUnion Score by following an online payment procedure or through a Demand Draft. They will have to submit their own identity proof and address proof documents along with the application form and online payment receipt or Demand Draft. Further details on the CIBIL TransUnion Score for consumers are available on the CIBIL website

Commenting on this development, Mr. Arun Thukral, Managing Director, CIBIL stated, “We are very happy to provide this service directly to consumers as knowing their CIBIL TransUnion Score will help them assess their credit history better and enable them to ‘see themselves as lenders do’. We believe that this initiative will also be helpful in making the lending process more transparent, inculcating financial discipline and enhancing consumer awareness on credit information”.

The higher the score, the more favorably it is viewed by credit institutions. However, every credit institution has its own benchmark of what constitutes a good credit score. CIBIL does not recommend any cut-off score loan application eligibility.

CIBIL TransUnion Score is India’s first generic score and has become the most reliable indicator for prudent decision making for credit grantors. Financial discipline coupled with prudent credit management and a good payment history will ensure that individuals enjoy all the benefits associated with having a good credit score.