CIBIL Terms and Conditions
The word CIBIL is a short form for Credit Information Bureau India Limited, and it is India’s first credit information or credit bureau company. The company gives a credit score, also called the CIBIL score, which represents an individual’s creditworthiness.
Ranging on a scale of 300 to 900, the CIBIL score is a 3-digit numeric summary of your credit history, rating and report. The CIBIL scores are often considered by loan granting companies, credit cards, or banks to analyse the risk probability of lending money to an individual and acknowledge the measures for minimising the loss due to bad debt.
About CIBIL
CIBIL has been running in India as a credit information company since the year 2001. The goal of CIBIL is to enhance transparency and efficiency in the credit space. It aims to boost credit growth in India through multiple solutions, enabling better credit decisions, a technology providing the availability of superior information, and people offering high-quality services.
What is the CIBIL Score?
The CIBIL score of an individual is a number that falls between the range of 300 and 900, representing their creditworthiness. When you check credit score and get a high score, i.e, greater than 750, the chances of you getting approval on a credit card or a loan from loan providers increase. Furthermore, you often get to enjoy additional deals on credit cards and loans.
CIBIL Terms and Conditions
In order to access the services of the Credit Information Bureau India Limited, an individual must follow the terms and conditions laid by them. The terms listed by CIBIL present the guidelines to follow and conditions representing their relationship with the customers. Listed below are the CIBIL terms and conditions divided into 9 sections:
Terms & Conditions
- The services, products and credit reports provided by CIBIL are limited to India.
- CIBIL seeks no permission from any individual before gathering their information for a report from other sources.
- The responsibility for the accuracy of the information gained by CIBIL from the other members of an individual is not held by CIBIL.
- The information mentioned in the credit reports by CIBIL is based on the latest information it receives from its member organisations. In case of any misinformation, CIBIL will not be responsible because they only update the information sent to them by the members.
- The CIBIL can reject an application, and they may demand a fresh application in the appearance of 3 discrepancies in the payments or the request forms. These discrepancies may include:
- Non-matching paying information.
- Invalid or expired ID proof or address proof.
- Payments made through the draft that are invalid, expired or not payable in Mumbai.
- In the case of a commercial credit information report, the ID proof or the authorisation letter of the authorised signatory is expired or invalid.
- CIBIL tries its best to present reports with high accuracy but is not held accountable for any errors or damage due to these reports. Read more...