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The CIBIL (Credit Information Bureau (India) Limited) collects and maintains records of an individual’s payments pertaining to all kinds of loans and credit cards. These records are submitted to CIBIL by Member-Banks and credit institutions on a monthly basis. This information is then used to create Credit Information Reports (CIR) and credit scores which are provided to credit institutions in order to evaluate and approve loan applications. CIBIL was created to play a critical role in India’s financial system, helping lenders to manage their business in systematic manner.
Members can themselves check their ratings and credit history of their liabilities before applying for a loan. Hence, CIBIL empowers both loan providers and individuals to gain clarity on their financial position and credit history. For more details visit https:// www.cibil.com.
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