“Now onwards, even companies will be able to see the same data so that they can present the case well, challenge anomalies, etc. If not getting a lower interest rate, this will definitely result in enhancement of loan limits,” CIBIL’s Managing Director, Arun Thukral, told reporters here.
CIBIL, which has been offering a similar service to individuals for some time now, has a database of over seven million companies across the country which is updated on a monthly basis, he said.
Any company desirous of getting the information will approach CIBIL, which, after running a background check, will pass on the data and charge Rs 2,500 per request.
As in the case of individuals, where it gives scores, CIBIL is also mulling having a similar facility for the companies credit information product, Thukral said, stressing that the product is very different from the offerings of rating agencies.
“A rating agency will analyse and give you a rating, we just provide the financial information,” he said.
With a view to expand the product offering, CIBIL is also in talks with companies to have trade information as well, Thukral said.
CIBIL, which has a membership base of 600 which includes banks, financial institutions, non-bank lenders and housing finance companies, gets the data under statutes which empower a credit information company to have updated data, he said.
