Credit Information Bureau (India) Ltd (CIBIL) said it will come out with a database on mortgage defaulters and is also looking at expanding client base to telecom and insurance companies. “We will come up with a database of mortgage defaulters very soon,” CIBIL Managing Director, Mr Arun Thukral said after announcing the launch of a database of fraudulent activities here.
CIBIL, a repository for credit information, is also looking at providing data to telecom and insurance companies which would help them retain customers.
“We are looking at expanding our database. Giving data to telecom and general insurance companies are right now what we are looking to. Also we would come up with data for micro finance institutions (MFIs),” Mr Thukral said.
Members of CIBIL include banks, financial institutions, non-banking financial companies and housing finance companies.
The database for MFIs is aimed at providing information mainly about multiple lending to rural consumer borrowers, he said, adding that MFIs would gradually become main players in the domestic lending space.
CIBIL, a joint venture of TransUnion, banks and financial institutions, announced the launch of CIBIL Detect — a nationwide database of reported fraudulent and suspect activities.
The repository would provide data on high risk incidents in the credit sector of India. It would also provide details of individuals who have committed banking-related frauds in the past.
“Banks and financial institutions have been reporting rising cases of frauds and spurious incidences. As more and more banks start reporting fraud cases to CIBIL, the database would increase,” Mr Thukral added.
One sided information in CIBIL Database is injustice and against law, i dont know why government is not investigating these issues. If there is no due, then CIBIL should remove the name from defaulters list. But they get one sided information from bank and keep the data without updation which will be the obstacle for youngsters to start new business which need initial investment(Mostly by loan) -Sathish (9880072492)
The database in CIBIL is not correct. The reporting itself is a fraud. The database is reported and distributed without legal action on the so called defaulted borrower. They should maintain the database of only cases decided by the court as defaulter. Also if any one changes his name, address, ID, PAN etc through filing an affidavit in the court he can come out of CIBIL defaulter list.
The judgement of a customer on the basis of CIBIL report is absolutely unauthentic. Because the entire process regarding the enlistment of a customer does not mention the entire matter regarding the said fact. The entire matter should properly be highlighted in the report for the proper judgement. Thanking you and hoping for the reply.
Can We ,as independent professionals access to CIBIL in course of verification of borrowers’ accounts?