credit rating news

Auditor cannot share client info with Credit Rating Agencies unless permitted: ICAI

It is hereby clarified that under the provisions of Chartered Accountants Act,1949 it is not permissible to members to share client information with the CRAs, except if permitted by the Auditee client....

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Posted Under: CA, CS, CMA |

68% of borrowers are unaware of their CIBIL score, reveals Home Credit Survey

♦ Patna reports lowest literacy levels with only 22% of borrowers aware of their CIBIL score, followed by Kolkata (25%) and Mumbai (25%), reveals research conducted to understand Financial Literacy levels ♦ 76% of borrowers do not know their interest amount on loan, research says ♦ 50% respondents aware about Mutual Funds; Kolkata l...

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Posted Under: CA, CS, CMA |

Moody’s upgrade Sovereign Credit Rating of India to Baa2 from Baa3

Moody’s Investors Service (“Moody’s”) has upgraded the Government of India’s local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive. India’s rating has been upgraded after a period of 13 years. India’s sovereign credit rating was last upgr...

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Posted Under: CA, CS, CMA |

Free Credit Information or CIBIL Report to individual assessee

WEF 01.01.2017, all Credit Information Companies shall provide, upon request provide a Free Full Credit Report popularly known as CIBIL report ...

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Posted Under: CA, CS, CMA | ,

CIBIL Report one of the factors to be considered before granting any loan

The information contained in the CIR (which contains credit score) would be one of the factors that banks would consider before granting any credit facility to a prospective borrower. However, it will be the commercial judgment of the concerned credit institution to grant loan or other wise to such borrowers based on their Board approved ...

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Posted Under: CA, CS, CMA |

Housing Price may decline in Mumbai and May go up slightly in Delhi – CRISIL

CRISIL Research expects divergent price trends during the year in Mumbai and NCR (National Capital Region), the two largest residential real estate markets in India. In 2011, prices of houses are likely to decline in Mumbai, whereas prices will rise ...

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Posted Under: CA, CS, CMA |

Post housing loan scam -developers’ dependence on private money-lenders may increase

The recent housing loan scam would increase developers’ dependence on private money-lenders. While cash flow from various quarters like private equities and investors has already become scarcer, the scam is expected to adversely impact credit flow to...

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Posted Under: CA, CS, CMA |

Credit rating not necessary for Micro and Small Enterprise (MSE) to get concessional loan

Credit rating is not a necessary requirement for any Micro and Small Enterprise (MSE) to get loan from Banks and Financial Institutions at economical rates. However, credit rating serves as a trusted third party opinion on the creditworthiness of the MSEs and a good rating helps the MSEs in obtaining faster and concessional credit from ba...

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Posted Under: CA, CS, CMA |

CIBIL making life difficult for Credit card and personal loan defaulters

Credit card and personal loan defaulters are finding that they have nowhere to hide. Armed with a new information service, banks are tracking down defaulters who have gone missing or moved to another town to escape recovery agents. Now, an email alerts the bank whenever an errant borrower resurfaces to fish for a new loan—anywhere in t...

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Posted Under: CA, CS, CMA |

Rating cannot be construed as a substitute for an exhaustive audit or a fraud detection

The credit crisis has exposed weaknesses in many financial intermediaries. How can rating agencies ensure their views are more accurate and unbiased?  Despite due diligence, there is always scope for improvement. Credit rating agencies (CRA) do not carry out a separate audit but takes cognisance of the information available from annual r...

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Posted Under: CA, CS, CMA |

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