CIBIL Full Form | What Does CIBIL Stand For?

CIBIL: Credit Information Bureau India Limited

CIBIL Full Form

CIBIL full form stands for Credit Information Bureau India Limited. CIBIL Limited is a credit information company operating in India. It maintains credit files on 600 million people and 32 million businesses.

CIBIL Full Form

A CIBIL credit score is a three-digit number that summarizes your entire credit history. This is based on the information provided in your credit information report. The score is usually 300 to 900. CIBL plays an important role in the Indian financial system as it helps banks and other financial institutions to manage their business and enables consumers to avail of loans on reasonable terms.

Brief History

  • In 2000, CIBIL full form (Credit Information Bureau (India) Limited) added.
  • In 2004, Credit Bureau Services Launched in India (Consumer Bureau)
  • In 2006, Commencement of Commercial Bureau operations.
  • In 2007, CIBIL Score, India‚Äôs first general risk scoring model for banks and financial institutions introduced.
  • In 2010, The first two launches for the credit industry in India:
  • In 2011, CIBIL Score made available to individual users.
  • In 2016, Transunion acquires an 82% stake in CIBIL, becoming Transunion CIBIL.
  • In 2017, Trans Union CIBIL launches CIBLMSME Rank to increase credit penetration in micro, small and medium enterprises and help lenders better assess risk.
  • In 2017, the Bank of India sells a 5% stake in the company for Rs 190.6 crore, valued at US 59 592 million for Trans Union CIBIL.

Benefits

  • CIBIL score determines your eligibility for a loan. A good CIBIL score enables you to get a loan easily.
  • If your CIB score is high, you can negotiate a better interest rate for the loan.
  • Loan approval will be quick and easy. Banks or lenders can offer you a pre-approved loan or credit card at no annual fee.
  • A good credit score indicates that you are a responsible borrower and are repaying debts frequently. Therefore, you can easily get a credit card with a high credit limit.
  • You can apply for long-term loan repayment, for example, a 7-year car loan or a 25-year home loan.

What Is The Full Form Of CIBIL?

CIBIL full form stands for Credit Information Bureau India Limited. CIBL Limited is a credit information company operating in India. CIBL plays an important role in the Indian financial system as it helps banks and other financial institutions to manage their business and enables consumers to avail of loans on reasonable terms.

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