A top official of Credit Information Bureau (India) Ltd (CIBIL) on Monday said linking all financial transactions to Aadhaar and Know Your Customer (KYC) would ensure further improvement in credit rating infrastructure.
CIBIL Senior Vice President-Consumer Relations and Communication Harshala Chandorkar said they were committed to expedite credit approval process, reduce subjectivity in credit assessment, encourage consumers to maintain greater discipline in financial commitments and enable consumers to improve their rating.
She opined that with credit rating becoming a necessity for the banks and the customers, the non-performing asset was slowly coming down. She released latest data trend report that throws significant light on both borrower and lender behaviour.
The study reveals that borrowers with a credit score of 700 and above have a higher chance of getting loan and credit card applications approved.
Stating that they were involved in creating awareness on financial literacy, she told reporters here that CIBIL over past 10 years had over 1,000-strong member-base including banks, financial institutions, non-banking financial and housing finance firms.
Ms. Chandorkar said CIBIL consumer relations cater to credit information requirements of individual consumers and businesses that seek their own credit information. Through this service CIBIL offers credit report and CIBIL TransUnion score to individual consumers and company credit information reports to businesses.