Mumbai : Credit Information Bureau (India) Ltd. (CIBIL) in association TransUnion organized the Sixth Annual Credit Information Conference in the city today. The theme for this year’s conference was Information into action: Powering growth 
through data, analytics and decisioning. Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India was the keynote speaker for the event.
This is a landmark year in the credit information infrastructure evolution in our country. This year CIBIL completes 10 years of successful operations in association with TransUnion as the partner of choice in credit risk management for the banking sector. The credit information support received from CIBIL and TransUnion has made lending objective, information oriented and therefore much more reliable and less risk prone. Today banks and credit institutions can lend to consumers confidently based on the information received from CIBIL on the consumer’s past credit behavior as well as prediction about the likelihood of default based on the CIBIL TransUnion Score. Credit grantors increasingly rely on CIBIL’s services to make objective, faster and prudent lending decisions. Many industry leaders attribute the decline in defaults and improvement in asset quality to the information support received from CIBIL. Evolution of CIBIL has also benefitted the consumers by making access to credit opportunities faster and easier while driving credit penetration.
Below are some significant credit information trends based on CIBIL data analysis as of March 2014:
Mr. M.V. Nair, Chairman, CIBIL said “This year marks a very special milestone for us as CIBIL and TransUnion complete 10 years of dedicated service to the banking and credit sector in India and also crosses the 1000 member mark. CIBIL has reiterated its leadership in the credit information sector by adding tremendous value to the risk management processes of banks and helping them improve portfolio quality while growing their business.”
The CIBIL TransUnion Score and the CIBIL Credit Information Report have become one of the most important parameters for credit institutions to make lending decisions. More and more consumers have also started accessing their credit reports and scores before availing loans to better understand their financial health.
Mr. Arun Thukral, Managing Director, CIBIL stated “CIBIL and TransUnion have contributed significantly towards the growth of the credit industry in India through the last decade and there are some compulsive data trends that prove this. We would like to thank our valuable members and also consumers for reposing their faith in us and helping us complete a decade of operations. We sincerely appreciate the many accolades that have been bestowed upon the company and hope to continue to offer the best of our services to all.”
CIBIL, India’s largest credit information bureau maintains credit information on more than 330 million consumers and 17 million businesses. Credit institutions mandatorily check an applicant’s CIBIL report before making lending decisions. Hence it remains imperative for individuals to maintain a healthy credit history and also to access one’s CIBIL Report and CIBIL Transunion Score before applying for a loan. It helps the borrowers understand their current financial position and improves their chances of acquiring a loan
Source : Sachin Murdeshwar