Full Form of CIBIL | CIBIL Full Form | What is CIBIL | About CIBIL
Full Form of CIBIL is Credit Information Bureau India Limited: CIBIL is the term used in the context of loans that are granted by banks to borrowers. Full form of CIBIL is Credit Information Bureau India Limited; it’s utilized by the banks to see the history of the receiver and whether or not the receiver is able to repay the loan or not on the premise of past credit history. CIBIL score vary is 300 to 900, inside this range there’s no ideal CIBIL score, however, the additional the score the higher are the prospects of individual obtaining the loan approval from the bank or financial institution.
For example, if one individual has CIBIL score of 800 and alternative has a score of 850 and also the bank has to choose from the 2 then it’ll select the receiver who has CIBIL score of 850. Whereas factors like defaulting on loan installment, Master card payment delay, multiple loan accounts then on can cause lower credit score.
According to Wikipedia:
TransUnion CIBIL Limited is a credit information company operating in India. It maintains credit files on 600 million individuals and 32 million businesses. TransUnion is one of four credit bureaus operating in India.
TransUnion CIBIL aggregates consumer borrowing and payment information for the purpose of assessing loan risk and pricing credit (setting the interest rate). It has partnered with Chicago-based TransUnion. Consumer credit scores are also used in employment decisions; although there are no studies in India showing that impaired credit leads to employee misconduct.