Credit Information Bureau (India) Limited (CIBIL) was founded in August 2000; it is a Credit Information Company (CIC). Since the beginning CIBIL has had a major role in India’s financial and economic system. Be it assisting the lenders to manage their business or helping the borrowers to secure loans or credit at a faster and better terms, CIBIL services have led to an immense change in the way credit life cycle is managed by both the lenders and the borrowers.
CIBIL is the central location of information which is curated from all the banks and lending institutions which are operating in India. The bureau has a database size of over 17 crore consumer records and over 65 lakh of company records which have been contributed by over 500 members of the bureau. The Reserve Bank of India (RBI) has empowered CIBIL through the Credit Information Companies (Regulation) Act, 2005 to collect the data from various types of lenders.
The act has also given the authority to the banks to submit data to CIBIL, without the borrower’s consent. Due to this CIBIL has the ability to track repayment history of bank customer’s loans, credit cards, and further banking finances.