Credit Information Bureau India Limited (Cibil) will now provide customers their credit reports and scores online. Individuals can now access these through a three-step process.
In the first step, customers would have to fill an online form, with personal details like name, licence number and contact details. The second step would involve a payment of Rs 450, by way of debit, credit cards, net banking or cash cards.
The third step would involve authentication and this would pose five system-generated questions. To prove their authenticity, customers would have to answer at least three questions. The questions would be objective, and would also carry a few options. The questions would be very personal, and can be answered only by real customers. In case the customer fails to answer three questions correctly, he/she would have to go through the normal procedure of sending the hard copy of the documents to complete the know-your-client procedure.
The main advantage of obtaining the report from Cibil is that borrowers can find out in advance how good their score is. If the overall score is low the borrower can strive to improve his profile by paying all future dues on time and bringing down his overall borrowing. Also borrowers can take corrective action if there has been misrepresentation by lenders.
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