Soon payment history of utility bills, rent, insurance and other liabilities can be a part of your CIBIL score, a top CIBIL official said here on Tuesday. As of now, only the repayment of loans is revealed in the report.
"In countries like the USA, information of payment of rents and even insurance policies, in addition to loan repayment history, are being covered in preparing credit report of a customer. This can also be replicated in India," said Amit Singh Panwar, manager, strategic accounts for Transition CIBIL Ltd in the city during a program organized by Federation of Indian Chamber of Commerce and Industry (FICCI) and Gujarat Chamber of Commerce and Industry (GCCI) .
As of now only loans, including payment of credit cards, constitute CIBIL report in India. Panwar said that because of CIBIL, banks and Non Banking Finance Companies (NBFCs) are able to make more informed decisions about lending. "Those with higher rankings also get concessions in interest rates on loans. Banks have also conducted campaigns in this regard," he said.
However, businessmen complained about CIBIL score not being updated on time and becoming a barrier to raising funds. Dinesh Daga, owner of a foundry in Dholka, said that in addition to just the numerical scoring, CIBIL data should also reveal the roadmap for improving the score. "Often we do not have an idea where we can improve the score. If this is mentioned, we can act accordingly," said Daga.
Businessmen also complained that all the procedures being in English, local businessmen not familiar with English have to run from pillar to post. There were complains that often banks are not updating the record of the customer, and the later is not able to correct the anomaly in the report. In one case, a person had deposited a cheque for an installment, but the bank failed to deposit it.
This resulted in the person not being able to raise a further loan, complained a professional, who attended the meeting.
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