Credit Bureau And Credit Cards
Most of us use credit card. Most of us are aware of the fee structure, discounts, add-on features linked with the credit card, but, very less of us are aware of the names Credit Bureau and CIBIL.
Credit Bureau is a repository of credit information of all customers of its members, including banks and financial institutions. CIBIL or Credit Information Bureau of India Limited is an organization which collates credit information contributed by its members, helping the lenders to take credit related decisions. In short, CIBIL contains information only on loans and credit cards.
CIBIL has been created to catch up with the credit defaulters. CIBIL has a list of credit card holders irrespective of the nature of customer defaulter or non defaulter. It is source from which a credit card company can gather information about the customers who have availed loans or have a credit card. This makes easier for a bank to list out the defaulters and catch them. Almost all the top credit card companies have their clients enlisted in CIBIL.
CIBIL in itself is just like a beneficiary account, where the benefit of keeping a good credit record goes to the credit card holder or credit taker. Generally, the CIBIL report consists of information like name, address, and date of birth, phone number, passport number, voters ID number, PAN etc. of the customer or the loan availer. All this information helps the bank in verification of the client. The report generated by CIBIL, helps the loan issuer (the banker or the loan issuing institute in this case), take a prudent decision.
Institutions like Credit Bureau and CIBIL have been developed to keep a check on both Customers as well as Banks. Institutions like this indirectly keep a vigil, thereby checking on the frauds. So whenever you take a new credit card, remember that there is a eye which keeps track of your spendings.
Kotak Mahindra Bank, one of the leading Banks of India, too offers credit cards. These cards with their lifestyle features, offer schemes which help you keep a tap on your spendings, thereby making a intelligent spender and non defaulter for lifetime! To know how, just step into the world of Credit Cards by logging on the Kotak website
Credit Bureau is a repository of credit information of all customers of its members, including banks and financial institutions. CIBIL or Credit Information Bureau of India Limited is an organization which collates credit information contributed by its members, helping the lenders to take credit related decisions. In short, CIBIL contains information only on loans and credit cards.
CIBIL has been created to catch up with the credit defaulters. CIBIL has a list of credit card holders irrespective of the nature of customer defaulter or non defaulter. It is source from which a credit card company can gather information about the customers who have availed loans or have a credit card. This makes easier for a bank to list out the defaulters and catch them. Almost all the top credit card companies have their clients enlisted in CIBIL.
CIBIL in itself is just like a beneficiary account, where the benefit of keeping a good credit record goes to the credit card holder or credit taker. Generally, the CIBIL report consists of information like name, address, and date of birth, phone number, passport number, voters ID number, PAN etc. of the customer or the loan availer. All this information helps the bank in verification of the client. The report generated by CIBIL, helps the loan issuer (the banker or the loan issuing institute in this case), take a prudent decision.
Institutions like Credit Bureau and CIBIL have been developed to keep a check on both Customers as well as Banks. Institutions like this indirectly keep a vigil, thereby checking on the frauds. So whenever you take a new credit card, remember that there is a eye which keeps track of your spendings.
Kotak Mahindra Bank, one of the leading Banks of India, too offers credit cards. These cards with their lifestyle features, offer schemes which help you keep a tap on your spendings, thereby making a intelligent spender and non defaulter for lifetime! To know how, just step into the world of Credit Cards by logging on the Kotak website
Source...