Can Minors have CIBIL or Credit Report?

A day before yesterday I was visited by one of the clients along with his son aged about 16-17 years and studying in 10th Class in a Modern Convent School. My client ordered Investigation of CIBIL Reports of himself, his wife, his father and mother in one go but he did not order an investigation into CIBIL Score and CIBIL Report of his minor son accompanying him.

The young boy could not stop himself and asked me – Uncle, Get my CIBIL Report too investigated. I politely told him that Minors do not have any Good or Bad CIBIL Report. He insisted that he was having all the necessary documents, ID and Address Proofs like PAN, Aadhar, Passport etc which were necessary for fetching the CIBIL Report.

I told him again that Minors cannot be granted loans as they can not enter into any Contract and as such, they can not have any CIBIL Report or Score, as the Contract Act says ” Minors can bind all other parties except themselves in case 3rd parties enter into any Contract with the minors. Even on attaining majority, the minor will have to get his PAN issued as a Major and only after having valid PAN Card as Major the minors on attaining majority may get “NO HIT” CIBIL Reports. At last, I could make the young boy understand the intricacies of the CIBIL Reports and CIBIL Scores and their importance in Daily Life.

After the Father and Son duo left the CIBIL Consultant’s office, it left a big question mark for me as to why can not we train and teach our young students in their academic classes about the importance and role of CIBIL Reports and CIBIL Scores in their future life. I am sure if the Education Ministry of GOI introduces it as a Practical Exam then we will have all Indian Citizens with Good CIBIL Scores. Let every student of the age of say 13-15 years and above be allowed to have Student Credit Card of say up to Rs.10000-00 each and they should be allowed free access to their CIBIL Reports through their Schools and Colleges. I am sure that all the students will get trained to maintain CIBIL Score of more than 850 and on attaining majority or after getting involved in employment or business they will strive hard to keep their Credit Health under check even without subscribing to our Silver or Gold Credit Health Check Up Plans.

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