Do you know that all banks and lending institutions in India are passing on your credit information along with your private information to CIBIL (Credit Information Bureau of India Limited)? On the basis of information provided by the lending institutions complete summary of any type of loan availed from any lending institution in India gets reflected in the CIR (Credit Information Report) of the individual, firm, company, trust, directors, partners, trustees, etc.Ā Often I think that why we do not have DIBIL (Debit Information Bureau of India Limited) along the lines of CIBIL or can’t we have one and only one “Credit and Debt Information Bureau of India Limited” to fetch reports of any individual wherein information on Loans (Credit) taken by the individual from various lending institutions and Deposits (Saving Fund or Term Deposits) deposited with banks by the same individual are fetched to alert the lending institutions about the cheaters and fraudsters who get their loans settled or written off to accumulate unnoticed huge bank deposits.
When PAN Numbers can fetch the Credit Information of the Individuals then why the Govt of India does not allow the Information Bureaus to fetch the Debit (Deposits) Information of the Individuals to enable the Credit Institutions to exercise the right of set-off against the willful defaulters. I had suggested renaming Credit Information Bureau of India Ltd. (CIBIL) to be named as Credit and Debit Information Bureau of India LtdĀ
When PAN Numbers can fetch the Credit Information of the Individuals then why the Govt of India does not allow the Information Bureaus to fetch the Debit (Deposits) Information of the Individuals to enable the Credit Institutions to exercise the right of set-off against the willful defaulters. I had suggested renaming Credit Information Bureau of India Ltd. (CIBIL) to be named as Credit and Debit Information Bureau of India LtdĀ
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In my opinion, the day is not far away when the banking and lending institutions may shake hands to either launch DIBIL or convert the CIBIL into Credit and Debt Information Bureau of India Limited (CADIBIL). By doing so the rating of India by Transparency International will get a big boost.
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PS: We have no association with any Credit Rating agencies likeĀ CIBIL,Ā Experian,Ā Equifax, orĀ CRIF High MarkĀ ā which are the only Credit Rating Agencies in India