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Mumbai, Nov. 13 Credit Information Bureau (India) Ltd proposes to come out with a home loan repository. This mortgage repository will have information on individual home loan payment history.

Banks and housing finance companies can refer this data base for evaluating the creditworthiness of potential borrowers.

This is one of the three new initiatives of CIBIL, the provider of credit information of both commercial and consumer borrowers.

Personal loan score is another product, the bureau will be offering to its customers. The personal loan score, built out of the personal loan data of the past few years, can be used to predict the possibility of delinquency of a customer in this loan segment at some future time and will be launched in December, said Mr Arun Thukral, Managing Director, CIBIL.

For being assigned a score, the customer needs to have at least a 6-month payment history, he explained.

CIBIL is also working on another important data base on loan frauds. The fraud repository which will have information on customers indulging in fraud will be ready by nest financial year.

CIBIL currently has 162 members including scheduled commercial banks, housing finance companies and non-banking financial companies.

The products being offered is in direct response to the needs of our members, said Mr Arun Thukral.

At present, CIBIL offers consumer credit information reports, risk score, portfolio review report, macro reports and commercial credit reports.

CIBIL’s database has a total of 125 million payment histories of consumers and over 2 million payment histories of corporates, providing both positive and negative credit information.

“Once the Credit Information Companies (Regulation) Act comes into effect, cooperative banks, regional rural banks, telecom and insurance companies can also avail credit information. The act will also allow consumers access their credit reports”, said Mr Thukral. The act will also help the financial institutions access credit information across multiple lenders.

More Stories on : Housing Finance | Credit Market

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