Two PSBs using risk profiling tool.

K.R. Srivats

New Delhi, Aug. 26 CIBIL, the country’s first credit information bureau, plans to launch two new products – ‘CIBIL Detect’ and ‘CIBIL Mortgage check’ – in the coming quarter, Mr Arun Thukral, Managing Director, has said.

A credit information bureau is a repository of credit information, which contains the credit history of commercial and consumer borrowers.

CIBIL collects commercial and consumer credit-related data from banks and credit grantors and collates such data to create and distribute credit reports to members. Only institutions that share information with CIBIL can access information from it.

Under ‘CIBIL Mortgage check’, banks and other credit grantors could utilise a central repository for verifying the authenticity of the property documents before sanctioning home loans.

There is always a possibility that the property documents submitted to a bank or under a mortgage transaction may not be genuine, Mr Thukral pointed out.

The CIBIL Mortgage check would help banks to take a better lending decision, he noted.

As regards ‘CIBIL Detect’, Mr Thukral said that banks will be allowed to access a separate repository in case they felt that certain transaction could be fraudulent or was a suspicious one.

Meanwhile, Mr Thukral said that two public sector banks have started to use CIBIL’s recently launched product -Bureau Credit Characteristics, a risk management tool that goes much more in-depth into risk profiling and provides better understanding of customer payment behaviour.

(This article was published in the Business Line print edition dated August 27, 2009)
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