Getting started

Credit

Providing money, goods and services with a promise to repay the value with an interest and other charges at a later date. (OR) Providing money, goods and services with a promise to repay the value with a specific terms and conditions at a later date.

Credit Bureau
Credit Bureau is an agency that collects, compiles, consolidates and sells the factual information about the creditworthiness, or the ability to meet debt obligations of individuals or companies. It is generally an information sharing arrangements that help to reduce the problem of asymmetric information in credit, insurance and other markets. It is a credit reporting agency.

Credit Bureau provides information to number of clients that extend credit to consumers and businesses that extend credit to businesses.

Credit Bureau will serve as a clearing house for credit information history. Credit grantors (members) provide information about the repayment by their customers to the Bureau and the Bureau assembles the information into a file on every customer or business.

Credit Reports and History

Credit Information Report
Credit Report is a true history of the borrower's credit information provided by the credit grantors, compiled and consolidated by the Bureau. The report helps the credit grantor to make quick and objective lending decision. The report can be No Hit Report or Hit Report. If the information of the client does not exist in the bureau, the report will generate as No Hit Report (Clean Report). If the information of the client is in the bureau's data base, the report is termed as Hit Report.

Credit History
In carrying out its functions, the Credit Bureau shall obtain credit account history data from all member institutions. The information received from member institutions shall not be manipulated or distorted by the Bureau. The Bureau will compile and consolidate the information into credit histories and disseminate to its members at their request.
A consumer credit report includes four kinds of information:

1. Demographic Information: Name, Citizenship Identity Card, date of birth, addresses (permanent and present) etc.
2. Credit Information: Accounts at banks, amount sanctioned, sanctioned date, total amount outstanding, amount in arrears, etc.
3. Other Information: The information gleaned from public records including bankruptcy filings, court judgments and possibly arrest or convictions related to financial fraud.
4. Inquiry Information: This will include a number of inquires made by the consumer and the commercial entity for a particular credit facility, the reasons for making the inquiry etc.

With regard to the commercial credit report, it contains information pertaining to a commercial entity including farmographic, credit information, inquiry information and other information.

Self Inquiry Process
It refers to the process by which an individual/commercial entity can obtain the Self Inquiry Report (SIR) by accessing either CIB or any Member of CIB. This document explains the Self Inquiry Process at CIB and highlights the various processes that are involved during a Self Inquiry. It also explains the various steps that a Subject needs to follow while requesting for the SIR.

Dispute Resolution Process
This document explains the process to be followed in resolving disputes raised by the Subject based on the SIR. It also explains on the different stages involved in the Dispute Resolution (DR) process to enable CIB to efficiently handle a dispute which is raised by the subject in respect of information contained in a SIR obtained from CIB.