In a credit report, for an individual credit report, the personal information mainly required includes the Aadhaar number, PAN card number, passport, voter ID, etc.In the case of a business credit report, KYC documents and details such as the GST number are required for public/private companies, partnership firms, proprietorship firms, trusts, HUFs (Hindu Undivided Families), registered societies, and similar entities.
Under the guidance of the Indian Institute of Banking & Finance (IIBF), some leading banks, and the Reserve Bank of India (RBI), CIBIL was established in the year 2000. The full name of CIBIL is Credit Information Bureau (India) Limited. Its objective is to create a centralized credit information system in India, maintain accurate records of the credit transactions of individuals and companies, and assist banks as well as NBFCs in taking risk-based lending decisions. Accordingly, CIBIL officially commenced its operations in 2004.Later, in 2016, the global credit information company TransUnion acquired a majority stake in CIBIL. Following this, the company was renamed TransUnion CIBIL. This change enabled the availability of international technology, improved risk models, and a more accurate credit scoring system in India...(To continue, open the magazine)