Banking and Finance

CIBIL Report and Non Resident Indians

As NRIs are living in a foreign country, they may avail loans abroad and if an NRI wants to apply for a loan in India, the Banks or financial institutions may insist for an overseas credit report. This is in addition to the Credit Information Report generated from Credit Bureaus like CIBIL, Equifax Experian, India.

Credit Information Report and the credit score measure the creditworthiness of an individual.A Credit Information Report (CIR) depict repayment history as reported by various member banks and financial institutions about an individual. Your credit score plays a key role in the decision making process when you apply for loan with a Bank or financial institution. It is therefore important to monitor it on a regular basis to ensure that the credit information report is up-to-date and to check for any inaccuracies in your CIR.

In India, the popular credit information company is Transunion CIBIL Limited (Formerly known as Credit Information Bureau (India) Limited).The report from Transunion CIBIL Limited is generally called as CIBIL Report. Banks and Financial institutions generate this report when you apply for a loan with them.CIBIL score ranges between 300 to 900.Generally Banks are considering a score of 650 as a thumb rule to arrive at a decision on your application. This may vary from Bank to Bank.

It is also important to know the various overseas credit information reports in countries where the NRI population is more. In UAE recently Al Etihad Credit Bureau (AECB) launched a credit scoring system which track the credit history of individual and companies in UAE.Qatar Credit Bureau issue Credit Information Report for individuals and companies in Qatar. Bahrain Credit Reference Bureau provide credit information report to members of the Bureau upon request, in conformity with provision of the law of the country. In Saudi Arabia, Saudi Credit Bureau known as SIMAH was created in 2002 to act as a data aggregator, providing a comprehensive system of credit information, collected by the banks in order to be exchanged easily between them. In Oman, Bank Credit & Statistical Bureau (BCSB) established in 1978 by Central Bank of Oman (CBO) which collect and provide credit information to the lending institutions to manage their credit risk and facilitate distribution of credit to all the sectors in the economy.

In United States, you are entitled to a free credit report from each of the three credit reporting agencies Equifax, Experian, and Transunion once every 12 months. You can request all three reports at once, or space them out throughout the year. In UK, your credit report is compiled by companies known as credit reference agencies (CRAs). There are 3 CRAs in the UK – Experian, Equifax and Callcredit.

Your credit history plays a key role in your ability to obtain credit, hence it is important to understand your credit history to take control of your financial situation. So it is a good idea to keep your CIR updated and correct, as it makes it easier for banks to approve your loans.

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