CIBIL has members than range from NBFC (Non-Banking Financial Corporation), financial institutions, nationalized banks, state financial corporations, housing finance companies, credit card companies.
CIBIL pulls out data from the member organizations about a particular record of lending amount transactions and keep a file of a particular borrower. So, CIBIL is a one-stop organization that keeps track of lending history of an individual/company.
Once an individual wants to lend money from a lender, the lender (NBFC/bank/financial institute) shall pull up the CIBIL Score/CIBIL Report of an individual to check his lending history.
CIBIL Score and report gives a detailed analysis of the lending account of the individual and thus helps the lender take an informed decision while lending. CIBIL rating has reduced the time a bank/financial institution/NBFC spends checking the record of an individual’s/company’s credit history.
CIBIL has brought every financial institution under the same umbrella and it also helps in avoiding black market lending.