RBI governor said CIBIL will Provide One Free Year Credit Report

CIBIL (Credit Information Bureau of India Limited) will soon provide one free credit report a year.During a seminar held on Transformation of Rural India through Financial Inclusion, RBI Governor Raghuram Rajan stated that CIBIL might soon provide a one free credit report a year.

To get a CIBIL report from the banks; Individuals need to pay a minimum of Rs 500 to get their credit report.As per the latest announcement by the end of the year,CIBIL will start providing a year free credit report which helps them to check their credit rating scale or score.

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CIBIL score or Company Credit Report will let you understand your credit worthiness to fast track your company growth. So build a good transaction one has to maintain a healthy score growth, Says Rajan

Reserve Bank of India Chief Rajan also explained the importance of keeping a good CIBIL Score.He said that every individual should have more than a score of 750 for the beneficial purpose to avail loans and credit cards. He also told to maintain timely payments to get a good CIBIL score.

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Harshala Chandorkar, CIBIL Senior Vice President, said that the organisation is focussing on 360-degree view for consumer beneficial purpose. If you need to access to money either for the loan or credit card, you should maintain you CIBIL score of 750+.

Dr Rajan’s tenure as RBI governor will end on 4th September and might succeeded by Arvind Panagariya, Vice Chairman of NitiAayog.

CIBIL, the Credit Information Company (CIC) found in August 2000 has its headquarters in Mumbai. Having a slogan of “Empowering you”, it provides various services like Financial Research, Risk and Policy Advisory. The organisation maintains a record of individual payments which pertains to loans and credit cards.