CIBIL TransUnion Score and CIBIL Report to help ICICIdirect customers in maintaining financial discipline and managing their financial goals
Mumbai, June 17, 2014: ICICI Securities Ltd and CIBIL are pleased to announce that the CIBIL TransUnion Score and CIBIL Report will be available to over 2.9 million customers of www.icicidirect.com.
While people tend to track and plan their investments, unfortunately a default in credit card and loan obligations can derail these plans as it negatively impacts their CIBIL TransUnion Score and credit history and therefore directly impacts their ability to secure loans and credit cards. On the other hand, individuals with a good CIBIL TransUnion Score have access to finance, but they may also be rewarded for their financial discipline by receiving better terms on their loans and credit cards, in the form of lower interest rates or processing fees.
CIBIL provides comprehensive credit information on consumer and commercial credit to credit grantors, individual consumers and business entities in India. CIBIL’s advanced analytic and risk management tools help credit grantors mitigate risk and ensure superior portfolio performance. The CIBIL TransUnion Score is a three-digit numeric summary of an individual’s credit history- ranging from 300 – 900, and is integral to the loan approval process. The CIBIL TransUnion Score is derived using the credit history found in the CIBIL Report. A CIBIL Report is an individual’s credit payment history across loan and credit cards and credit institutions over a period of time.
“The CIBIL TransUnion Score and CIBIL Report has become one of the most trusted indicators of the borrower’s credit risk and repayment capability. We tend to be diligent about tracking our investments, unfortunately, this is not always the case with our credit card and loan obligations. This sometimes has a direct impact upon our ability to secure loans when we need them. Not only will individuals with a good CIBIL TransUnion Score have access to funds, but they may also be rewarded for their financial discipline by receiving better terms on their loans, in the form of lower interest rates or processing fees. We are confident this partnership will help create a more informed, financially active individual. We are confident the partnership with ICICI Securities will help us to reach out to many of their customers and assist them in meeting their financial goals,” said Arun Thukral, Managing Director, CIBIL.
This initiative is a culmination of ICICIdirect’s focus on providing their customers a bouquet of seamless personal finance services coupled with the growing need for people to understand both sides of their personal balance sheet in order to achieve their financial goals.
“ICICIdirect is committed to assisting its customers in meeting their life goals. In our current context, journey to meeting life goals usually starts with a credit card, a home loan or a personal loan. The CIBIl Report will help ICICIdirect customers to view both their loans and investments portfolio at a single place and thus manage their personal finance better. Tracking and maintaining high CIBIL TransUnion Score would ensure that customers get loans at a lower rate with high success rate. There are handy tips available for customers to further improve their CIBIL TransUnion Scores” says Abhishake Mathur, Head Investment Advisory Services, ICICI Securities Ltd.
ICICI Securities, one of the largest integrated securities firms in India, offers a complete bouquet Financial Planning which includes comprehensive investment planning, Portfolio Evaluation Services and Estate Planning Services.
About ICICI Securities
ICICI Securities is one of the largest integrated securities firms in India covering the needs of corporate and retail customers through investment banking, institutional broking, retail broking and financial product distribution businesses. ICICIdirect.com has over 2.9 million customers and is a leading player in online and offline financial product distribution.
About CIBIL
CIBIL is India’s leading credit information company and collects credit information of millions of borrowers. This information is collated into Credit Information Reports based on which the CIBIL TransUnion Score is generated for individuals. The CIBIL TransUnion Score CIBIL Report is used extensively by banks and credit institutions to evaluate loan applications. CIBIL creates immense value for financial institutions by providing data driven business solutions that drive lending strategy and hence, help manage risk. This in turn helps reduce costs and maximizes loan portfolio profitability. CIBIL provides its lenders with credit information pertaining to both consumers and companies. www.cibil.com