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Calcutta, July 26: Credit Information Bureau of India Limited (Cibil) plans to modify the format of credit information/worthiness report for individual borrowers.
Cibil managing director Arun Thukral today said the data format in use was developed seven to eight years ago on the basis of information banks were able to provide at that time. “In the new format, we aim to capture data on income of the borrower to prepare the report,” he said.
Under the current system, the credit score of an individual depends on, among other things, the utilisation and the mix of credit a borrower has. For example, how much credit the consumer is using and whether he is using mainly unsecured loans such as credit cards and personal loans.
A higher credit score means the consumer is more creditworthy than one with a lower score.
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