CIBIL may soon come up with database of mortgage defaulters

Credit Information Bureau (India) Ltd (CIBIL) said it will come out with a database on mortgage defaulters and is also looking at expanding client base to telecom and insurance companies. “We will come up with a database of mortgage defaulters very soon,” CIBIL Managing Director, Mr Arun Thukral said after announcing the launch of a database of fraudulent activities here.
CIBIL, a repository for credit information, is also looking at providing data to telecom and insurance companies which would help them retain customers.

“We are looking at expanding our database. Giving data to telecom and general insurance companies are right now what we are looking to. Also we would come up with data for micro finance institutions (MFIs),” Mr Thukral said.

Members of CIBIL include banks, financial institutions, non-banking financial companies and housing finance companies.

The database for MFIs is aimed at providing information mainly about multiple lending to rural consumer borrowers, he said, adding that MFIs would gradually become main players in the domestic lending space.

CIBIL, a joint venture of TransUnion, banks and financial institutions, announced the launch of CIBIL Detect — a nationwide database of reported fraudulent and suspect activities.

The repository would provide data on high risk incidents in the credit sector of India. It would also provide details of individuals who have committed banking-related frauds in the past.

“Banks and financial institutions have been reporting rising cases of frauds and spurious incidences. As more and more banks start reporting fraud cases to CIBIL, the database would increase,” Mr Thukral added.

Courtsey : Taxguru.in





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