Credit Information Bureau (India) Ltd (CIBIL) has announced that it will come out with a database on housing loan defaulters and is also planning to provide its services to telecom and insurance companies.
“We will come up with a database of mortgage defaulters very soon,” CIBIL Managing Director Mr Arun Thukral was reported saying at the launch of a database of fraudulent activities.
CIBIL, a repository for credit information, has as its members, banks, financial institutions, non-banking financial companies and housing finance companies. It plans to provide data to telecom and General insurance companies which would help them retain customers and also for micro-finance institutions (MFIs). The MFI database will provide information regarding multiple lending to rural consumers and borrowers.
Fraudulent activities database
CIBIL launched CIBIL Detect — a nationwide database of reported fraudulent and suspect activities. The repository would provide data on high risk incidents in the credit sector and 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 was reported saying.

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