After providing its customer centric credit reporting services for years, CIBIL, Credit Investigation Bureau of India, is now planning to venture into institutional domain. The credit agency is expanding its footprint in the online marketplace domain to provide loans to the customers and businesses alike. The new marketplace will be on the verge of already running maretplaces like PaisaBaazar and BankBaazar.
CIBIL has its marketplace live already, however, the agency is planning to bring more banks and lending partners. Currently, it has partnered with 14 lenders to provide loans and aims to have at least 35 in the coming weeks.
Hrushikesh Mehta, head of customer interactive operations at CIBIL told reporters that the agency currently gets over 1 lakh visitors on its website. On the online marketplace, it provides a free CIBIL report to the customers every year and based on that, suggests the best options for loans to the customers.
CIBIL is the oldest credit rating agency in the country. It is mandated by credit information act, which entitles it to receive all the lending data from banks and other lending institutions. The main aim of these agencies is to ensure that the defaulters do not have access to any of the lending options.
Despite having option to check their CIBIL score for free on their website, many of the customers still depend on their banks to check these scores. Also, even after being the central credit agency for years, CIBIL has failed to create a well-known name.