Credit Information Bureau (India) Ltd (Cibil) has now made it easier for consumers to get their credit score and report. On Wednesday, Cibil, the first credit bureau of the country, also became the first to give online access to credit report and score. Says Arun Thukral, managing director, Cibil, “This makes accessing the credit score and report easy since it’s paperless, faster and secure.”
How it works?
Visit Cibil.com and fill in the request form online. You would have to take both the report and the score online. If you want only the report, you would need to go offline.
Cost: The next step is to pay online. The cost is Rs450 to get the score and the report.
Authentication: The system will then start the authentication process.
You don’t need any documents, but need to answer three questions based on your credit history, such as the bank name from which you have taken the highest amount of loan and the loan amount.
If you fail to answer even one question, you will be asked another question. A total of five questions will be asked, out of which you will have to answer at least three correctly for authentication to be successful.
If authentication is confirmed, the bureau will send you the credit score along with the report via email.
If authentication fails: In this case, you will need to send the payment confirmation printout along with relevant documents of identity and address proof to Cibil’s office. Once they receive it, they will send you a hard copy of the score and report; it will take about 10 days to reach you.
Timeline: Though you can apply for the report online, you don’t get it immediately. You will have to wait for two days to get the score and report via an email. Thukral says, “Net banking or card payments usually take a couple of days to get processed.”
But it is still better than the offline mode, which takes at least 10 days to reach you.
Security: Says Thukral, “We have tested the authentication tool rigorously. There are permutation and combinations of questions, which keep changing.” But all are not convinced. A cyber fraud specialist and a bank forensic expert, who did not want to be named, says, “The paperless initiative may be good, but that does not rule out the chance of fraud and comes with risk. When you get the report at a physical address, it’s safer then getting via email. Anyone who has access to details about your financial matters can answers these questions and get your credit report delivered to their email address. For instance, a chartered accountant (CA) and other employees in his office have access to the details of your finances.”
Only time will tell whether it is safe to use the tool.