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What is the role of credit information and credit documents in the credit contract?
Wiki User
∙ 11y ago
A bank will collect all relevant credit inforamtion from the borrower and surety to pass on this information tothe Credit Information Bureau of India Ltd., (CIBIL) who will store all the credit related information about the borrowers in their data base. These information will be updated at frequent intervals for the benefit of the banks. If any bank wants to extend a loan or financiala facility they will first look into CIBIL report which will give all positive as well as negative information about a borrower. This information will contain all the relevant details of the borrower like his name, age, address, the loan amount, purpose loan, the instalments to be paid, loan amount paid so far, how much is due, the surety's name, his age and address, etc. It will not contain any personal information about the borrower like whether he is divorced or not, how many children he has, etc. Based on his past record of payments points will be awarded by CIBIL. The more the points, higher will be the credit rating. CIBIL will never recommend or interfere or impose a decision on the banker. What it does is that it will provide credit report about a borrower. It is for the banks to decide to give a loan or not to a borrower or to a new loan applicant.
Credit documents are documents evidencing that a borrower has taken a loan on a particular date, for a particular purpose, from a bank and how much loan was asked for by the applicant and how much the bank has given him,etc. These documents are necessary to prove its claim before a Court of Law. It is contract between the banker and the bank.
M.J. SUBRAMANYAM, XCHANGING, BANGALORE
Wiki User
∙ 11y ago
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