CIBIL has come out with new measures to track fraudsters. The Credit Information Bureau has come up with India's first database of fraudsters. This database would enable banks to look into the credit worthiness of customers applying for any kind of financial relationship with them.
The service, said to be a long term one is set to benefit the good lot of customers avail loans at cheaper rates. Afterall, honesty seems to be going to pay the credible customers.
Cibil is already into tracking the repayment history of customers so that banks can judge the repayment capability and intention of a customer before sanctioning him a loan.
The service is named CIBIL detect and and the database has been created with the support of member banks who have furnished the details of frauds occured with them.
The database can be accesses using the name, telephone number, address, date of birth and other details like PAN, passport, driving license, voter's ID etc.
According to CIBIL MD Arun Thukral, "These days good borrowers subsidise the bad borrowers. Interest rates depend on the risks associated. CIBIL Detect will ensure that good borrowers do not pay high interest rates."