The oldest credit information agency of India has introduced credit score facility for customers too.

Credit Information Bureau of India, commonly known as CIBIL has launched CIBIL TransUnion Score in order to cater to the retail customer segment.

So far banks had access to credit scores of customers on the basis of which they decided on the creditworthiness of the borrower and thus on whether to sanction him a loan and if yes then the amount, repayment period and other details too.

With the inception of the new score facility, even the borrower will be able to avail these services now.

The score will be available at a price of Rs 450. All factors like loan amount, the nature of loan (secured or unsecured), the tenure, repayment history and kind of defaults made will be taken into consideration.

According to Mr Arun Thukral, Managing Director, CIBIL, the score would throw light on the chancesof a borrower getting delinquent with the loan in the next 12 months to come.

"While CIBIL doesn't pass a value judgement over the score, the likelihood of a loan getting passed is higher if the score is higher. Therefore, banks would prefer a higher score so that their risk is minimised," he said.

"We are developing the process of online authentication of documents required for identification and address proof,'' Mr Thukral said.