Do you know that all banks and lending institutions in India are passing on your credit information along with your private information to CIBIL (Credit Information Bureau of India Limited)? On the basis of information provided by the lending institutions complete summary of any type of loan availed from any lending institution in India gets reflected in the CIR (Credit Information Report) of the individual, firm, company, trust, directors, partners, trustees etc.
Often I think that why we do not have DIBIL (Debit Information Bureau of India Limited) on the lines of CIBIL or cant we have one and only one "Credit and Debit Information Bureau of India Limited" to fetch reports of any individual where in information on Loans (Credit) taken by the individual from various lending institutions and Deposits (Saving Fund or Term Deposits) deposited with banks by the same individual are fetched to alert the lending institutions about the cheaters and fraudsters who get their loans settled or written off to accumulate unnoticed huge bank deposits.
In my opinion the day is not far away when the banking and lending institutions may shake hands to either launch DIBIL or convert the CIBIL into Credit and Debit Information Bureau of India Limited (CADIBIL). By doing so rating of India with Transparency International will get a big boost.
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