Mumbai, Nov 28 (UNI) In order to help banking and financial institutions to better evaluate the credit worthiness of a customer, Credit Information Bureau (India) Limited and Transunion Score launched the credit score solution here today.
A credit score takes a snapshot of a consumer's credit report and through advanced analytics turns the information into three-digit number representing the amount of risk a consumer brings to a particular transaction.
''By intorducing this generic score with Transunion, CIBIL is helping financial institutions to minimise future defaults as well as potentially reduce consumer abuse of the credit system,'' said CIBIL chairman S Santhanakrishnan.
Developed by US-based Transunion, the credit score solution has been adopted by financial services companies in countries like Korea, Hong Kong and Shanghai.
In India, CIBIL, which is in the domain of credit data analysis, will provide the credit score solutions to its existing clients such as HDFC and ICICI.
Launched in 2004, CIBIL is country's first consumer credit bureau and maintains files on over 90 million trades.