The TransUnion CIBIL was formerly known as the Credit Information Bureau (India) Limited. The company offers one free CIBIL score every year for checking the creditworthiness and creating awareness towards CIBIL. The CIBIL score and consecutively CIBIL report can easily be obtained by both companies and individuals. However, both have to use different platforms for the same. On one hand, where individuals who want CIBIL score are known as ‘CIBIL Consumers', the companies opting for it are termed as ‘CIBIL Members'.
In this way, any individual who wants to view or check his/her CIBIL score and return is a CIBIL Consumer. ‘CIBIL Member’ contains companies or organizations among different fields such as telecom, insurance, banks, reconstruction, and other credit rating companies who want an elevation in their creditworthiness.
For creating the login into the website of the CIBIL, customers and companies should go to the official website of the CIBIL, and then click the button mentioning ‘Free CIBIL Score and Report’. Consecutively, an individual will be taken to the page where he/she has to provide details about loans and credit cards for viewing their score and access their report.
However, before this, one has to (be it customer or company) complete the process of registration via the website. From here one can even avail the credit reporting service of CIBIL. The subscription of CIBIL also allows an individual to avail other products and services such as monitoring of credit and resolution of a dispute. Most of the times, CIBIL offers a bi-annual or quarterly subscription of the reports generally on discounted rates.
The charges for individuals are Rs.550 for accessing the report and score one time, Rs.800 for a subscription of twice in a year and Rs.1, 200 for the quarterly subscription. For organizations, the rates are Rs.3, 000 for accessing the report and score one-time. The CIBIL report of the company or commercial CIBIL is known as CIBIL Company Credit Report (CCR) and the report is known as the CIBIL report.
Commercial CIBIL Login Process
In order to access the CIBIL report and score of the company or to get commercial CIBIL one has to follow the below steps:
- Got to CIBIL’s Website: Visit the website of CIBIL and after that click the button mentioning ‘Company Credit Score’. Provide all the required information, such as - company’s name, legal constitution, registered address of the company, the name of the applicant along with the relationship that he/she shares with the company, the PAN of the company, landline number of the company, company's mobile number, company’s email id, Company Identification Number, identity and address proof of the authorized signatory, Director Identification Number, and Account Number of the Loan. After this click the button saying ‘Proceed Payment’.
- Select the Payment Method: Select one of the provided payment methods such as Credit/Debit card, Cash Card, and Net Banking for completing the process of payment.
- Generation of IDs: The CIBIL Registration ID and transaction id for payment are generated and emailed to the registered email id. The registration id of CIBIL is needed to login CIBIL.
- Upload Company’s KYC: The KYC or Know Your Customer documents must also be uploaded for completion of the registration process. The KYC documents are then verified by the CIBIL for generating the CIBIL score and credit report of the company (CCR). Generally, the CIBIL score is measured on the scale of 1 to 10, wherein 1 is the highest and 10 is the lowest. Any score between one to four is considered an ideal or good range of CIBIL.
Documents Required for Commercial CIBIL Login
The companies and individuals have to provide KYC documents for completing the process of registration. Enlisted are the required documents:
- Address Proof for Companies and Individuals: Bank statement, telephone bill, electricity bill, etc.
- Identity Proof: PAN card, Aadhar Card, Voter ID card, Passport, or Driving License.
Note: The documents that needed for address proof must be the same as one that has been mentioned at the time of the registration process. This is required for both companies and individuals. As the companies already provide their identity through PAN card and some other documents, thus they are not required to provide any other ID proof. However, the only requirement is to provide address proof so that the credit report can easily be sent by CIBIL.
Requirement of Commercial CIBIL
Companies and individuals having good credit score can easily avail various advantages in comparison to the companies and individuals with a low or poor CIBIL score. Here are the advantages of the same:
- Smooth and Fast Loan Approval: The loan approval process takes a forward step when an individual or company has high CIBIL score. On the other hand, those who have poor credit score have to provide many documents to their prospective lenders for proving their creditworthiness.
- Higher Chances of Getting Loans and Credits: The more the CIBIL score, the higher are the chances of an individual or company of getting loan or credit from financial institutions and banks. The reason for the same is high CIBIL score indicates the creditworthiness and ability of one to payout the loan amount within the specified due date.
- Ability to Negotiate Easily: The companies and individuals having good credit score are considered as prospective clients with whom lenders can easily lend money. This gives a scope to negotiate on the rate of interest or best deal on loan.
- Higher Loan Limits: Having a higher credit score not only helps companies and individuals to get a loan at the lower interest rate, but they can as well avail the higher loan limits.
- Credit Cards with Great Offers: A good credit or CIBIL score also attracts credit cards with great offers such as amazing benefits of cashback, etc.
CIBIL Commercial Login – FAQs
Q1: Do the companies have credit report as individuals?
Yes, the companies also have CIBIL scores and reports. However, there are different platforms for companies and individuals to access these reports. The individuals are known as ‘CIBIL Consumers’ whereas companies are known as ‘CIBIL Members’.
Q2: What does the DUNS number mean?
A DUNS number is a unique number that a company has or with which a company is identified when it requires to access its history of credit.
Q3: Why do companies want credit reports?
At the time of the commercial loan requirement, the companies also need good CIBIL score and good credit history.
Q4: What is the difference between a credit report of an individual and credit report of a company?
An individual's credit report reflects the personal financial management of that person. However, a company's credit report considers the entire company and not any employee of that company.