ICICI Securities Ltd and CIBIL today announced the availability of CIBIL TransUnion Score and individual Credit Portfolio Insights on ICICIdirect.com. This is a first-of-its kind service in India where the investments and loan portfolio are updated automatically in their account. This service is a subscription based service for ICICIdirect customers at a nominal fee.
In 2014, ICICIdirect partnered with CIBIL to offer CIBIL TransUnion Score and CIBIL Report. Since then, the customers had quick access to view both their loans and investments portfolio at a single place and thus they were able to manage their personal finances better.
ICICIdirect.com has over 3.8 million customers and offers a wide variety of investment services. Keeping a track of one’s CIBIL Report and CIBIL TransUnion Score is as important as monitoring investments as it has a direct impact on the risk taking ability of an investor. The new initiative by ICICI Securities and CIBIL will enable ICICIdirect customers to track their Investments, Loans and CIBIL TransUnion Score all in one place.
“We are committed towards helping our customers in meeting their financial goals. Credit and loans are as important in our customers’ life as their investments. By integrating investment portfolio with the loan portfolio and CIBIL Credit Score on ICICIdirect.com, we believe that we will further help our customers to have better control over their finances and goals,” says Abhishake Mathur, Head Investment Advisory Services, ICICI Securities Ltd.
“Today majority of the loans or credit cards get approved after checking the applicant’s CIBIL Report and CIBIL TransUnion Score. An individual’s CIBIL Report and CIBIL TransUnion Score not only determine whether or not the person qualifies for a loan, but it may also have an impact on the terms and conditions on the loan. The higher the score, the better may be the chances of availing the loan faster and on favourable terms,” said Harshala Chandorkar, Chief Operating Officer, CIBIL. “We have received a good response from ICICI Securities customers on our earlier partnership and we are confident that with the availability of both the CIBIL TransUnion Score and individual Credit Portfolio Insights, we will reach many more customers and assist them in meeting their financial goals,” she added further.
CIBIL provides comprehensive credit information on consumer and commercial credit to credit grantors, individual consumers and business entities in India. CIBIL’s advanced analytic and risk management tools help credit grantors mitigate risk and ensure superior portfolio performance. The CIBIL TransUnion Score is a three-digit numeric summary of an individual’s credit history- ranging from 300 – 900, and is integral to the loan approval process. The CIBIL TransUnion Score is derived using the credit history found in the CIBIL Report. A CIBIL Report is an individual’s credit payment history across loan and credit cards and credit institutions over a period of time.
About ICICI Securities
ICICI Securities is one of the largest integrated securities firms in India covering the needs of corporate and retail customers through investment banking, institutional broking, retail broking and financial product distribution businesses. ICICIdirect.com has over 3.8 million customers and is a leading player in online and offline financial product distribution.
CIBIL is India’s leading credit information company. It creates immense value for financial institutions by providing objective data and tools to help them manage risk, and devise appropriate lending strategies thus reducing cost and maximizing portfolio profitability. CIBIL benefits both credit grantors and consumers by collecting, analyzing, and delivering information on credit histories of millions of borrowers. It provides its members with information on both consumer and commercial borrowers, thus enabling them make sound credit decisions across both individuals and businesses. It also provides services and education to consumers to help them better manage their finances.