Rural loan seekers to benefit as CSC ties up with TransUnion for CIBIL score

New Delhi [India], June 30 : The Common Service Centre (CSC) special purpose vehicle under the Ministry of Electronics and Information Technology has partnered with credit rating agency TransUnion CIBIL Ltd to provide consumers CIBIL score.
This will allow citizens especially in rural areas where CSC has over 2.5 lakh centres to access bank loans quickly for their entrepreneurial and personal needs.
A CIBIL score is essentially an assessment of an individual's credit worthiness and financial health which is used as an indicator for providing loans and credit services.
To get the CIBIL score through CSCs, customers will go through an authentication mechanism supported by Aadhaar OTP and biometric. After the successful authentication, the village level entrepreneur can access CIBIL Credit Bureau Database through the Digital Seva Portal and check available information about the customer and download the report.
"Customers in rural communities lack awareness about the CIBIL score and do not have access to their credit worthiness," said CSC Chief Executive Officer Dinesh Tyagi.
"A good credit score can also be used by a customer to bargain for a better interest rate. In some cases the customer wants to dispute the score and therefore can raise such queries through CSC," he said in a statement on Tuesday.
Nearly 19 per cent of credit availability in rural India is through the informal sector. "The facility by CSC will provide an opportunity for the formal financial sector to address the credit need of such customers, especially from rural India, and provide the desired impetus to economic growth," said Tyagi.