The Full form of CIBIL is Credit Information Bureau (India) Limited. Established in August 2000, CIBIL is the first credit information company in India. The company collects and maintains credit records of individuals as well as commercial entities pertaining to payments and borrowings related to loans and credit cards. CIBIL obtains this information with the help of its members of banks and credit institutions. This information is then used to create Credit Information Reports (CIR) and credit scores which are provided to credit institutions in order to help evaluate and approve loan applications. This information is then used to create credit scores and Credit Information Reports (CIR) which are provided to credit institutions in order to help in evaluation and approval of loan/credit applications. CIBIL is licensed by the RBI and is also referred to as the Credit Bureau. It is governed by the Credit Information Companies Regulation Act, 2005. CIBIL plays a major role in India’s financial system by helping banking and credit institutions to better manage their business and by helping customers secure credit on fair terms. CIBIL plays a major role in loan/credit applications and approval processes. Without a satisfactory CIBIL score, an individual or an entity may not be eligible for many loans.