Differences Between Consumer CIBIL and Commercial CIBIL

The credit score is one of the most instrumental parameters determining your eligibility for a loan. Whenever you apply for finance, the loan company checks your credit score to determine your creditworthiness. While four credit reporting agencies are active in India, the credit score assigned by TransUnion CIBIL is called the CIBIL score. CIBIL caters to two major segments of borrowers: individual consumers and commercial entities. Currently, the credit bureau maintains credit files of 32 million businesses and 600 million individuals, making it one of the biggest bureaus in the country.

Whether you are an individual or a business owner looking for credit, understanding the difference between consumer CIBIL and commercial CIBIL is essential. Let’s dive in to gain an insight into their purposes, features, and differences.
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What is Consumer CIBIL and Its Purpose?

Consumer CIBIL is the segment of CIBIL that assesses the credit ratings of individual consumers based on their creditworthiness. It collects and evaluates data from multiple finance companies, including credit card issuers, NBFCs, banks, etc., to generate credit reports and calculate credit scores for individual consumers. The purpose is to let lending institutions determine your loan eligibility, amount, interest rate, credit limit, etc.

A consumer CIBIL report contains personal details like your name, PAN number, address, contact details, etc. It also includes your credit-related information, like your credit accounts, credit enquiries, payment history, outstanding balances, and negative entries like debt settlements or defaults. In short, it contains your information on an individual level. You may also qualify for a low CIBIL score Personal Loan, but a lower amount at a higher interest.

What is Commercial CIBIL and Its Purpose?

Commercial CIBIL is a CIBIL segment that focuses on assessing the credit histories of commercial entities like institutions, businesses, etc. Its purpose is to let lenders evaluate the entity’s credit report and make informed lending decisions while extending them credit. Based on a business's commercial CIBIL score, loan companies can measure the risk of sanctioning the loan application.

Several factors work together to determine an entity’s commercial CIBIL rank, including payment history, credit mix, credit utilisation, and negative information like delinquencies or defaults. The business’s profitability, debt repayment habits, and financial stability play an important role in determining its commercial CIBIL rating.
Read Also: Get Instant 50,000 Loan Without CIBIL Score

Features of Consumer CIBIL

A consumer CIBIL report focuses on your individual credit history, covering details like the following:

• Personal details, like your name, lender’s details, credit facilities in your name, contact details, credit age, etc.
• Account specifics, like your lender’s name, account numbers, account types, account ownership, date of account opening and closing, loan amounts, date of last payment, current outstanding balance, etc.
• Account status, like settlement, written-off, days past due, etc.
• Enquiry information, like the number of credit enquiries in a short period, behaviour of seeking credit, etc.

Features of Commercial CIBIL

A commercial CIBIL report is a comprehensive document summarising your organisation's financial standing. It has the following features to help lenders evaluate your creditworthiness:

• Identification, like your Report Order Number indicating the number of times you have accessed your report from the CIBIL’s database
• Enquiry information, including the company name, address, and identification code
• Borrower’s profile, including your company name, class of activity, legal constitution, contact details, company PAN, registration number, reported delinquencies, etc.
• CIBIL Rank ranging from 1 to 10
• Enquiry summary in the recent past
• Derogatory information like overdue, defaults, dishonoured cheques, etc.
• Outstanding balance
• Location details
• Details about related parties, individuals and entities
• Credit facility details about the borrower and guarantor, including payment status, overdue, etc.

Key Differences Between Consumer and Commercial CIBIL

While both consumer and commercial CIBIL serve the similar purpose of evaluating a loan applicant’s creditworthiness, they differ from each other in various ways. These include the following:

Read Also: What is CIBIL Report - CIBIL Meaning and Calculation

How to Check Consumer and Commercial CIBIL

There are different steps to check consumer CIBIL score and commercial CIBIL rank. These are as follows:

Steps to Check Commercial CIBIL Rank:

Step 1: Visit the official CIBIL website.

Step 2: Select ‘Get your CIBIL score’.

Step 3:Type in a few details, like your name, email address, phone number, date of birth, PIN code, etc.

Step 4: Attach a valid ID proof.

Step 5: Click ‘Accept and Continue’.

Step 6: Go to the dashboard and check your credit score.

Step 7: Click on CIBIL consumer login.

Step 8: Enter your login details to see your consumer CIBIL score.

Steps to Check Commercial CIBIL Rank:

Step 1: Visit the official CIBIL website at cibil.com/online/Company-credit-report.do

Step 2: Fill out an online form with details like your company’s legal constitution, registered address, contact details, PAN details, etc.

Step 3: Enter your commercial CIBIL login details.

Step 4: Select a payment mode to pay the applicable fee.

Step 5: Receive your registration and transaction ID at your email address.

Step 6: Upload your KYC documents to receive your commercial CIBIL report with rank.

Read Also: How to Check Your Current Cibil Score by Aadhar Card?

Existing H2: Importance of Maintaining a Good Credit Score

Maintaining a good credit score is crucial for both individuals and businesses. A solid credit history opens up numerous financial opportunities and provides a foundation for financial stability and growth. Here, we’ll discuss tips for maintaining a good Consumer CIBIL score and a good Commercial CIBIL score, as well as the broader impact of good credit scores on financial opportunities.