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Cibil to launch mortgage default database

Credit Information Bureau (India) Ltd (Cibil) will come out with a database on mortgage defaulters and is also looking at expanding client base to telecom and insurance firms.

business Updated: Jul 08, 2010 01:03 IST

Credit Information Bureau (India) Ltd (Cibil) will come out with a database on mortgage defaulters and is also looking at expanding client base to telecom and insurance firms.

"We will come up with a database of mortgage defaulters very soon," said Arun Thukral, managing director, Cibil, after announcing the launch of Cibil Detect — a nationwide database of reported fraudulent and suspect activities.

Cibil is also looking at providing data to telecom and insurance companies to help them retain customers.

"We are looking at expanding our database. Giving data to telecom and general insurance firms are what we are looking at. Also we would come up with data for micro finance institutions (MFIs)."

Members of Cibil include banks, financial institutions, non-banking financial companies and housing finance firms.

The database for MFIs is aimed at providing information mainly about multiple lending to rural borrowers, Thukral said, adding, MFIs would gradually become main players in the domestic lending space.