Features – CIBIL Commercial Report
The main features of the CIBIL Commercial Report are mentioned below:
- Credit history of potential commercial borrowers can be accessed.
- You can access financial responsibility before making a decision.
- Risks are lowered and you can lend with confidence.
- You can get insights into the overall borrowings across various lending institutions.
- The credit can be disbursed faster.
Process to get CIBIL Commercial Report
The step-by-step procedure to get the CIBIL Commercial Report is mentioned below:
- Visit https://cibilrank.cibil.com/.
- Details about your company such as the name, ID Value, type, GSTN Value, contact information, and address must be provided.
- Agree to the terms and conditions and click on ‘Submit & Continue to Step 2’.
- On the next page, choose the mode of payment. Depending on the plan that you have chosen, the amount that must be paid will vary.
- Once the payment has been made, a Transaction ID and Registration ID will be sent via email.
- The KYC documents must be uploaded next. Once the relevant KYC documents have been uploaded, the CIBIL Rank and the CIBIL Commercial Report will be sent to the registered address within 7 days.
Factors that Affect the CIBIL Commercial Report
The list of factors that affect the CIBIL Commercial Report are mentioned below:
- Company’s Profile: The life and size of the company are considered. A sound financial history is usually maintained by older and bigger corporations. Therefore, they are considered more creditworthy than newer organisations.
- Outstanding Debts: Any outstanding debts will affect the CIBIL Commercial Report in a negative way. Therefore, it is vital to keep only feasible debts outstanding.
- Payment History: The payment history of the company plays a vital role in the CIBIL Commercial Report. The report will be affected if you do not pay your EMIs on time.
- Credit Utilisation Ratio: The credit utilisation ratio is an important factor that is considered on the CIBIL Commercial Report. In case your credit utilisation ratio is high, the report will be affected in a negative way.
- Credit History: The credit history length plays a huge role in the CIBIL Commercial Report. The report will be better if your credit history is long.
Ways to Improve the CIBIL Commercial Report
Some of the ways to improve the CIBIL Commercial Report are mentioned below:
- You can avail a long loan and pay it on time. This can help in creating a good image with the lender.
- It is vital to keep a note of the money that has been received and spent. This can help in determining the amount of loan you will need from the lender.
- In case there are any issues with the credit statements, it must be rectified immediately. This can help in availing a loan.
- All your EMIs must be paid on time. It is also important that the entire outstanding amount is paid by the due date.
FAQs on CIBIL Commercial Report
- What is a Company Commercial Report?
- How is a CIBIL rank different from a CIBIL score?
- What is a ‘Write Off’?
- Which number is used to track a company’s credit history?
- Who can access commercial credit reports?
- What is CMR in commercial CIBIL?
- Who uses commercial credit?
- What are the benefits of commercial credit?
A company commercial report or a company credit report (CCR) is issued by the credit rating agencies or CIBIL. This document denotes the creditworthiness and payback potential of the company.
The main difference between CIBIL rank and score is that the former is assigned to the business and the latter is assigned to an individual. The CIBIL rank ranges between 1 to 10, while the score ranges between 300 to 900.
‘Write Off’ is a term used when a particular loan is not recovered, under certain conditions such as banks failing to track the borrower, or the borrower fails to repay the loan amount.
To track the company’s credit history a unique number is required which is known as Data Universal Numbering System (DUNS) number.
Company Credit Report and CIBIL Rank can be accessed by the members of the CIBIL including the Non-Banking Financial Company (NBFCs), banks, and other financial institutions.
CIBIL MSME Rank (CMR) provides a detail about the credit trend of the borrowing entities, as this is a credit default-predictor model. This also helps in predicting the default probability of the borrower over a year’s range.
Companies use commercial credit issued by the banks that helps companies to access the funds during financial obligations such as purchase equipment, cover unexpected expenses, new business opportunities, and fund other daily operations.
Commercial credit provides access to the funds to expand the business and invest in purchasing equipment, hiring staff, and also allows you to conserve the cash for daily operational cost of the business
TransUnion CIBIL is one of the leading credit information companies in India. The company maintains one of the largest collections of consumer credit information in the world. CIBIL Score plays a key role in the lives of consumers. Banks and other lenders check the CIBIL Score of the applicants before approving their loan or credit card application. Consumers can visit the official website of CIBIL to check their CIBIL Score and Report.
