Being late on paying one’s mobile-phone bill could affect a consumer’s chances of being approved for a credit card under a new initiative by Credit Information Bureau of India Ltd., India’s first and largest consumer credit bureau.
Popularly known as CIBIL, the bureau provides a database of credit records with credit scores to determine an individual’s credit worthiness. Banks in India increasingly have relied on as guidance when it comes to issue credit cards.
“We have already launched a pilot with Vodafone India Pvt. Ltd. and are going to launch a similar project with Bharti Airtel Ltd.,” a CIBIL spokesperson tells PaymentsSource, adding that the pilot will last at least six months.
Individuals’ mobile-payment histories will be included with their banking records and influence their credit score, the spokesperson says.
“So if an individual is consistently late with his mobile-bill payments, his credit score would drop in line with the delays,” he says. “This would, in turn, affect his chances of getting banking products like credit cards.”
CIBIL’s more than 500 member banks and other institutions contribute more than 170 million consumer and 6.5 million company records to the bureau’s database.
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