CIR full form in Banking is Credit Information Report. Credit card and loan records of companies and individuals are maintained and aggregated by CIBIL. This information is submitted to CIBIL by members including financial institutions and banks. Then, the records are used to generate CIBIL and CIR records, which are three-digit summaries of the credit history of an individual/enterprise. Ultimately, it is provided to help lenders evaluate loan applications.
Loan-related EMI and credit card payment records come under CIR, but it does not include the details or investments of your savings. Loan here means a personal loan, home loan, overdraft facilities, and automobile loan. The record in the CIR includes information on all credit cards and loans obtained by him/her being repaying their dues/installments.
What Else Should You Know About CIR?
Other information that falls under the category of CIR includes the following:
- Account Details
- Credit availed ( credit card, numerous loans)
- Loan’s size
- Credit Card limit
- Overdue amount
- Outstanding Current Balance
- Status (settled/written off)
- Several days’ payment is overdue, etc.
- Personal Information
- Date of Birth
- Applicant Name
- Address
- Identification Numbers, passport numbers, PAN, mobile numbers, voter numbers, etc
- Number of Enquiries
- Inquiries made by the financial institution about the applicant’s credit profile
