Lenders can now get comprehensive access to the credit score of potential borrowers and the encumbrance status of the immovable property proposed to be mortgaged with them.
CERSAI has tied up with two more credit information companies — Experian and Equifax — to enable lenders to get access to credit and mortgage information.
The Memorandum of Understandings (MoUs) were signed and exchanged on Thursday in the presence of Financial Services Secretary D.K.Mittal and Housing Secretary A.K. Mishra.
CERSAI had already entered into a similar arrangement with CIBIL, the country’s first credit bureau. With the MoUs with Equifax and Experian, CERSAI has now tied up with almost all the major credit bureaus in India.
Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) is a Government company that is operational since March 31, 2011.
Through its central registry, it provides a shared platform for all lending institutions to file information on the properties against which loans have been sanctioned.
Lenders can now access CERSAI platform to get access to the credit score of their borrowers, thanks to this tie-up with credit bureaus.
R.V. Verma, CEO and Managing Direcctor, CERSAI, said this collaboration will help make available information to the lending industry, both in respect of security status as well as credit profile status of the borrowers.