Obtaining clean credit history of the client is required
Most of the providers of credit cards insist on your having clean credit history to be eligible for becoming their credit card holder. The credit generator will like to have complete picture of the history of payments and earlier financial deals made by the applicant who is applying for the credit card. Therefore they will require access to your complete credit records to examine your case properly.
This has now become possible with the establishment of CIBIL or the Credit Information Bureau of India Limited that maintains the database on the credit history of customers and can provide the bank or other financial institutions who are members with such information when asked for. The reports however are limited to the members and you cannot have it under the Right to Information Act since the institution is not public office as defined in the said Act. None of the financial institution desires a repetition of uk credit card fraud and india links to it.
The credit information report provides facts and figures about the credit payments made by the borrower with various creditors. The creditor is able to assess your credibility for grant of loans or issue of credit cards quickly and objectively using the information. Even the latest smart card and RBI approved plans also depend largely on the credit report of the organizations and individuals for proper selection of beneficiaries for the card.