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ICI Securities has tied up with credit information company, CIBIL, to offer the credit score and report to its customers. The advantage is that I-Sec's customers will not need to undergo additional Know Your Customer (KYC) requirements. Customers will have to pay fees for the reports as charged by CIBIL.
Currently, customers can apply for their credit score through CIBIL's website for which the charges are Rs 470. Customers must fulfill KYC requirements before they can get the score or report. Now, customers of I-Sec can do through its website, icicidirect.com and avoid the additional KYC said Abhishake Mathur, Head Investment Advisory Services, ICICI Securities.
"Primarily customers come to us for investment advice. But they already have an exposure to liabilities in the form of credit card or auto loan. So, by getting the credit report and score they will have a full picture of their assets and liabilities,'' Mathur said.
Since the credit report will give an indication of how leveraged the customer is, it will be useful in suggesting the right asset allocation plan to customers, he added.
CIBIL had over 340 million retail consumer records and over 1000 members. The members include over 300 co-operative banks and 450 non-banking financial companies, said Arun Thukral, Managing Director, CIBIL.
