In today’s digital lending ecosystem, platforms such as BankBazaar, PaisaBazaar, and other fintech marketplaces allow users to instantly check their credit scores and receive loan or credit card offers. A common question among consumers is: How do these companies access my CIBIL score? The answer lies in a regulated, consent-based data-sharing framework governed by Indian financial authorities.
What Is a CIBIL Score?
A CIBIL score is a three-digit number (ranging from 300 to 900) issued by TransUnion CIBIL, India’s leading credit information company. It reflects an individual’s creditworthiness based on repayment history, credit utilisation, loan mix, and enquiry behaviour.
Consent-Based Access Model
Companies like BankBazaar do not have unrestricted or automatic access to your credit data. Access is provided only after explicit consent from the user. When you sign up on such platforms and click “Check Credit Score” or “Get Loan Offers,” you are digitally authorising the platform to fetch your credit report.
This consent is:
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Specific to a purpose (credit assessment)
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Time-bound
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Logged and auditable
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Revocable by the user
Role of Credit Information Companies (CICs)
BankBazaar is a member or authorised partner of credit bureaus such as:
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TransUnion CIBIL
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Experian
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Equifax
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CRIF High Mark
These bureaus are regulated by the Reserve Bank of India (RBI) under the Credit Information Companies (Regulation) Act, 2005. Only registered members can request credit data, and only with consumer approval.
The Technical Process
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User Initiates Request – The user submits PAN, mobile number, and basic details.
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Consent Capture – Digital consent is obtained through a checkbox or OTP-based confirmation.
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Secure API Request – The platform sends an encrypted request to CIBIL via secure APIs.
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Score Retrieval – CIBIL verifies the identity and shares the score/report.
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Display to User – The score is shown on the platform along with personalised product offers.
Importantly, this process does not reduce the credit score, as it is treated as a soft enquiry.
Data Privacy and Security Cibil Score
Platforms like BankBazaar must comply with:
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RBI data security guidelines
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IT Act, 2000
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CIBIL’s strict member agreements
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Internal data access controls and encryption standards
They are not allowed to:
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Sell credit data
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Share reports with unauthorised third parties
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Access credit data without user consent
Why Lenders Partner With Such Platforms
Banks and NBFCs partner with marketplaces because they:
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Reduce customer acquisition costs
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Improve lead quality using pre-verified credit data
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Enable faster credit decisions
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Enhance customer experience through digital onboarding
User Rights and Control Cibil Score
Consumers have the right to:
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Withdraw consent
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Raise disputes on incorrect information
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Access one free credit report per year from each bureau
Conclusion
Companies like BankBazaar access CIBIL scores through a transparent, consent-driven, and regulator-approved mechanism. Rather than bypassing privacy norms, these platforms operate within a structured framework that balances convenience, security, and consumer rights. Understanding this process helps users make informed decisions while engaging with digital financial services.
