During the last few years, banks have been looking for greater benchmark scores to

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extend loans to consumers, a Cibil official said today.

"Earlier, credit was offered at a credit score of 500-600 points, but now most of the banks prefer 700-900 points score," Credit Information Bureau India managing director A Thukral said here.

The credit bureau introduced the Cibil TransUnion score which is mostly used for retail loan.

Through advanced analytics, this score assigns a number from 300 to 900 to a borrower based on the credit history. The higher the numerical value of the score, the lower the risk associated with the individual.

Thukral believed differential interest rate might come into play in future and banks based on risk profile would fix the interest rate.

Cibil was also working to introduce data depository for insurance, telecom and micro-finance sector.