The credit bureau gets information about a person’s credit from a variety of sources including creditors, lending institutions, public record offices, and debt collection agencies. More extensive data, such as utility bills, mobile phone, and telephone bills, are sometimes included in the information acquired. The information is collated to form a credit report.
The list of credit bureaus operational in India are mentioned below:
The most well-known credit bureau in India is the TransUnion Credit Information Bureau (India) Limited, also known as CIBIL. CIBIL, which was founded in 2000, is believed to keep track of the credit histories of approximately 600 million Indians and 32 million businesses. The Reserve Bank of India and India formed CIBIL, which eventually merged with Chicago-based TransUnion International Inc. TransUnion CIBIL delivers comprehensive information to its approved partners based on the credit statements of the required individual/company. Market insights, a credit score, credit information, and other reports are available to individuals, whereas companies can get portfolio reports, company credit information, and CIBIL Bureau analyzer reports, amongst other reports. CIBIL takes about seven days to process credit reports.
Experian, another SEBI-approved credit bureau, was founded in 2006 and received a functional licence to operate in India in 2010. Experian reports are compiled for both individuals and businesses. Individuals can obtain credit information reports that outline the applicant’s credit history. In contrast, customer acquisition reports, collection and money recovery reports, customer targeting, and engagement reports amongst many other commercial reports are available to businesses and enterprises. Experian’s credit scores vary from 300 to 900, 900 being the best. While acquiring an Experian report is not expensive, it takes about 20 days for the report to be processed.
Equifax, one of the three largest credit bureaus in the world, started out as a retail credit enterprise in 1899. It was only in 2010 that it was granted a fully operational credit bureau licence. Equifax provides credit scores, risk scores, portfolio scores, and other services to individuals, with ratings ranging from 1 to 999, 999 being the highest. Credit fraud reports, portfolio management reports, risk management reports, industry diagnosis reports, and other reports are available for organisations and businesses.
- CRIF High Mark:
CRIF High Mark, which is the only comprehensive credit bureau permitted to operate by the Reserve Bank of India, was founded in 2007 and received its license to operate in 2010. Individuals, small and medium-sized businesses, commercial borrowers, microfinance borrowers, and others are all catered to by CRIF High Mark.
The aforementioned bureaus are the four major operational credit bureaus in India that are responsible for numerous credit reports and cater to various enterprises as well as individuals. For more information about these credit bureaus you may contact our experts.