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Credit Bureaus in India

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Title: Credit Bureaus in India


1
Credit Bureaus in India
2
Credit Bureaus Overview
  • Generally, Credit Bureaus give out individual
    credit scores. A credit score is a summary of the
    credit report, capturing an in-depth credit
    history of an individual, both past and present.
  • This information usually covers the credit
    history, number and type of accounts held by the
    individual. Following are the types in India
  • Transunion CIBIL
  • Experian
  • Equifax
  • CRIF Highmark.

3
Transunion CIBIL
  • In India, TransUnion CIBIL Limited (or CIBIL
    Credit Information Bureau India Limited CIBIL) is
    one of the foremost credit bureaus licensed to
    operate by the Reserve Bank of India (RBI).
  • CIBIL gathers and preserves records of an
    individuals payments pertaining to credit cards
    and loans.
  • A good CIBIL score is a crucial component of
    ones financial life in India.
  • CIBIL score comes with a cost. CIBIL is one of
    the oldest credit bureaus in India, alongside
    Equifax, Experian and CRIF High Mark authorized
    by RBI.
  • You can get Cheap Free CIBIL Score and Report

4
Experian
  • In India Experian operate two firms namely
  • Experian Services India Private Ltd
  • Experian Credit Information Company of India
    Private Ltd
  • Experian gathers the credit information of
    individuals and represents it as a credit report
    to lenders like NBFCs and banks
  • The Experian Credit Report is helpful in deciding
    the creditworthiness of the individuals who have
    applied for the loan.
  • An Experian credit report has the entire credit
    data related to the individuals who have opted
    for collecting the credit report from Experian
  • An Experian Credit Score is obtained from the
    Credit Report. The lending authorities choose to
    provide credit to such individuals who have
    credit score that is higher than the other
    individuals.

5
Equifax
  • Headquartered in USA, Equifax Inc. operates in 15
    countries throughout North America, Europe, Asia
    and Latin America.
  • Equifax India Collects the information from their
    respective members, processes the data to a
    usable and readable style and provide reports
    related to credit information and other relevant
    products that is within the purview of CIC Act,
    on consumers for many different types of uses
  • By launching its microfinance bureau in May 2011,
    Equifax India is providing portfolio reviews and
    risk scores of various microfinance institutions
    across the country
  • Tips to Maintain Healthy Credit History for
    Equifax- set a schedule for payments,pay the
    bills on time, proper mix of credit

6
CRIF Highmark
  • CRIF Highmark founded in the year 2007, it's
    received a certificate of Registration from RBI
    to operate as a Credit Information Bureau in the
    year 2010 in India.
  • CRIF High Mark is Indias leading credit
    information solutions and comprehensive services
    provider related to information across the
    important segments of consumer, micro-finance and
    commercial.
  • Major Products and Services of CRIF High Mark for
    Consumers Include
  • Geo analytics consulting
  • Alerts
  • Portfolio Management
  • CRIF High Mark Credit report

7
Free Credit Score Report in India Equifax,
Experian TransUnion CIBIL
  • Transunion CIBIL
  • You can avail your free credit report by clicking
    on the link provided on the websites homepage.
    https//www.cibil.com/sites/default/files/pdf/free
    -consumer-request-form.pdf . Firstly you will be
    directed to a request form.
  • Experian
  • Visit the website http//www.experian.in/consumer/
    experian-free-credit-report.html and click on
    Get Your Free Credit Report.

8
Free Credit Score Report in India Equifax,
Experian TransUnion CIBIL
  • Equifax
  • The first step is to download an app on your
    smartphone. It is compulsory to share your
    Aadhaar Number along with your basic KYC details
  • http//www.equifax.co.in
  • CRIF High Mark
  • You will find a link to get the free credit
    report on their homepage. Clicking on this link
    will ask you to provide your KYC details
    http//www.crifhighmark.com/

9
Conclusion What is the Use of Credit Bureaus?
  • The primary purpose of credit bureaus is to
    ensure that creditors have the information they
    need to make decisions. Typical clients for a
    credit bureau include banks, mortgage lenders,
    credit card companies and other financing
    companies.
  • These companies that collect details about a
    person's credit information (how they use their
    credit, whether they pay back on time or not, if
    they have any public records such as bankruptcies
    or repossessions) and sell it to creditors,
    lenders and consumers as a credit report.
  • According to Consumer Reports (Aug/05) credit
    scores are used by the lender to determine how
    much interest you pay on loans, by insurers to
    calculate premiums, by employers who are hiring,
    by mortgage lenders, by landlords and by utility
    companies to have connected.
  • You can get Free Credit Score Report from
    Creditseva in India.

10
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