What is Credit Bureau and Different Credit Bureaus in India

Credit Bureau also known as a Credit Information Company (CIC) is a central repository that collects, collates and maintains credit and loan related information of individual and commercial institutions. Member banks, Credit card companies and other financial institutions send financial data of registered individuals as well as commercial institutions to the Credit Bureau on a periodic basis. This Credit Bureau uses the financial information to create a credit report. This credit report contains a person’s personal information, payment history, number of accounts, default (if any), credit transactions, outstanding loan amount, and other such financial information. Based on this report and analysis of financial data, credit score is given to an individual which helps lenders to check on an individual’s creditworthiness. In India, Credit Bureaus are licensed and regulated by the Reserve Bank of India(RBI) and are empowered under the Credit Information Companies (Regulations) Act 2005. Currently, India has 4 credit bureaus that are licensed under and regulated by the law. TransUnion CIBIL Experian Equifax CRIF High Mark Apoorvaa recommends that you should check all credit bureau reports at least once in a year to keep all of them up-to-date and with accurate information.

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