Credit Information Companies (CICs), commonly known as credit bureaus are specialized financial institutions, licensed by the Reserve Bank of India, to collect and maintain data related to the credit behavior of both individuals and commercial entities in India. This data is subsequently used by these companies to generate credit report and credit score of individual borrowers across various lenders and loan types. At present there are four Credit Information Companies in India:
- TransUnion CIBIL
- Equifax
- Experian
- CRIF Highmark
Despite performing similar functions, there are some key differences between the four Credit Bureaus which are discussed in detail below:
1. TransUnion CIBIL
Founded in the year 2000, TransUnion CIBIL is India’s first and most well recognised credit bureau. CIBIL members in India include all major banks, financial institutions, housing finance companies and NBFCs. It collects and maintains credit information of more than a 1000 million individuals and commercial entities. Using credit information collected across its three divisions- Consumer Bureau, Commercial Bureau and Micro Finance Institution Bureau, CIBIL generates Credit Information Reports (CIR) and CIBIL Scores for individuals and CIBIL Commercial Reports and CIBIL Ranks for commercial enterprises.
2. Equifax
Registered as a Credit Information Company in India since 2010 and headquartered in Mumbai, Equifax India is a joint venture between Equifax Inc., USA and seven leading financial institutions in India. It collates credit information pertaining to individuals and commercial entities and presents it in a more useful and readable format through Credit Information Reports and Credit Scores. Equifax also has a separate bureau to cater to the increasing lending and regulatory needs of Microfinance Institutions.
3. Experian
In 2010, Experian became the first credit bureau to receive a license under the new Credit Information Companies (Regulation) Act (CICRA) 2005. Experian India offers its own Experian credit report and score for use by both individuals and companies. It offers information, marketing services and analytical tools to individuals and commercial enterprises to make informed credit decisions.
4. CRIF Highmark
Headquartered in Mumbai, CRIF Highmark claims to be India’s first full service credit bureau which offers comprehensive credit information for all borrower segments across India including retail consumers, MSME (Micro Small and Medium Enterprises) as well as commercial and microfinance borrowers. Besides, providing credit reports and credit scores, this credit bureau also offers analytics, insights, data management and related software solutions to banks, MFIs, NBFCs, Housing Finance Companies, Insurance Companies Telecom service providers, etc.
Comparison between Equifax, TransUnion CIBIL, Experian and CRIF Highmark
The following table compares some of the key aspects of the four credit information companies currently operating in India:
| Parameters | TransUnion CIBIL | Equifax | Experian | CRIF Highmark |
| Year of Establishment | Established in 2000 | Registered in 2010 | Established in the year 2006, license received in 2010 | License received in 2010 |
| Credit Score Range | 300-900 | 300-900 | 300-900 | 300-900 |
| Cost of the Report | 1 Credit Report with credit score costs Rs. 550. Only Credit Report costs Rs. 164 (including taxes/handling charges).
Available for free with monthly updates on Paisabazaar.com | Credit Report costs Rs. 118 and 1 credit report with credit score costs Rs. 472.
Available for free with monthly updates on Paisabazaar.com | 1 Credit Report and credit score costs Rs. 399 (including taxes). Only Credit Report costs Rs. 138.
Available for free with monthly updates on Paisabazaar.com | 1 Credit Report with credit score costs Rs. 399.
Available for free with monthly updates on Paisabazaar.com |
| Time Taken to Receive Credit Report | Available online through CIBIL website for a fee.
In case of offline application, CIBIL takes around 7 days to verify the given documents. Post successful verification, you will receive the login credentials to myCIBIL portal by registered post or through mail on your registered email address. | If you apply for the full credit report through Equifax mobile app, you will receive it after 1 day via email.
In case of offline application, credit report is dispatched through post/courier after verification and authentication of the provided documents. Can take 7-10 days. | Available online through the Experian website.
In case of offline application, your credit report will be dispatched within 20 business days from the date of receipt of your documents and payment. | If you apply for your CRIF Highmark credit report online, you can receive it instantly on your registered email address once you have successfully authenticated your identity online. |
| Products and Services | For Consumers: ● Credit Report and credit score ● Dispute Resolution
For Members: ● Customer Acquisition ● Portfolio Management ● Analytics and Consulting, etc. | For Consumers: ● Credit Information Report and credit score ● Dispute Resolution
For Members: ● Equifax Risk Score ● Equifax Portfolio Review ● Equifax Alerts, etc. | For Consumers: ● Credit Report and credit score ● Dispute Resolution
For Members: ● Customer Management Systems ● Fraud and Risk Management, etc. | For Consumers: ● Credit Report and credit score ● Dispute Resolution
For Members: ● Identification and Anti-Fraud services ● Predictive Analytics & Scorecards
Additional Solutions: ● Business Rules and Decision Management ● External Data Connector ● De-duplication Platform, etc. |
| Dispute Resolution | CIBIL dispute resolution is a comprehensive process that ensures that any inaccuracy in your credit report is reported and corrected as soon as possible.
Alternatively, you can also raise your dispute offline by writing to CIBIL at the following address: TransUnion CIBIL Limited, One Indiabulls Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013. | Download the Dispute Resolution Form from the Equifax website. Fill out the form, attach the required documents and send it to the bureau’s address through regular post, courier or speed post. | You can raise a dispute online by logging into your Experian account. You can also raise a dispute offline by writing to Experian India.
| Send an email to crifcare@crifhighmark.com from your registered email id mentioning your Report ID (Reference Number) along with the complaint. |
FAQs
Q1. Why is there a difference in the credit score generated by different credit bureaus for the same individual?
Each bureau has its own unique proprietary algorithm which it uses to calculate a person’s credit score and the exact breakup of these factors is not known. Thus even the same individual’s credit score varies from one credit bureau.
Q2. Are Credit Reports and Credit Scores generated by all the four credit bureaus equally valid?
Credit Reports and credit scores generated by all four credit information companies are equally valid even though there might be a difference in the credit score generated by each of them. This is because lenders such as banks and financial institutions report the same information to all the credit bureaus. Moreover, all four credit bureaus – CIBIL, Equifax, Experian and CRIF Highmark are licensed by RBI.
Q3. Who can access the Credit Report?
Consumers (individuals and commercial entities), Members (such as banks and financial institutions), insurance companies, collection agencies, government agencies, employers and telecom service providers can access credit reports in India.
Q4. Can I avail a Credit Report for free?
Yes. You can avail your free credit report with monthly updates from multiple credit bureaus through Paisabazaar.com.
Q5. What is the difference between credit score, CIBIL score and CIBIL rank?
Credit score is a 3-digit numeric summary of your credit history between 300 and 900 that is generated by any of the 4 credit bureaus operating in India. A credit score generated specifically by TransUnion CIBIL is known as a CIBIL score. While both credit score and CIBIL score are applicable to individuals, CIBIL Rank is applicable to commercial borrowers i.e. companies. CIBIL Rank acts as a summary of the credit history contained in a CIBIL Company Credit Report (CCR). CIBIL Rank is between 1 and 10 with 1 being best and 10 being worst.
Q6. How often do creditors report credit information to credit bureaus?
Most creditors (banks and financial institutions) report changes/new credit information to credit bureaus on a monthly basis. After receiving this information, the credit bureaus update the information on an individual’s credit report.