Credit Information Company (CIC) or Credit Bureau is an RBI-licensed and authorized organization that collects, maintains and analyses the consumer and business credit information of individuals and companies across the nation, as provided by the financial institutions. Based on the provided data, Credit Information Company prepares Credit Information Report (CIR) for individuals and Credit Company Report (CCR) for companies. CIC further calculates and generates credit scores for individuals and credit ranks for companies as per their creditworthiness and past credit history.
List of Credit Information Companies in India – 2023
Below stated are the details of the four leading Credit Information Companies (CICs) or Credit Bureaus in India that offer credit information services to individuals and enterprises:
TransUnion CIBIL Limited (Formerly known as Credit Information Bureau (India) Limited) is a renowned Credit Information Company (CIC) that maintains credit information of over 1000 million individuals and businesses worldwide. In India, TransUnion CIBIL is considered as one of the most trusted credit bureaus. Its members include all major banks, financial institutions, Housing Finance Companies (HFCs) and NBFCs. TransUnion CIBIL maintains one of the largest consumer credit information and generates CIBIL score that helps in measuring the creditworthiness of consumers. It also generates Credit Information Reports (CIR) and CIBIL Commercial Reports and CIBIL Ranks for commercial enterprises.
Registered as a Credit Information Company (CIC) 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. Equifax India collates credit information of individuals and commercial entities, as provided by the financial institutions. The credit information of consumers is further presented in form of Credit Information Reports (CIRs) and Credit Scores that is calculated and generated by using a specific algorithm. Equifax also manages a separate credit bureau to cater to the increasing lending and regulatory needs of Micro Finance Institutions (MFIs).