Credit Bureaus in India

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Credit Bureaus in India
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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.

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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

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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.

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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

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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

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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.

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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/

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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.

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