• Credit Information Company in India

    What are Credit Information Companies (CIC’s)?

    CIC or Credit Information Company is an independent third party institution that collects financial data regarding loans, credit cards and more about individuals and shares it with its members. Banks, Non-Banking Financial institutions are usually the customers of Credit Information Companies. The Credit Card Company collects financial information about all these individuals and forms a credit report based on their financial history. This credit report plays a very important role as it helps banks and other financial institutions determine the creditworthiness of an individual applying for a loan or credit card with them.

    Credit Information Companies Regulation Act (CIC Act)

    Credit Information Companies in India are licensed by the Reserve Bank of India and governed by the Credit Information Companies Regulation Act, 2005 and various other rules and regulations issued by the Reserve Bank of India. The CIC Act, 2005 is a legislation that is enacted by the Government of India, in order to regulate the actions of the Credit Card Companies in India. Following the CIC Act, 2005, the RBI and the Government of India enacted the CIC Act, 2006.

    List of Credit Information Companies In India

    There are exactly four well known CICs in India as of now. Given below is a list of CICs in India:

    • CIBIL - The Credit Information Bureau Limited or CIBIL was founded in the year 2000. It is also the first Credit Information Company of India.CIBIL boasts of over 900 strong member base including public and private sector banks, non-banking financial institutions and housing finance companies. CIBIL collects commercial and consumer finance related data and forms a credit report. The company also issues a score derived from this data known as CIBIL score. The CIBIL score plays a very important role when it comes to the approval of loan and credit cards. Any individual can purchase a copy of their CIBIL report for a cost of Rs.550 and have access to it within 3 days.
    • Equifax - Equifax is a CIC that was founded in the year 1899 in Atlanta. It is one of the oldest CIC as of now. Equifax got its ‘Certificate of Registration’ in India in the year 2010 by the Reserve Bank of India. The company has a separate bureau dedicated to address the growing lending and regulatory needs of the Microfinance Institutions. The company charges a fee of Rs.138 for a basic credit report and a fee of Rs.400 for credit score.
    • Experian - Experian Credit Information Company was established as a joint venture with several banks and financial institutions in India in the year in 2006. It was named as one of the ‘World’s most innovative companies’ by Forbes magazine in the year 2014. Experian prepares credit reports of individuals based on the information provided by banks and other financial institutions about the financial history of the individual. The company charges a fee of Rs.399 for a credit report and credit score while a credit report will cost just Rs.138.
    • High Mark Credit Information Services - This Company not only provides credit reports to customers, but also caters to borrower segments such as SME, commercial borrowers and retail borrowers. It was established in 2005 in Mumbai. The company charges a nominal fee for a credit report.

    How do Credit Information Companies's work

    Credit Information Companies comply public data, credit transactions and payment histories of individuals and companies. The data is collected from various authentic sources and the companies form a credit report based on the collected data. The credit companies also create a score based on the credit report of an individual or an organisation. Usually credit score ranges between 350 to 850, anything above 750 is considered as a good score. The credit report and credit score plays a very important rule in an individual’s financial journey as banks refer to this report and score to decide the creditworthiness of an individual before granting a loan or credit card

    Rules and regulations for CIC's

    The actions of Credit Information Companies is regulated by the Credit Information Companies Regulation Act, 2005, enacted by the Government of India. Following the CIC Act of 2005, the RBI and the Government of India followed up with the Credit Information Companies, Regulations and Rules Act, 2006.

    According to the Act, only certain entities are allowed to be members of the Credit Information Companies. Given below is a list of entities that can be members of CICs.

    • Credit Institutions under Section 2(f) of CIC Act.
    • Credit information companies under section 2(e) of the CIC Act.

    A CIC, a credit institution or any authorised individual can request for a credit report anytime. A CIC will adapt to a format approved by RBI during such instances and furnish the requested information within a given time.

    If there is any dispute between the CIC and its member related to credit information, the dispute shall be settled by conciliation under the as provided in the Arbitration and Conciliation Act, 1996.

    Who has access to these reports?

    Given below is a list of entities that can have access to a credit report from a Credit Information Company:

    • Credit grantors
    • Insurance companies
    • Collection agencies
    • Employers with the permission of the individual

    Frequently Asked Questions on CIC

    1. What is a Credit Reporting Bureau?

      A credit reporting bureau is a third-party institution that garners and manages records related credit card payments and mortgages of consumers and commercials from various financiers/lenders.

    2. Which are credit rating bureaus?

      The Reserve Bank of India has established and licensed four credit rating bureaus that include CIBIL, Equifax, High Mark, and Experian. The agencies shall be administered by The Credit Information Companies (Regulation) Act, 2005 and rules and regulations issued by the central bank of India, the Reserve Bank of India.

    3. What is credit bureau data?

      Each credit rating agency collects financial data of consumers and commercial entities from various lenders. Consumer credit data includes account history, payment history, property information, public domain information, delayed payments, missed payments, and loan approvals and rejections. Commercial credit data includes company details, principal information, auditor’s information, commercial judgments, and previous inquiries.

    4. What is the ultimate objective of credit reporting bureaus?

      Credit rating bureaus collect financial details of individual customers and commercial entities. The most common categories of credit data accumulated by agencies include account history, payment history, outstanding loans, outstanding credit card payments, account details etc. The agencies generate Credit Reports based on financial information collected by lenders and bankers. The ultimate objective of these agencies is to rate individual customers and commercial entities. Banks, licensed financiers, and Non-Banking Finance Corporations (NBFCs) use consumer credit rating as criteria while offering financial products.

    5. What does a credit rating agency do?

      A credit rating agency collects financial data from participating lenders and creditors. The overall credit history of credit applicants shall be reported back to financial institutions. The agency generates credit reports for individuals and corporations to rate on a separate scale. Individuals are assessed in the range of 300 to 900.

      The agency considers the following elements while rating companies:

      • Overall debt capital of the company
      • Previous debt history
      • Debt repayment capacity
    6. What is the source of information?

      Credit bureaus collect financial details from all financial institutions including banks, authorised lenders, and Non-Banking Finance Companies (NBFCs). The Reserve Bank of India has made it compulsory for all lending companies to furnish the financial details to credit rating bureaus. Bureaus use multiple sources to collect data.

    7. Who uses credit bureaus data?

      Credit card companies and banks are the most common users of credit bureaus data. Other users are insurance companies, landlords, debt collection agencies, and licensed lenders.

    8. What is Credit Information Act?

      The Credit Information Companies Act, 2005 was enacted to regulate credit rating agencies and facilitating efficient allocation of credit. The Government of India and the Reserve Bank of India have enacted the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006. These two are collectively called the CIC laws.

    9. Do you get a free copy of credit reports?

      Yes, you can. You can obtain a free copy of credit reports once a year from each agency. It is ideal to review credit reports periodically to check for correctness and completeness. Check your free Credit Score in less than a minute. Errors in reports can be rectified. Credit rating agencies are also necessitated to provide you a free copy in the following circumstances:

      • A denied application due to details on your reports
      • An unemployed person looking for a job change within 60 days
      • If you are a victim of identity theft and are on welfare
    10. Do bureaus only provide information?

      Yes, credit rating agencies only provide the required information to creditors and lenders to approve or deny specific financial products. They do not make a credit decision.

    CIC Reviews

  • Page 1 of 50 1 2 3 4 5
    • HDFC Bank Credit Card
      "Its Good One"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      The reward are there based on the usage of my credit card , they gave me good credit card. I have been using this HDFC credit card around 7.5 years, they already provided good limit there is some minimal charges on yearly basis. I am fine with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 11, 2018
    • Bank Bazaar Personal Loan
      "One stop shop for financial needs"
      TATA CAPITAL LIMITED
      0.5 5.0/5 "Blown Away!"
      They have multiple options where I can check based on profile, and I can go head for the best products. The website is easy, the customer people have responded well for the telephonic call or mail communication everything is fine on the site.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 11, 2018
    • Tata capital Personal Loan
      "Customer support and process need improvement"
      TATA CAPITAL LIMITED
      0.5 5.0/5 "Blown Away!"
      It took longer time to process my application they have taken 15 days there was no response, they need to improve on the communication and processing part. I am happy with the loan amount, and also the interest rate is minimal for the amount which I taken.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 11, 2018
    • HDFC Limited Home Loan
      "Interest rates are high"
      HDFC LIMITED
      0.5 3.5/5 "Pretty good"
      I have taken a home loan in a fixed interest rate and the tenure period was 10 years. I have purchased the loan amount of Rs. 10 lakhs and i have to pay Rs. 6.50 lakhs in the upcoming days. I have purchased the loan 3 years before and I'm planning to change the floating rate of interest and if i change the same they will charge some charges. They have given me a interest rate 10.25%.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 11, 2018
    • SBI Saving Account
      "Go for it"
      STATE BANK OF INDIA
      0.5 4.5/5 "Excellent!"
      I have been holding the salary account for more than 5 years. Internet banking facility is good and mobile banking facility absolutely fine. I have interacted with the SBI customer care and the response was fine and i have visited their branch and the employees are quite helpful. There is no criteria of maintaining a minimum balance.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 11, 2018
    • HDFC Bank Personal Loan
      "Interest rates are high compared to others"
      HDFC BANK
      0.5 3.5/5 "Pretty good"
      I bought the personal loan with HDFC. I have received the loan amount for Rs. 2.5 lakhs. They have given me a interest rate of 12% and I don't remember about the processing fee. 4.5 years before i have got this loan and 6 months more to close the loan. I'm paying the EMI of Rs. 5700 and i chosen the mode of ECS payment.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 11, 2018
    • HDFC Life Life Insurance
      "Yet to experience the policy"
      HDFC LIFE
      0.5 4.0/5 "Great!"
      I have purchased a ULIP policy from HDFC Life. 4 months before i have taken this policy. I have been paying the premium amount of Rs. 2000 every month. The sum assured amount is 5 lakhs. This is a tax benefitable policy. Through Internet i have purchased this policy. I make the payment in online by using the debit card.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 11, 2018
    • LIC Life Insurance
      "Jeevan ke saath be and Jeevan ke baath be"
      LIFE INSURANCE CORPORATION OF INDIA
      0.5 2.5/5 "Just OK"
      Total tenure period of the policy is longer one. I would have opted for short period of time. The explanation procedure of the policy was not happened when i purchased the life insurance policy with LIC. I never been contacted the LIC customer care. I have taken the policy 10 years before. Total tenure period of the policy is 20 years. I have been paying the premium amount of Rs. 11500 per annum. The sum assured amount is Rs. 2 lakhs.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 11, 2018
    • HDFC Limited Home Loan
      "Best Service"
      HDFC LIMITED
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan with HDFC LTD and my experience was good, the loan amount was for Rs 18 lacs with nominal interest rate when compared to others. Customer service was good and they responded on time. Tenure period is 15 years out of which 10 years is completed.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 11, 2018
    • Axis Bank Credit Card
      "Good Credit card to use"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      Axis is good even the payment option is nice to do my bills, their interest rate and late payment charges are less than other credit card, there will some annual fee after two years of credit card transaction around Rs.200 its minimal I am okay with my card.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 11, 2018
    • ICICI Bank Saving Account
      "Best banking service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      My experience was good so far with ICICI bank, i have a salary account with this bank from last 15 years. Customer service is good with this bank and their response is on time. Imobile is easy to use in ICICI bank and there are no hidden charges.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 11, 2018
    • HDFC Bank Saving Account
      "Best banking service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      My experience was good so far with HDFC bank, i was having a salary account with this bank from last 15 years. Customer support was very good with HDFC bank and their response is on time. Net banking is easy to use in this bank and there are no hidden charges on any transactions.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 11, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      TATA CAPITAL LIMITED
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar.com from last 1-2 years, my experience was good so far with bankbazaar. Customer services provided by bankbazaar is good and their response was prompt. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 11, 2018
    • Tata capital Personal Loan
      "Best Service"
      TATA CAPITAL LIMITED
      0.5 5.0/5 "Blown Away!"
      It was a very good experience with personal loan from TATA CAPITAL, the process was smooth and i received my loan amount within 4-5 days. Loan amount was for Rs 1 lac with tenure period of 2 years and rate of interest is nominal. Customer service was good and they responded on time.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 11, 2018
    • review Other Loan
      "Good app"
      PAYTM PAYMENTS BANK LTD
      0.5 4.0/5 "Great!"
      I have been using the paytm services since 1 year. I have spoke with their customer care service and the response was good. I will use paytm for restaurants payment and transferring the money and making payment on shops. I have received lots of cashback offers. I have installed the app in my mobile.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 11, 2018
    • review Saving Account
      "Good bank account"
      SYNDICATE BANK
      0.5 4.0/5 "Great!"
      I have opened the account for last 18 years. I have visited their branch and the response was upto the mark and the banking people are really helpful for me. I have to maintain a minimum balance of Rs. 2000. I have not tried their Internet banking and mobile banking facility.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 11, 2018
    • SBI Cards Credit Card
      "Good for Big Bazaar"
      SBI CARDS
      0.5 4.0/5 "Great!"
      In Big bazaar I get discounts on my shopping because I have been using FBB card, its convenient to use anywhere even the card accessibility is good. There is no yearly fee, upto two years, even the customer service is good for the credit card queries.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 11, 2018
    • review Saving Account
      "Good bank to account with "
      CORPORATION BANK
      0.5 4.0/5 "Great!"
      I have been holding the Corporation bank salary account since 4 years. I have visited their basavanagudi branch and the response was good. I have not talked with the call centre people. I have to maintain a minimum balance of Rs. 1000. I'm using the mobile banking and Internet banking facility and its fine. I have not faced any kind of trouble with this bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 11, 2018
    • review Other Loan
      "Looking for good offers"
      PAYTM PAYMENTS BANK LTD
      0.5 4.0/5 "Great!"
      I am using paytm services from last 2 years, i am using only the wallet services in paytm. The services provided by paytm is good when compared to others in the market. I did not get any offers on paytm services. Mobile application of paytm is user friendly to use.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 11, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good policy for vehicle"
      BAJAJ ALLIANZ GENERAL INSURANCE
      0.5 4.0/5 "Great!"
      Within a second they have renewed the policy from Bajaj Allianz. There is no particular reason for choosing a bajaj Allianz and the branch is nearby my location. The premium amount of Rs. 2070 per year. I have not claimed anything in this policy. I never interacted with their customer care also.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 11, 2018
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