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
  • review Saving Account
    "Eveything has to be in working Condition"
    YES BANK
    0.5 3.0/5 "Satisfactory"
    For the past two years , I am never okay with the yes bank service in terms, of mobile application and ATM facilities . Most of the times, In ATM no proper denominations will not be available and Network issue , Out of order problem . Even mobile application is not easy to handle .
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 24, 2019
  • Bank Bazaar Home Loan
    "Excellent service"
    HDFC LIMITED
    0.5 4.0/5 "Great!"
    I am just searching for my home loan and balance transfer in online . Then only ,I came across bank bazaar in online . It is my first experience with bank bazaar people . I had a very good interaction and they taken care of my applications and docs verification .
    Was this review helpful? 1
    , mumbai
    Reviewed on Mar 24, 2019
  • HDFC Limited Home Loan
    "Need correct information about the Rate of Interest"
    HDFC LIMITED
    0.5 4.0/5 "Great!"
    HDFC executive given me a false commitment about the interest rate . After the loan amount sanction, Interest rate was raised . I requested for the previous interest rate but they denied it . Even .01 % is the big deal for another 20 years in Home loan .
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 24, 2019
  • review Other Loan
    "Need more attractive offers "
    PAYTM PAYMENTS BANK LTD
    0.5 3.0/5 "Satisfactory"
    Paytm application was not working two weeks ago . App was down for 7-10 days of time .I use it for paying at small shops instead of smaller amount . Normally I get some cash back offers in Petrol station . I received several coupon code in the last 3-4 years .
    Was this review helpful? 0
    , delhi
    Reviewed on Mar 24, 2019
  • Bank Bazaar Home Loan
    "Need Immediate response for Everything "
    HDFC LIMITED
    0.5 3.0/5 "Satisfactory"
    In the starting , I had applied for two application for Loans in Bank bazaar portal .I got good response from the Customer executive team . I request bank bazaar to inform the status of the loan and to dispatch the Amazon voucher as soon as possible to the customer .
    Was this review helpful? 0
    , delhi
    Reviewed on Mar 24, 2019
  • HDFC Limited Home Loan
    "Need more improvement in Customer support "
    HDFC LIMITED
    0.5 1.0/5 "Really Bad"
    HDFC LTD not updated me the status of the loan over the past 4 months . I myself continuously followed and called them for status of the loan .They not even responded my call . I don't have the clear picture of my loan . At one stage , I thought of closing this application with HDFC .
    Was this review helpful? 0
    , delhi
    Reviewed on Mar 24, 2019
  • Bank Bazaar Home Loan
    "Excellent job !!!"
    HDFC LIMITED
    0.5 4.0/5 "Great!"
    Bank bazaar has done an excellent job for me . They suggested a famous bank for getting my loan . I know that bank very well but I dont whether that bank will finance for housing loan and it was bankbazaar who brought this information to the light .I have taken my loan with that bank and completed all the formalities.
    Was this review helpful? 0
    , pune
    Reviewed on Mar 24, 2019
  • review Other Loan
    "Very good service"
    HDFC BANK
    0.5 4.0/5 "Great!"
    Within 20 days of time , All the process and procedures has been completed for my Home loan in HDFC .I submitted all my documents on time . Executives cooperated well till the loan get sanctioned . I am okay with the interest rates comparing with other bank .
    Was this review helpful? 0
    , pune
    Reviewed on Mar 24, 2019
  • American Express Credit Card
    "Good Service"
    AMERICAN EXPRESS BANKING CORPORATION
    0.5 5.0/5 "Blown Away!"
    I have applied directly through American express Credit Card.The Credit limit is good .I have got the credit limit is upto2.4 laks .There was cashback offers and reward points as well. I am happy with the American Express Credit Card . I will be getting message for each transactions.I have received the credit card on time .The Overall Service is Good.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 24, 2019
  • Axis Bank Personal Loan
    "Excellent service"
    AXIS BANK
    0.5 4.0/5 "Great!"
    I have applied for Axis Bank Personal Loan through online .The agent clearly explained the process of the loan.The rate of interest was as ok and the processing fee was also ok. while submitting the documents not yet faces any issues .The documentation part was more.The loan amount got on time .The loan amt was sufficient s well .The Overall Service is Good.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 24, 2019
  • Bank Bazaar Personal Loan
    "Excellent service"
    TATA CAPITAL LIMITED
    0.5 4.5/5 "Excellent!"
    I came to know about Bank bazaar through advertisement only.Then i have checked for credit score .Bank bazaar is providing very good service as of now need to avoid calling the same person frequently.Then i have tried to apply for Tata Capital Personal loan .The agent clearly explained the process of the loan and not yet faced any issues as of now.The rate of interest was little bit high and the processing fee was acceptable .The Overall Service is Good .
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 24, 2019
  • Tata capital Personal Loan
    "Excellent service"
    TATA CAPITAL LIMITED
    0.5 4.5/5 "Excellent!"
    I have applied for Tata capital Personal Loan.I have not faced any issues. The rate of interest was littile bit high and the processing fee was little bit acceptable.The agent clearly explained the process of the loan.I have not faced any issues till now .The Overall Service is Good and satisfactory .
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 24, 2019
  • Bank Bazaar Personal Loan
    "GOOD PORTAL TO USE"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    It is the first time experience with the Bankbazaar.com and i had a very good experience also i am using it through the mobile application as the application is user friendly and convenient to access. The customer service is very good and responsive. by explaining the details of the loan.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 24, 2019
  • review Other Loan
    "GOOD"
    PAYTM PAYMENTS BANK LTD
    0.5 5.0/5 "Blown Away!"
    I use the PAYTM PAYMENTS BANK LTD from last few years and i have faced with no issues with this portal and i use this for the multiple purposes like recharges, money transferring to bank it is easy and simple with no charges applicable.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Mar 24, 2019
  • ICICI Bank Saving Account
    "EXCELLENT"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have been using the ICICI BANK as a savings account there are no charges applicable with this bank for any of the transactions. The customer service is very good with this bank as well as the banking process was simple and good.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Mar 24, 2019
  • ICICI Bank Car Loan
    "GOOD"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have applied for the car loan with the ICICI BANK and i have been using it since from last more than 4 years. The rate of interest was nominal with this loan when compare to the other loans. It is a good loan to use also they provided the loan amount which was good.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Mar 24, 2019
  • ICICI Bank Personal Loan
    "GOOD"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have been using the personal loan with the ICICI since from last few years the loan amount with them was good also the documentation process was simple and it was hassle free to use. The rate of interest with this nominal added on that the service is very good with this bank.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Mar 24, 2019
  • ICICI Bank Personal Loan
    "GOOD"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have taken the personal loan with the ICICI BANK the loan amount with this bank what they have offered was satisfactory. The rate of interest with this bank was nominal also i am using it since from last one year and it is good to use.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Mar 24, 2019
  • Bank Bazaar Personal Loan
    "ONE STOP SOLUTION"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    Bankbazaar.com i have been using it since from last few months and i have a very good experience i have been using it through the mobile application as the application is user friendly also it is convenient to access. The customer service is good and they are responsive.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Mar 24, 2019
  • IndusInd Bank Personal Loan
    "EXCELLENT"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    There is no particular reason for taking the personal loan with the INDUSIND BANK. The loan amount was good and the rate of interest was 10.5% which is nominal when compared to the others. The documentation process was easy and it is comfortable.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Mar 24, 2019
Common Loader Icon
Page 1 of 50 1 2 3 4 5

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.