Whoever said wishes don’t come true hasn’t explored our offers!

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. Which credit information company was founded in India first?
  2. India’s first credit information company is CIBIL. The goods and services offered by CIBIL, the country's first Credit Information Company (CIC) or Credit Bureau, have significantly altered how the financial sector functions for both banks and customers.

  3. Who in India issues licences to credit information companies?
  4. RBI issues licences to credit information companies in India.

  5. Which credit reports are considered the best in India?
  6. Credit reports from companies like TransUnion CIBIL, Experian, and Equifax are considered the best in India.

  7. What is the role of a credit information company?
  8. An organisation that gathers and analyses credit and loan-related data about people and businesses to create its goods and services is known as a Credit Information Company (CIC).

  9. Where do the credit information companies receive their information from?
  10. CICs receive this information from their member banks and other financial organisations.


TransUnion CIBIL is one of the leading credit information companies in India. The company maintains one of the largest collections of consumer credit information in the world. CIBIL Score plays a key role in the lives of consumers. Banks and other lenders check the CIBIL Score of the applicants before approving their loan or credit card application. Consumers can visit the official website of CIBIL to check their CIBIL Score and Report.

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.

CIC Reviews

Page 1 of 4 1 2 3 4
  • Experian
    "Quite friendly and awesome"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    It's amazing.. based on the report towards on my email.. I am able to reach to take further steps to close my dept. It's amazing.. based on the report towards on my email.. I am able to reach to take further steps to close my dept. Regards Francis
    Was this review helpful? 1791
    ,
    Reviewed on Nov 11, 2019
  • Experian
    Experian
    "nice"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    Good place to take personal loans and credit cards, fastrack applicationds but simply rejecting applications what the purpose my crdit score is 816 i did not got at least single prpproved they are continl distrub us for uploading but no use
    Was this review helpful? 1371
    ,
    Reviewed on Aug 21, 2019
  • Experian
    "Good place to take personal loans and credit card"
    EXPERIAN
    0.5 2.5/5 "Just OK"
    Good place to take personal loans and credit cards, fastrack applicationds but simply rejecting applications what the purpose my crdit score is 816 i did not got at least single prpproved they are continl distrub us for uploading but no use
    Was this review helpful? 1133
    ,
    Reviewed on Aug 14, 2019
  • Experian
    "CT"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    I am using KOTAK MAHINDRA bank urban credit card for more than 4 years. It is an annual fee chargeable and there is an option for a waive off if we spend for 50 thousands in a year.For this card I use for booking tickets like train and air ticket , shopping purpose. So based on the usage I have not get reward points and cash back yet.
    Was this review helpful? 1203
    ,
    Reviewed on Jul 11, 2019
  • Experian
    "Need to provide reward points and cash back"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    I am using KOTAK MAHINDRA bank urban credit card for more than 4 years. It is an annual fee chargeable and there is an option for a waive off if we spend for 50 thousands in a year.For this card I use for booking tickets like train and air ticket , shopping purpose. So based on the usage I have not get reward points and cash back yet.
    Was this review helpful? 1183
    ,
    Reviewed on Jun 26, 2019
  • Experian
    "Good card"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    In Axis bank, i don't get any offers. 2 years ago, i have started using the card and my credit limit very good which is Rs. 90000 after the usage, they have reduced upto Rs. 42000 and every six month they are enhancing the limit. They are not sending the offers hence i'm planning to close the card by next month since lots of cards are not required.
    Was this review helpful? 1191
    ,
    Reviewed on Jun 24, 2019
  • Experian
    "SBI bank Credit card"
    EXPERIAN
    0.5 4.5/5 "Excellent!"
    I came SBI card through bank bazar online, I want a best credit cards for me , in bank bazar website I found a SBI card based on my credit score & this card are give me best rewards points , I'm using this card from 2 year & I give best thankful to bank bazar because his customers service is superb.
    Was this review helpful? 1273
    ,
    Reviewed on Jun 11, 2019
  • Experian
    "CREDIT REPAIR "
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    I need to share my experience how I evicted all collection on my report. I paid off my hospital bills from the collection agency that the hospital sent me to and the collection refuse to remove from credit. I am trying to get a house. I have called the collection agency and they didn't remove it, so what do i do. It paid off and i want this collection remove. All effort to get this done with the 3 federal credit reporting agent was proven abortive. I did some research and found this credit repairer Global Technologies. I sent a mail to his G mail (globaltechnologies46 at G mail com) how he could get me out of these mess!! He replied and explain in details how he will evict all collection on my report. He did a wonderful job for me.
    Was this review helpful? 1159
    ,
    Reviewed on May 10, 2019
  • Experian
    "Credit Report"
    EXPERIAN
    0.5 4.5/5 "Excellent!"
    Credit Report is providing a ease way to understand my cibil score and it is providing me an opportunity to apply for n number of banks. It is super good and i find it very cool and comfortable. Having perfect design, user friendly and accurate with more information..
    Was this review helpful? 1074
    ,
    Reviewed on May 08, 2019
  • Experian
    "Review of Credit Report"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    The credit report gives an excellent indication of my credit situation. The reports are updated with a lag. So, the exact credit situation is only reflected after a couple of months. Nevertheless, experience is good. The graphical representations are also good.
    Was this review helpful? 1127
    ,
    Reviewed on May 04, 2019
  • Experian
    "Ease of use, quick access and detailed report"
    EXPERIAN
    0.5 3.5/5 "Pretty good"
    Recently I was about to apply for a loan and found bankbazaar through a search engine. Wanted to check my eligibility and credit score before i wanted to proceed further, Bankbazaar made it easy as they have all solutions in one platform. Im extremely satisfied with the services.
    Was this review helpful? 1006
    ,
    Reviewed on Apr 30, 2019
  • Experian
    "Credit Report"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    Awesome Service on credit report which is updated all the time. Very accurate and perfect. I could check and apply for various financial products. Keep it Up Bank Bazaar Team........................................................
    Was this review helpful? 1137
    ,
    Reviewed on Apr 30, 2019
  • Experian
    "Credit Report"
    EXPERIAN
    0.5 4.5/5 "Excellent!"
    It was a great experience to fetch credit report through you guys . now i receive my monthly report which helps me track my credit status. This report helped me to apply for different financial products through bank bazaar. I happy with you guys.
    Was this review helpful? 988
    ,
    Reviewed on Apr 30, 2019
  • Experian
    " My credit card is not show my security is very good"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    Credit card is not show my credit card is very good please help my credit card I have interest credit card please give me credit card I have happy it card miss you me please credit card me I have not credit card please give me credit card thanks give me card
    Was this review helpful? 985
    ,
    Reviewed on Apr 29, 2019
  • Experian
    "credit report"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    It was a great experience to fetch credit report through you guys . now i receive my monthly report which helps me track my credit status. This report helped me to apply for different financial products through bank bazaar. I happy with you guys.
    Was this review helpful? 995
    ,
    Reviewed on Apr 25, 2019
  • Experian
    "Excellent Service by Bank Bazaar"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    I could find bank bazaar to be very convenient in checking my credit score for applying any loan or an application for credit cards. Also after keying all the details the bank bazaar people wont disturb. Whenever there is an offer you will get a text regarding the information. Thanks for getting my accurate Credit score
    Was this review helpful? 983
    ,
    Reviewed on Apr 23, 2019
  • Experian
    "Experian credit report"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    I checked my credit score in bankbazaar web site ,it has given score with in span of seconds. I wondered ,it is free of cost for checking. It is really a wonder. Congrats to bankbazaar team members . Thanks a lot once again to all bankbazaar team members
    Was this review helpful? 1046
    ,
    Reviewed on Apr 05, 2019
  • Experian
    "Realiable credit score"
    EXPERIAN
    0.5 4.5/5 "Excellent!"
    I checked my credit score in bank bazar website. It gave instantly with all my banking past history. It was very much useful. It helped me know my credit status report at no cost . It only required few hassle free clicks and that over.Really appreciable!
    Was this review helpful? 1094
    ,
    Reviewed on Mar 24, 2019
  • Experian
    "Credit Score Tracking"
    EXPERIAN
    0.5 4.5/5 "Excellent!"
    I am using bank bazaar features from last few years. Service provided by bankbazaar is good when compared to others in the market . Customer service is good and their response is good. One step solution for all you banking needs . A periodic tracking of your credit score is maintained well and kept updated in email as and when new scores arrive .
    Was this review helpful? 1239
    ,
    Reviewed on Mar 08, 2019
  • Experian
    "Very nice"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    Thanks I visited a number of sites on regards in the above matter, but what ever the response I got through bank bazar was marvellous and extra ordinary.... Thanq for providing such easy platform for getting in touch to obtain the debit cards so easily.
    Was this review helpful? 1534
    ,
    Reviewed on Mar 02, 2019
Common Loader Icon
Page 1 of 4 1 2 3 4
reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.