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Lenders like banks and non-banking finance companies rely on credit reports before approving your personal loan or credit card application. A credit report is computed by credit information companies which are also known as credit bureaus. The credit bureaus collects, collates and aggregates data from its members (individual consumers and lending institutions) to provide information related to the credit history and creditworthiness of an individual. At present, there are a total of 4 credit bureaus in India. All credit bureaus in the country are licensed by the Reserve Bank of India (RBI).
|Established||2000||License granted in 2010||2006, license granted in 2010||Received licence in 2010|
|Cost of the Report||Rs.550 for Credit Report + Score.||Rs.400 (excluding GST) for Credit Report + Score||Rs.399 for Credit Report + Credit Score)||Rs.399 (including GST) Credit Report + Credit Score|
|Scoring System||All credit bureaus in India offer a credit score between 300-900, 900 being the highest. A credit score of 700 and above is considered as ideal.||All credit bureaus in India offer a credit score between 300-900, 900 being the highest. A credit score of 700 and above is considered as ideal.||All credit bureaus in India offer a credit score between 300-900, 900 being the highest. A credit score of 700 and above is considered as ideal.|
|Products and Services||
|Time taken to receive credit report||The online credit report is delivered instantly after making the payment.||The online credit report is delivered instantly after making the payment.||The online credit report is delivered instantly after making the payment.||The online credit report is delivered instantly after making the payment.|
All the four credit bureaus in the country are licensed by the Reserve Bank of India (RBI). Lenders like banks and non-banking finance companies (NBFCs) send your credit information to all the credit bureaus. They do not differentiate between the bureaus and share all your details related to your credit with them. Each credit bureau has their own algorithm which they use to calculate your credit score. Therefore, credit scores from all the credit bureaus are considered as valid. Although, the algorithm to calculate credit score can be different for different bureaus, the five components that are taken into consideration while calculating the credit score remain the same. Credit bureaus consider factors like repayment history, type of credit, age of credit, credit exposure, and credit inquiries while calculating the credit score. It must be noted that credit scores from two credit bureaus can be different, however, they will be accepted as valid. A marginal difference in credit scores from two different bureaus is common. A difference of around 50-60 points in the credit score is generally observed by banks and NBFC.
Lender's exposure to risk is mitigated: Getting access to information on every customer’s inquiry and trade lines over a long period of time will allow the lenders to look into their creditworthiness. They can then calibrate the risk exposure. Having a judicious risk management in place which is based on in-depth data, will affect the revenues.
The decision-making process becomes faster: Having access to the information mentioned above helps every lender in making an informed decision. A credit score gives the lender an idea of the customer’s creditworthiness. The Credit Information Report gives them a quick and rounded idea of the customer’s credit behaviour and the short-term and long-term perspectives will help the lender evaluate the borrower better and take a quick decision.
Easier tracking of borrower portfolio: When you have a database, which allows its member institutions to get access to it, the lenders can track the credit performance of their borrowers on a periodic basis and take better decisions.
The identification process: The vast data that is in the customer database leads to a better consumer identification. The Equifax consumer database is linked to Indian government databases like and NSDL for PAN and AADHAR card validation. This makes the process of authentication easier.
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.
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