Most Popular Credit Reports in India

We all check our credit score and credit report while applying for loans or credit cards. Ever wondered who gives out that credit information to us? Read on to know more in detail about the Credit Bureaus in India and the credit reports generated by them.

Credit Information Companies

Before we look into credit reports, let us look at the organisations that maintain and provide the credit reports.

The credit bureaus collect credit information of individuals from the banks and NBFCs. The information includes detailed repayment history, defaults, loan and credit card applications and corresponding approvals and rejections, total credit limit, age of accounts and personal details. There are four credit information companies that are authorized by the Reserve Bank of India (RBI) to operate in India. They are

·         Equifax™

·         CIBIL™™

·         Experian™

·         CRIF High Mark

Based on the data received from the lenders, the Credit Information Companies formulate the credit score and credit report for the benefits of the lenders and borrowers. Lenders use the credit report to check the creditworthiness of the borrower and disburse loans accordingly. The borrowers can know about credit behaviour and swing into action to improve their credit health to become eligible for loans and credit cards.

Equifax™ Credit Report

Equifax™ in India is registered as Equifax Credit Information Services Private Limited (ECIS) in 2010, and is headquartered in Mumbai. It is a joint venture between Equifax Inc., USA and seven leading financial institutions in India and provides credit information services amongst other credit-related services. Apart from providing credit reports, Equifax also offer services in data management, analytics and alerts to make sound economic decisions.

Your Equifax credit report is generated after 7-10 days of document verification. The Equifax credit score ranges between 300 to 900. You can get a free Equifax credit report once in a year. If there are errors on your credit report, you can raise a dispute resolution by downloading and sending the dispute resolution form from their official website.

How to Get Equifax Credit Report?

Online

You can request the free Equifax report online by logging into Equifax official website or CreditMantri.

Offline

Follow the steps given below

·         Fill up the KYC Request Form

·         Attach the self-attested copy of Identity proof and Address proof

·         Send the documents to the Equifax office

CIBIL™™ Credit Report

CIBIL™™ is India’s one of the leading Credit Information Companies which was established in 2000. CIBIL™™ offers services for consumers to understand their credit history and for business people provide information services backed by comprehensive data to take informed decisions.

CIBIL™™ credit score ranges between 300 to 900. You can get free CIBIL™™ credit report once in a year. It takes up to 7 days to get your CIBIL™™ credit report. You can apply online to get your free CIBIL™™ credit score, credit report and raise a dispute resolution if there are error on your credit report.

Experian™ Credit Report

Experian™, which received license in 2010 to operate in India, is a major credit bureau that provides your credit report. Involved in various other finance related services, Experian™ offers credit services to individuals and financial organisations.

The credit score in Experian™ credit report ranges between 300 to 900 and anything above 750 is considered a good credit score. To access the Experian™ credit report, you can either apply online or down the credit report request form and send it to the Experian office. It takes up to 20 days to get your Experian™ credit report from the date of application.

CRIF High Mark™ Credit Report

CRIF High Mark™ is one of the leading credit information providers in India, serving a wide range of customers with credit data, analytics, data management and software solutions. It was established in 2007 and received license in 2010.

The High Mark™ credit score ranges between 300 to 850 and anything above 720 is considered a good score. You can get the High Mark™ Credit Report online from their official website or by filling up the request form and sending it to the High Mark™ office.

Summary

Please do note that the timeline differs for each credit information companies in acquiring the consumers’ credit information. Hence the credit report and score might vary accordingly for each credit bureau.