Top credit bureaus in India

November 17, 2022 Finance Talk Valli Sarvani No comments

A credit score is vital to get a loan. Banks and financial institutes rely on credit bureaus or credit information companies to know the credit score of a borrower.

These credit rating agencies provide credit reports of borrowers based on their financial history. This report helps banks and financial institutions to know the creditworthiness of an individual while issuing a credit card or sanctioning a loan.

Credit bureaus are licensed by the Reserve Bank of India (RBI). They are regulated by the Credit Information Companies Regulation Act 2005.

Many people are aware of Credit Information Bureau (India) Limited (CIBIL). But there are other credit bureaus in India that provide credit reports or scores.

Here is a list of credit bureaus or credit information companies in India:

CIBIL is one of the most popular credit bureaus in the country. It is the first credit rating agency in India. The company was established in 2000. CIBIL score ranges from 300 to 900. A score above 750 is considered an excellent score by banks. If you want to know your CIBIL report, you need to pay ₹550. You can access the report within 3 business days.

Equifax was founded in 1899 in Atlanta. It got its license as a credit rating agency in India in 2010. Credit score ranges from 300 to 850. A credit score above 740 is considered very good by lenders. Those who want to get their credit score need to pay a fee of ₹400. To get a basic credit report, one needs to pay ₹138.

Experian was established in 2006. Credit score ranges from 300 and 900. A credit score above 700 is considered good by banks and other financial institutes. It charges ₹138 for a credit report. However, if you want a credit report, you need to pay ₹399.

CRIF High Mark was founded in 2007 and got a license in 2010. Credit score ranges from 300 and 900. A credit score above 700 is considered good. The fee to get a credit report is ₹399.

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