What Are The Most Important Credit Information Companies In India?

What is a credit information company?

While many people know the basic terms like CIBIL score, Equifax or CRIF score they don’t necessarily know anything about these in detail or the differences between these like Equifax vs cibil. Don’t worry we will clarify it for you here.  A credit information company is a business which collects and analyzes information regarding consumers’ credit history in order to assist lenders, debt collection agencies and commercial credit bureaus. This can be useful for checking out whether a person is likely to repay their debts responsibly or if they have bad credit. It provides data on a debtor’s past debts, automated collection activities, bankruptcy filings, payments made on loans, payment histories, default rates and other terms of their loans such as the total amount of money borrowed, payments made and interest rates paid.

What are the different credit information companies in India?

CIBIL

Credit Information Bureau Limited was established in the year 2000 and it offers a credit score between 300 and 900. Even though in this range the higher the score the better, a credit score greater than 700 is considered good. CIBIL offers various types of reports for consumers and companies. Some of its most popular reports include Credit information reports, Portfolio review reports and market insights. It also offers services such as portfolio management, fraud prevention etc. You can generate a credit report for only Rs. 550 and instantly get it online.

EXPERIAN

Experian was established in 2006 and it got its license in 2010. You can generate any of the reports by Experian for Rs. 399. Experian too offers credit scores from 300 to 900 with a score above 700 being optimum. Some of Experian’s most popular ad reliable products and services for companies include customer acquisition, collection and money recovery, customer management, data and analytics, customer targeting and engagement. Individual consumers can also generate Experian credit information reports. You can avail of the online credit report instantly.

CRIF Highmark

CRIF High mark received a licence in 2010.  You can generate credit reports and credit scores from CRIF Highmark for Rs 399 online instantly. Just like all other credit bureaus, CRIF Highmark also gets credit scores in the range of 300 to 900. If you get a score above 700 you are in the safe zone since your credit rating will be considered ideal. CRIF Highmark offers various products and services. As a single consumer, you can get CRIF Highmark credit information reports and microfinance credit reports. If you are a company owner you can generate a commercial score, predictive analytics and scorecards, identification and anti-fraud services. Some of the additional services offered by CRIF High mark include Business rules and decision management, loan origination, deduplication platform, collections management and external data connector. 

EQUIFAX

Equifax got its license in 2010 and much like CIBIL or other bureaus, it offers credit scores in the range of 300-900 and any score above 700 is considered ideal. Some of its most popular reports and services for consumers and companies include Equifax credit report, Equifax risk score, credit risk and fraud management, industry diagnostics and portfolio management. You can generate the reports for Rs.400 online from the Equifax portal instantly.