List of Credit Report Agencies That You Need To Know
A consumer credit report is a limited record of your personal information as it relates to your consumer credit activities.
It is mainly used by lenders and creditors to determine your credit reputation or creditworthiness when deciding whether to extend credit or lend. Although numerous small credit reporting agencies (CRAs) exist, there are only three large credit reporting agencies (CRAs) that are widely accepted.
The credit reports India are divided into several general categories, the most common being credit history, public records, collection accounts, inquiries, and personal information.
The Credit History section displays some general information that you would expect to see on a consumer credit report such as real estate mortgages, credit cards, line of credit, personal loans, and auto toe loans. While displaying some general information that you might expect, such as the account name and account number of each account, this section of the Credit Reports India also shows the status of each account and whether it is current or past in payments. This section of the Credit Report goes into more detail by displaying each account balance, minimum payments, and payment history.
Credit bureaus collect credit information from banks and individuals from NBFCs. The information includes detailed payment history, defaults, loan and credit card applications and corresponding approvals and denials, total credit limits, age of accounts, and personal details. There are four credit information companies 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 lenders, Business information Report companies create credit scores and credit reports for the benefit of lenders and borrowers. The lender uses the credit report to verify the creditor’s credit and disburses the loan accordingly. Borrowers can learn about credit behavior and move forward in action to improve their credit health in order to be eligible for a loan and credit card.
Equifax
Equifax in India was registered in 2010 as Equifax Credit Reports Information Services Pvt. Ltd. (ECIS), headquartered in Mumbai. USA and Equifax Inc is a joint venture between seven leading financial institutions in the USA and India and provides credit information services among other credit-related services. In addition to providing credit reports, Equifax also provides services in data management, analytics, and alerts for prudent financial decision making.
Your Equifax credit report is generated 7-10 days after document verification. Equifax credit scores range from 300 to 900. You can get a free Equifax credit report once a year. If there are any errors on your credit report, you can increase the dispute resolution by downloading and sending the dispute resolution form from their official website.
How to get an Equifax credit report?
Online: You can request a free Equifax report by logging on to Equifax’s official website or the Credit Minister. Offline: Follow the steps below
- Fill out the KYC request form
- Proof Attach a self-certified copy of proof of identity and proof of address
- Send documents to The Equifax office
CIBIL
CIBIL Returns is one of the leading credit information companies in India, founded in 2000. CIBIL provides consumers with information to understand their credit history and the Business Information Report services of business people that provide comprehensive data for decision-making based on information.
The CIBIL credit score ranges from 300 to 900. You can get a free CIBIL2 credit report once a year. It takes 7 days to get your CIBIL credit report. You can apply online to get your free CIBIL B credit score, credit report, and resolve a dispute if there is an error on your credit report.
Debt Nirvana
Debt Nirvana, which was licensed to operate in India in 2010, is one of the leading credit bureaus that provide your credit report. It provides loan services to individuals and financial institutions involved in other financial related services.
Experiment credit reports have a credit score between 300 and 900 and anything above 750 is considered a good credit score. To use a specialist credit report, you can apply online or below for a credit report request form and send it to their email address info@debtnirvana.com. It takes up to 20 days from the date of application to obtain your Experience credit report.
CRIF High Mark
CRIF High Mark is one of the key Business information Report providers of India, assisting a large number of customers with services such as data management, credit analytics, and software solutions. It was established in 2007 and licensed in 2010.
A high mark credit score is between 300 and 850 and anything above 720 is considered a good score. You can get the official online high mark online credit report from their official website or by filling the request form and sending it at a high mark fee.
Final thoughts
Apart from the list, all you need is to contact them and get the best quote for your credit reports. Read out the testimonials of their potential customers on their website, before hiring them for your credit reports.
