If you’ve ever applied for a loan, you may already know how essential your credit score is to the lenders. It directly influences your chances of loan approval, and in some cases, may also impact the interest rates.
But have you ever wondered who decides the credit rating for you? Well, it’s the credit bureaus. India has a number of them, all of whom have access to your credit-related information such as your outstanding bills, borrowings, payments, etc., using which they assess your creditworthiness and generate a score for you.
You can conduct a credit rating check at any of these bureaus’ websites to assess your creditworthiness. Here’s a list of top credit bureaus in India to help you out.
Established in 2000, TransUnion CIBIL is India’s first and most popular credit bureau. It maintains the credit record of over 32 million companies and 600 million individuals. Founded by the Reserve Bank of India, CIBIL later merged with the Chicago-based TransUnion International to become what’s now known as the TransUnion CIBIL.
TransUnion CIBIL now allows you to conduct a CIBIL score check conveniently using their online portal. CIBIL scores range between 300 and 900. And the major factors that impact your overall credit score are your credit utilisation, credit mix, payment history, and the number of inquiries. So, by having low credit utilisation, a healthy credit mix, and an impeccable debt repayment history, you can significantly bring up your CIBIL score.
Additional Read – How Often Should you Check Credit Score
Founded in 2010, Experian is the first credit bureau in India to get a licence under the Credit Information Companies (Regulation) Act (CICRA), 2005. Like CIBIL, Experian offers its own credit reports and scores ranging between 300-900.
A typical Experian credit report contains information regarding the date of the loan, type of loan, repayment history, current outstanding balance and defaults (if any). Other than that, your report also indicates the number of enquiries you’ve made. Experian also provides a credit rating check service online.
On top of the credit report services, Experian also provides analytical tools and marketing services to commercial enterprises and individuals to help them make informed credit decisions.
Equifax is not only one of the top bureaus of India but the world. Established in 1899 as a retail credit company, the company procured the licence to operate as a credit rating bureau in 2010.
Besides providing credit reports, the company also offers portfolio scores, risk scores, and other scores for individuals. Unlike CIBIL, the scores offered by Equifax lie between 0 and 999.
Additional Read – What Is the Role of CIBIL Score in Getting a Home Loan?
India has many other credit bureaus as well, such as CRIF High Mark, CRISIL, and ICRA. However, when it comes to the best, CIBIL, Experian, and Equifax take the top spots.
If you wish to check your credit rating in a hassle-free and speedy manner, Tata Capital has the right solution. Visit our website or log in to our app to conduct an effortless credit score check today!