Credit bureau Cibil’s run of monopoly may be coming to an end. Enter: Experian Credit Information.
For years, banks and NBFCs had only one entity to turn to when they wanted to assess the credit worthiness of consumers — Cibil. Not any more. Starting August 12, international credit information firm Experian will open doors in India, making the country its 16th destination.
Experian had first approached RBI for clearances in February. As per banking regulators, Axis Bank, Punjab National Bank, Indian Bank, Union Bank, Federal Bank, Sundaram Finance together hold a 51% stake in the company. And while the company is tight lipped about its board members, it is betting on its global expertise.
Phil Nolan, MD, Experian Credit Information Co India says, “Lenders will give the same data to all bureaus but what will be differentiated is how do we facilitate that data to members in terms of quality, hygiene etc.”
Experian believes it will also be able to rope in consumers to actively access credit data. Currently, each report will cost Rs 138.
Experian says it is also armed to tackle one of the bigger problem areas facing credit information bureaus — that of consumer redressal. It says systems are in place to ensure quick and easy resolution.
About Experian
Experian is a global leader in providing information, analytical tools and marketing services to organizations and consumers to help manage the risk and reward of commercial and financial decisions. Using our comprehensive understanding of individuals, markets and economies, we help organizations find, develop and manage customer relationships to make their businesses more profitable.
Experian promotes greater financial health and opportunity among consumers by enabling them to understand, manage and protect their personal information, helping them control financial aspects of key life events, and make the most advantageous financial and purchasing decisions
In US they are providing credit report at $1 where as in india we pay Rs.138.00 plus courier cost.
