Experian, announced that it has become a CICRA licensed credit bureau to go live in India.  Experian Credit Information Company of India Private Ltd will provide Experian credit reports to lenders and consumers in compliance with the Reserve Bank of India’s (RBI) guidelines. 

Experian received a license from the Reserve Bank of India earlier this year.  Experian Credit Information Company of India Private Limited was formed in November 2009.  The company represents a joint venture with seven of India’s leading public and private sector banks and non-banking financial institutions; Axis Bank, Federal Bank, Indian Bank, Magma Fincorp, Punjab National Bank, Sundaram Finance and Union Bank of India. 

T.S.Narayanasami, Chairman, Experian Credit Information Company of India Private Ltd and former CMD, Bank of India and ex-Chairman of IBA, said: “The emergence of a competitive environment among Credit Information Companies is good news for the Indian Economy and credit industry. In order to provide responsible access to credit for Indian consumers it is important for banks and other credit grantors to have access to globally proven alternatives to determine the credit worthiness of potential borrowers.”

Phil Nolan, Managing Director of Experian Credit Information Company of India Private Ltd commented: “We have been investing in our people, systems and processes for over three years in preparation for this day. We look forward to bringing our proven solutions to banks and other financial institutions and improve education about Credit Information Companies. We are here to help consumers to better understand the importance of credit and how the maintenance of a good credit history will deliver benefits; through improved access to credit and lending terms.”

There are now three credit bureaus operating in India:  Credit Information Bureau (India) Limited (CIBIL); Equifax and Experian.  CIBIL has been successfully operating in India for five years.  The others need to catch up as it is expected to take up to three years for credit bureau startups to reach critical mass.    Source: Experian

BIIA Newsletter October I – 2010 issue