Registration of Credit Information Companies (CIC)

Credit Information Company ("CIC") or Credit Bureau is an RBI-licensed and authorized organization. The consumer and business credit information of individuals and companies across the nation, as provided by the financial institutions is collected, maintained and analysed by CICs.

CIC prepares Credit Information Report ("CIR") for individuals and Credit Company Report ("CCR") for companies based on the provided data and further calculates and generates credit scores for individuals and credit ranks for companies as per their creditworthiness and past credit history.

The Government of India has enacted the Credit Information Companies (Regulation) Act, 2005 ("CIC Act") and Credit Information Companies Regulations, 2006 ("Regulations") and the Credit Information Companies Rules, 2006 ("Rules") issued under the Act. Section 4 of CIC Act, 2005, specifies that any company which intends to start Credit Information business needs to apply for registration to the RBI as per the specified regulations.

The Reserve Bank of India's Department of Banking Operations and Development directly regulates credit information bureaus. As per the provisions of CIC Act, 2005 every retail loan taken by a consumer shall be reported by all banks, financial institutions and NBFCs to all or any four credit information bureaus. TransUnion CIBIL, Equifax, Experian, and CRIF High Mark are four major credit information bureaus in India. Each bank, financial institutions and NBFC is required to update on these credit agencies on consumer's repayment behaviours.

It is mandatory for all financial institutions and commercial bank which provides/lends money to become members by obtaining registration of all four CICs and submit data (including historical data) to them. All CICs and Credit Institutions shall keep the record of credit information collected/maintained by them in a proper manner and update their records regularly on a monthly basis or at such intervals as could even be mutually decided between the Credit institutions and the CIC in terms of Regulation 10(a)(i) and (ii) of the Credit Information Companies Regulations, 2006.

PROCESS OF OBTAINING REGISTRATION UNDER EACH OF THE FOUR MAJOR CICS

A. TRANSUNION CIBIL

TransUnion CIBIL Limited (Formerly known as Credit Information Bureau (India) Limited) is a renowned Credit Information Company (CIC) that maintains credit information of over 1000 million individuals and businesses worldwide. CIBIL is considered to be the most prominent credit reporting agency the banks and financial institutions trust. You can gain access to the credit score and credit report offered by CIBIL once you register with the site and log in to your account.

I. Registration Process for Individuals

Step 1: Visit CIBIL's website at https://cibil.com

Step 2: Click on 'GET YOUR CIBIL SCORE' button and choose any given plan as per your requirement.

Step 3: Once decision relating to subscription plan is made, click on 'GET STARTED' button of your desired plan.

Step 4: Enter personal information such as Email address, Full name, ID type, ID Number based on ID type selected, Date of Birth, Pin code, Mobile number; set password for your account and click on 'ACCEPT & CONTINUE' to move to next tab.

Step 5: In next tab 'VERIFY YOUR IDENTITY' and proceed for Payment of subscription fees as per the plan selected.

Step 6: Upon successful payment your account shall be created and you can access your account to access the features of CIBIL site.

II. Registration Process for Companies

Step 1: Visit CIBIL's website at https://cibilrank.cibil.com/.

Step 2: Click on 'SUBSCRIBE NOW' button and choose any given plan as per your requirement.

Step 3: Once decision relating to subscription plan is made, click on 'GET STARTED' button of your desired plan.

Step 4: Enter your Company's GSTIN then select the 'declaration radio button' and continue. Further, enter company details such as Company name, Entity type, ID type, ID Number based on ID type selected, GSTN value, registered office address, State, City, PIN, and the contact details of the Authorised Signatory.

Step 5: Upon filling the details, click on 'PROCEED' button and make payment as per your subscription plan.

Step 6: Upon successful payment a unique CIBIL Registration ID shall be emailed to the registered e-mail account and you can access your account with credentials provided.

Note: On first login, you will be required to submit KYC documents for the authorized personnel to verify your account and deliver the CIBIL rank and report.

Alternatively,

Step 1: You can download PDF from https://www.cibil.com/content/dam/cibil/consumer/commercial-request-form.pdf

Step 2: Fill in the necessary information in the Form

Step 3: Send it to the postal address- TransUnion CIBIL Limited, One Indiabulls Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013 or e-mail the Form at  cibilinfo@transunion.com

III. List of KYC documents

Note: Make sure that the address mentioned while Registering is exactly the same as mentioned in the address proof provided. This is applicable to both individuals and companies.

B. EQUIFAX

Registered as a Credit Information Company (CIC) in India since 2010 and headquartered in Mumbai, Equifax India is a joint venture between Equifax Inc., USA and seven leading financial institutions in India. Equifax India collates credit information of individuals and commercial entities, as provided by the financial institutions. The credit information of consumers is further presented in form of Credit Information Reports (CIRs) and Credit Scores that is calculated and generated by using a specific algorithm. Equifax also manages a separate credit bureau to cater to the increasing lending and regulatory needs of Micro Finance Institutions (MFIs).

I. Process of Registration

Step 1: Apply for Equifax membership- Visit Equifax website at https://www.equifax.co.in/ and click on 'GET STARTED' button.

Step 2: Choose your desired subscription plan and click on 'SUBSCRIBE' button of chosen plan.

Step 3: Create your own account using your name, email address, mobile number and verify these details with OTP sent.

Step 4: Enter further details correctly and create your account.

Step 5: Proceed to make payment of amount for subscription plan chosen.

II. Register for ePort access

The Equifax website has a link through which companies can register for ePort here https://eport.equifax.co.in/eport-sdk/registration.jsp.Those registering will have to provide their Company Name, Existing Customer Account Number, Security Digits, First Name, and Last Name. If you forget your Customer Account Number, or Security Digits – the website will direct you to help resources.

III. Log in with User ID and Password

The ePort login on the Equifax website requires a User ID and Password, which will be assigned to you after completing registration. Using the User ID and Password, customers can log in to the portal, and access a wide range of Equifax products and services.

C. EXPERIAN

In 2010, Experian became the first credit bureau to receive a license under the new Credit Information Companies (Regulation) Act, 2005 ("CICRA, 2005"). Experian India offers its own Experian credit report and score for use by both individuals and companies. It offers information, marketing services and analytical tools to individuals and commercial enterprises to make informed credit decisions.

Registration Process

Step 1: Visit Experian website at https://www.experian.com/.

Step 2: Click on 'SIGN IN' and further click on 'SIGN UP FOR FREE' option.

Step 3:  Enter Social Security Number and Mobile number and proceed further

Note: In case you don't remember your Social security number, go to the official Social Security Administration website on https://www.ssa.gov/number-card or call (800)7721213 for more information on how to get a replacement card if your original one has been lost or stolen.

Step 4: Upon filling other details, proceed to create your desired Username and Password. Set up your hint question and answer.

Step 5: Read and accept Experian's terms and conditions and privacy policy. Make sure you understand how Experian will use your information.

Step 6: Experian may send a verification email or text message to the email address or phone number you provided during registration. Follow the link or enter the verification code to confirm your registration.

D. CRIF HIGH MARK

Headquartered in Mumbai, CRIF High Mark claims to be India's first full service credit bureau which offers comprehensive credit information for all borrower segments across India including retail consumers, MSME (Micro Small and Medium Enterprises) as well as commercial and microfinance borrowers. Besides, providing credit reports and credit scores, this credit bureau also offers analytics, insights, data management and related software solutions to banks, MFIs, NBFCs, Housing Finance Companies, Insurance Companies Telecom service providers, etc.

Registration Process 

Step 1: Visit CRIF High Mark website at www.crifhighmark.com and click on 'PERSONAL/BUSINESS TAB'

Note: Personal Tab is for Individuals and Business Tab is for Companies, choose according to your registration preference.

Step 2: Enter relevant details required.

For Individuals (Personal): Enter Personal details such as Full Name, ID Type, ID Value based on ID type, Mobile Number, Email- ID. Then click on 'I agree to Terms & Conditions' checkbox and click on 'GET MY CREDIT SCORE' to proceed further.

For Companies (Business): Enter details such as Organization Name, Name of Authorized person, Mobile Number, Email- ID. Then click on 'I agree to Terms & Conditions' checkbox and click on 'GET STARTED' to proceed further.

Note: Keep company PAN and GST number handy.

Step 3: An e-mail will be sent to your registered email-id with steps to proceed further.

Step 4: CRIF High Mark will verify all the details and on successful verification a Credit Report ID and link for answering Credit Report related questions shall be emailed to you.

Step 5: On successfully answering your Credit Report related questions, your Credit Information Report will be delivered to your registered email-id.

Step 6: In case, you fail at answering the Credit Report related questions, send email to crifcare@crifhighmark.com with the Credit Report ID and CIRF team will provide further guidance on how to proceed further.

CONCLUSION

In conclusion, the registration of Credit Information Companies (CICs) is a fundamental and regulated process that plays a pivotal role in the financial industry. CICs are crucial for maintaining the integrity and transparency of credit reporting systems, which in turn helps individuals and businesses access credit on fair terms and fosters responsible lending practices. By adhering to the registration requirements, CICs contribute to building trust and confidence in the financial sector, enabling informed financial decisions, and mitigating credit risks.

Furthermore, CICs are instrumental in supporting economic growth by facilitating access to credit for deserving borrowers and assisting lenders in making informed lending decisions. Compliance with registration procedures and regulatory guidelines is paramount for CICs to maintain their credibility and reliability within the financial ecosystem.

As financial landscapes evolve, it is essential for CICs to stay up-to-date with changing regulations and industry best practices. By doing so, they can continue to provide valuable credit information services and contribute to the overall stability and development of the financial markets.