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13 August 2010 ,
Written by Dhruv Tanwar
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Information services company Experian is now a CICRA licensed credit bureau in India. The Experian Credit Information Company of India will provide Experian credit reports to lenders and consumers in compliance with the Reserve Bank of India’s (RBI) guidelines.
Earlier this year, Experian was awarded a license by the Indian central bank to operate a credit bureau in India under new Credit Information Companies (Regulation) Act (CICRA) 2005. The company is the first new credit information company in India in six years, and will collect and collate information from various approved sources in order to provide information on consumers’ creditworthiness to reduce risk and improve responsible lending to consumers. Richard Fiddis, Experian's managing director for emerging markets said the bureau would introduce a range of new products and services to help India’s growing financial services and telecommunications sectors better acquire and retain profitable customers. “We have the local skills and global resources to enhance how our clients manage customers across the entire credit lifecycle,” he said.
The Experian Credit Information Company of India Private Limited, formed in November 2009, represents a joint venture with seven Indian public and private sector banks and non-banking financial institutions, including Axis Bank, Federal Bank, Indian Bank, Magma Fincorp, Punjab National Bank, Sundaram Finance and Union Bank of India. |