Experian, the global information services company, today announced that it has become the first CICRA licensed credit bureau to go live in India. From today, 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.
Today’s announcement follows the company’s status earlier this year as the first organization to be awarded a license by the RBI to operate a credit bureau in India under new Credit Information Companies (Regulation) Act (CICRA) 2005.
Signaling the first new operational Credit Information Company in India for over six years, the local market now has access to a globally recognized supplier of credit information to improve lending decision-making. The Credit Information Company collects information from various approved sources and provides information on consumers’ creditworthiness to reduce risk and improve responsible lending to consumers.
Richard Fiddis, Managing Director for Emerging Markets, Experian, said:
“The RBI’s decision to grant us the first full license to operate a credit bureau in India was in recognition of Experian’s global leadership in operating credit bureau and delivering value enhancing services in mature and developing markets. As India’s first new credit bureau in six years, we are ready to introduce a wide 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.”
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.”
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.
Experian is the leading global information services company, providing data and analytical tools to clients in more than 90 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2010 was $3.9 billion. Experian employs approximately 15,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; Costa Mesa, California; and São Paulo, Brazil.
For more information, visit www.experianplc.com.