New Delhi, July 28 -- Credit Information Companies (CICs) are an important part of the current lending landscape in India. They collect, analyse and disseminate credit information that lenders use for underwriting. They play a role in the lives of individuals, businesses and the wider credit industry.

CICs are also known as credit bureaus, they are licensed by the Reserve Bank of India. In India, the big four consumer CICs are Equifax, CRIF High Mark, Experian and TransUnion CIBIL. These businesses collect detailed information regarding financial and repayment behaviour from insurance companies, banks, NBFCs, and telecom companies.

CICs also gather similar information on businesses. Based on this information, individuals get credit info...