Credit Information Company in India :

The Credit Information Company collects financial information about all the individuals and forms a credit report based on their financial history. This credit report plays a very important role as it helps banks and other financial institutions determine the creditworthiness of an individual applying for a loan or credit card with them.

Credit Information Companies Regulation Act (CIC Act)

Credit Information Companies in India are licensed by the Reserve Bank of India and governed by the Credit Information Companies Regulation Act, 2005 and various other rules and regulations issued by the Reserve Bank of India. The CIC Act, 2005 is a legislation that is enacted by the Government of India, in order to regulate the actions of the Credit Card Companies in India. Following the CIC Act, 2005, the RBI and the Government of India enacted the CIC Act, 2006.

Plebgraph utilizes the services of Credit Information Companies (CICs) to assess the financial histories of its customers and determine their creditworthiness. This information assists Plebgraph to gain a more comprehensive view of an individual's credit profile, improving the accuracy of their assessment and decision-making processes related to loans or other financial services.

Two prominent CICs commonly used by Plebgraph, are Equifax and TransUnion CIBIL (Credit Information Bureau India Limited).