What changed
RBI issued a Certificate of Registration to Experian Credit Information Company of India Private Ltd on February 17, 2010, allowing it to commence credit information business. This adds a second credit information company (CIC) after CIBIL, which has been operational since January 2001. Banks and financial institutions are expected to share data with Experian as they do with CIBIL.
What it means for you
Banks and FIs now have an additional CIC to report credit data to, which can improve credit information coverage and competition. This supports the Credit Information Companies (Regulation) Act, 2005 mandate for effective data exchange. Lenders must ensure they are ready to share data with Experian promptly to avoid compliance gaps.
What you must do
- Register with Experian Credit Information Company of India Private Ltd as a data member.
- Update internal systems to report credit data to Experian in addition to CIBIL.
- Ensure data accuracy and timeliness as per RBI guidelines for credit information sharing.
- Acknowledge receipt of this circular to the RBI.
Who it affects
All Scheduled Commercial Banks (excluding Regional Rural Banks), All India Financial Institutions
When did Experian receive its license from RBI?
RBI issued the Certificate of Registration to Experian on February 17, 2010, as per the circular dated March 4, 2010.
Do banks need to report data to both CIBIL and Experian?
Yes, banks and FIs are expected to report credit data to all operational CICs, including CIBIL and now Experian, to ensure comprehensive credit information exchange.
What is the address of Experian Credit Information Company of India?
The address is: Platina, 9th Floor, C-59, G Block, Bandra Kurla Complex, Bandra East, Mumbai – 400 051.