What changed
On March 26, 2010, RBI granted Equifax Credit Information Services Pvt. Ltd. a Certificate of Registration to begin credit information business. This was communicated via circular dated March 31, 2010, following a similar registration issued to Experian Credit Information Company of India Pvt. Ltd. earlier that month.
What it means for you
Banks and lenders now have an additional licensed credit bureau to access credit data, which can enhance competition and improve credit assessment. This may lead to better pricing and service options for credit information products.
What you must do
- Acknowledge receipt of this circular as instructed.
- Update your records with Equifax's contact details for future data sharing or queries.
- Prepare your systems to integrate with Equifax for credit information reporting and retrieval.
- Review your existing credit bureau agreements to ensure compliance with RBI's licensing framework.
Who it affects
All Scheduled Commercial Banks (excluding RRBs), All India Financial Institutions
What is the significance of this Certificate of Registration?
It legally authorizes Equifax to operate as a credit information company in India, meaning banks can share and access credit data through them under RBI's regulatory framework.
Does this affect my bank's existing credit bureau arrangements?
No, existing arrangements with other bureaus remain valid. This simply adds Equifax as a new licensed option for credit information services.