Accordingly, a Working Group (Chairman: N.H. Siddiqui) was set up in 1999 to explore the possibilities of setting up a Credit Information Bureau in India. The Group, in its report of November 1999, affirmed the urgent need for establishment of a credit bureau and accordingly, Credit Information Bureau (India) Ltd. (CIBIL) was incorporated in August 2000.
CIBIL launched its credit bureau operations in April 2004 and its commercial bureau operations in May 2006. Following enactment of the Credit Information  BIS central bankers’ speeches  1  Companies (Regulation) Act (CICRA) in 2005, three other Credit Information Companies (CICs) have also been set up. 4.