companies with an established track record of running credit information bureaus in well regulated environments was permitted. With the realisation that competition will bring better technology and efficiency in the system, four companies were issued “in-principle” approval to set up CICs.
Indian experience of credit reporting Let me now briefly allude to some of the key patterns of bureau usage in India during the first decade of their existence. The bureau data has been primarily used in the retail segment, especially while approving credit cards, personal loans, home loans and auto loans.