BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which of the following works is/are done by Credit Information Companies?

A	Collecting records of an individual’s payments pertaining to loans
B	Maintaining records of an individual’s payments pertaining to credit cards
C	Creating Credit Information Reports
D	All of the Above

Explanation:

Detailed explanation-1: -Credit Information Companies (CICs) collect public data, credit transactions and payment histories of individuals and companies regarding loans, credit cards, among others. Based on the the collected data, CICs form a credit report and generate a score.

Detailed explanation-2: -The top four credit information companies in India are: Credit Information Bureau (India) Limited (CIBIL) Equifax. Experian.

Detailed explanation-3: -There are 4 credit bureaus in India – TransUnion CIBIL, Equifax, Experian and CRIF Highmark.

Detailed explanation-4: -Currently, there are four CICs-Credit Information Bureau (India) Ltd (CIBIL), Equifax Credit Information Services Pvt Ltd, Experian Credit Information Company of India Pvt Ltd and CRIF High Mark Credit Information Services Pvt Ltd.

There is 1 question to complete.