ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -CIBIL collects commercial and consumer finance related data and forms a credit report. The company also issues a score derived from this data known as CIBIL score. The CIBIL score plays a very important role when it comes to the approval of loan and credit cards.

Detailed explanation-2: -2. Presently, four CICs, viz. Credit Information Bureau (India) Limited, Equifax Credit Information Services Private Limited, Experian Credit Information Company of India Private Limited and CRIF High Mark Credit Information Services Private Limited have been granted Certificate of Registration by RBI.

Detailed explanation-3: -There are several credit bureaus operating in India, including CIBIL (Credit Information Bureau (India) Limited), Equifax, and Experian. These bureaus collect credit information from a variety of sources, including lenders, banks, and financial institutions.

Detailed explanation-4: -A credit bureau collects and researches individual credit information and sells it to creditors for a fee, so they can make decisions about granting loans. The top three credit bureaus in the U.S. are Experian, Equifax, and TransUnion, although there are several others as well.

Detailed explanation-5: -A credit bureau is an agency that collects and aggregates consumer credit information for lenders and creditors. While there are many consumer reporting agencies in the U.S., three main credit bureaus are responsible for collecting consumer data: Equifax, Experian and TransUnion.