India
In India, there are four credit information companies licensed by Reserve Bank of India. The Credit Information Bureau (India) Limited (CIBIL) has been functioning as a Credit Information Company from January 2001. Subsequently in 2010, Experian, Equifax and Highmark were given licenses by Reserve Bank of India to operate as Credit Information Companies in India.
Although all the four credit information companies have developed their individual credit score, the most popular is CIBIL credit score. The CIBIL credit score is a three digit number that acts like a summary of individual's credit history and credit rating. This score ranges from 300 to 900 with 900 being the best score. Individual's with no credit history will have a score of -1. If the credit history is less than six months then score will be 0. CIBIL credit score takes time to build up and usually it takes between 18 and 36 months of credit usage before a decent credit score.
Read more about this topic: Credit Score
Famous quotes containing the word india:
“India has 2,000,000 gods, and worships them all. In religion other countries are paupers; India is the only millionaire.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“But nothing in India is identifiable, the mere asking of a question causes it to disappear or to merge in something else.”
—E.M. (Edward Morgan)
“There exists no politician in India daring enough to attempt to explain to the masses that cows can be eaten.”
—Indira Gandhi (1917–1984)