Credit Bureau Services, Inc: Fill & Download for Free

RuPay card is India’s answer to the two most dominant market transaction processing players in the world Visa, MasterCard, AmEx owned by Visa Inc., MasterCard Inc. and American Express Co. respectively. India is now the sixth country in the world to have domestic payment gateway system. Other five countries are US, Japan, China, Singapore and Brazil.Faster transactions: Since processing would be down within India the transactions would be faster as compared to other cards.International Acceptance: As of now RuPay card doesn’t have international acceptance, whereas Visa or Mastercard have been in the market since many years and accepted by most of retailers online or offline such as Amazon, eBay, Walmart and others. Also National Payments Corp of India (NPCI) who promotes RuPay card is working hard to spread it’s acceptance worldwide by partnering with Discover Financial Services and Japan Credit Bureau (JCB).Card Type: Currently RuPay offers only debit card whereas Visa and MasterCard offers debit, credit and debit card. However RuPay credit card would be made available hopefully by March 2015.Entry Fee: In case of international cards banks have to pay entry fee to be a part of their network which is not the case with RuPay card i.e. no joining fee for the banks.Member Banks: RuPay card is offered by public sector, select private banks, rural and co-operative banks (total 200-250 member banks) whereas others don’t include such small banks in their network. Checkout eligibility for getting RuPay card and withdrawal limit. For detailed information visit here.... Differences: RuPay vs Mastercard, Visa

Credit Information Companies (CICs), commonly known as credit bureaus are specialized financial institutions, licensed by the Reserve Bank of India, to collect and maintain data related to the credit behavior of both individuals and commercial entities in India. This data is subsequently used by these companies to generate credit report and credit score of individual borrowers across various lenders and loan types. At present there are four Credit Information Companies in India:TransUnion CIBILEquifaxExperianCRIF HighmarkDespite performing similar functions, there are some key differences between the four Credit Bureaus which are discussed in detail below:1. TransUnion CIBILFounded in the year 2000, TransUnion CIBIL is India’s first and most well recognised credit bureau. CIBIL members in India include all major banks, financial institutions, housing finance companies and NBFCs. It collects and maintains credit information of more than a 1000 million individuals and commercial entities. Using credit information collected across its three divisions- Consumer Bureau, Commercial Bureau and Micro Finance Institution Bureau, CIBIL generates Credit Information Reports (CIR) and CIBIL Scores for individuals and CIBIL Commercial Reports and CIBIL Ranks for commercial enterprises.2. EquifaxRegistered as a Credit Information Company in India since 2010 and headquartered in Mumbai, Equifax India is a joint venture between Equifax Inc., USA and seven leading financial institutions in India. It collates credit information pertaining to individuals and commercial entities and presents it in a more useful and readable format through Credit Information Reports and Credit Scores. Equifax also has a separate bureau to cater to the increasing lending and regulatory needs of Microfinance Institutions.3. ExperianIn 2010, Experian became the first credit bureau to receive a license under the new Credit Information Companies (Regulation) Act (CICRA) 2005. Experian India offers its own Experian credit report and score for use by both individuals and companies. It offers information, marketing services and analytical tools to individuals and commercial enterprises to make informed credit decisions.4. CRIF HighmarkHeadquartered in Mumbai, CRIF Highmark claims to be India’s first full service credit bureau which offers comprehensive credit information for all borrower segments across India including retail consumers, MSME (Micro Small and Medium Enterprises) as well as commercial and microfinance borrowers. Besides, providing credit reports and credit scores, this credit bureau also offers analytics, insights, data management and related software solutions to banks, MFIs, NBFCs, Housing Finance Companies, Insurance Companies Telecom service providers, etc.

About ChexSystemsChex Systems, Inc. (ChexSystems) is a nationwide specialty consumer reporting agency under the federal Fair Credit Reporting Act (FCRA). ChexSystems' clients regularly contribute information on closed checking and savings accounts. ChexSystems provides services to financial institutions and other types of companies that have a permissible purpose under the FCRA. ChexSystems' services primarily assist its clients in assessing the risk of opening new accounts.Source: About ChexSystems