Global agencies are providing credit history of individuals and such companies could soon set up shop in India. We may now have Credit Information Bureaus with foreign expertise, reports CNBC-TV18.

BUREAU TO CHECK CREDIT

The Reserve Bank of India has finalised rules for Credit Information Bureau Companies to set up operations in India. UK based USD 3 billion Information Solutions provider Experian is set to do exactly that. Experian has already tied up with ICICI Bank for consultancy and credit scoring.

But it is now also looking at partnering with a local bank or financial institution to set up a Credit Infomation Bureau. Current guidelines do not allow them to enter the market on their own.

A robust credit bureau can minismise risks and even prevent scams. In fact, Experian has a product called 'Hunter', which they say, could have avoided the demat scam. This product uses technology to match account applications and highlight inconsistencies. It also enables users to share data on fraudsters, across different product types and industry sectors. Experian is only waiting for a license to kickstart operations in India.