A CIC is a repository of credit information submitted by members comprising banks and other financial institutions. This information is collated in to Credit Information Reports (CIR) which can be used by members while making lending decisions.

CICs are also commonly referred to as “Credit Bureaus”. CIBIL is India’s first fully operational CIC & maintains credit information pertaining to any credit facilities availed of by an individual or an entity. Experian is another credit bureau that has become operational recently.