Question

What is the role of the Credit Information Companies

Q: Answer-What is the role of the Credit Information Companies (CICs) in India?

The Credit Information Companies CICs in India are responsible for collecting credit information about individuals and businesses and maintaining a credit score database. This information is used by banks and other financial institutions to assess the creditworthiness of borrowers before extending loans or credit. Therefore, option B is correct.

(CICs) in India?

A To provide loans to individuals and businesses

B To collect credit information about individuals and businesses and maintain a credit score database

C To publish credit scores of individuals on the government portal

D Collecting credit information with respect to bankruptcy and insolvency

E None of the above

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What is the role of the Credit Information Companies

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