Question

What is the role of the Credit Information Companies (CICs) in India?

A To provide loans to individuals and businesses Correct Answer Incorrect Answer
B To collect credit information about individuals and businesses and maintain a credit score database Correct Answer Incorrect Answer
C To publish credit scores of individuals on the government portal Correct Answer Incorrect Answer
D Collecting credit information with respect to bankruptcy and insolvency Correct Answer Incorrect Answer
E None of the above Correct Answer Incorrect Answer

Solution

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.

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