Consider the following statements:1. Credit bureaus are organizations that collect, analyze, and maintain credit data on borrowers, businesses, and organizations.2. They are licensed by the Securities and Exchange Board of India.3. Credit reports can only be provided to borrowers and government agencies.How many statements given above is/are correct?a)Only one b)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer?

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Consider the following statements:

1. Credit bureaus are organizations that collect, analyze, and maintain credit data on borrowers, businesses, and organizations.

2. They are licensed by the Securities and Exchange Board of India.

3. Credit reports can only be provided to borrowers and government agencies.

How many statements given above is/are correct?

a)
Only one
b)
Only two
c)
All three
d)
None

Correct answer is option 'A'. Can you explain this answer?

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Consider the following statements:1. Credit bureaus are organizations ...

Statement 1 is correct:

Credit Information Companies, also called credit bureaus, are organizations that collect, analyze, and maintain credit data on borrowers, businesses, and organizations. CIBIL is the oldest and most well-known credit information company in India. The top four credit information companies in India are:

Credit Information Bureau (India) Limited (CIBIL)
Equifax • Experian
CRIF Highmark Statement 2 and 3 are not correct: They are licensed by the Reserve Bank of India. Credit reports can only be provided to the following people or authorities upon request:
Borrower’s employer
Borrower’s landlords
Utility service providers
Government of India
Lenders, banks, financial institutions
Any third party (only after the written request from the borrower).

Answered by Notes Wala · View profile

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Consider the following statements:1. Credit bureaus are organizations that collect, analyze, and maintain credit data on borrowers, businesses, and organizations.2. They are licensed by the Securities and Exchange Board of India.3. Credit reports can only be provided to borrowers and government agencies.How many statements given above is/are correct?a)Only one b)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer?

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