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Credit Bureau APIs

Evaluate the creditworthiness of your customers before lending & minimize the risk of default using our Credit Bureau APIs.

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Credit Bureau APIs

Table of Contents

  • What is a Credit Bureau?
  • Top Credit Bureaus in India
  • Credit Report vs Credit Score
  • Where are Credit Bureau Checks Critical
  • Benefits of Credit Report Analysis for your business
  • Why Decentro’s APIs for Credit Bureau?
What is a Credit Bureau?

What is a Credit Bureau?

We’ve already applied for a loan, a credit card, or a pay later service during shopping at least once in our life. Do we know how the eligibility for getting credit is often calculated? Along with your background & details, there’s one number that has a major impact on this metrics- Credit Score.

What exactly is a credit score?
A credit score is a financial metric that shows the creditworthiness of a user/business and is used to decide the eligibility for a loan.

Financial institutions like banks use this information to measure the ability of a customer to repay the loan and the risk of default associated with it. A credit score is a three-digit number, typically ranging from 300 to 900. But, who compiles these data points?

A credit bureau is a data collection agency, that collects & compiles the credit history of a borrower and provides a comprehensive report on the same for financial institutions to assess the creditworthiness for future references.

Top Credit Bureaus in India.

Which are the

Top Credit Bureaus in India?

The Reserve Bank of India has established and licensed four credit rating bureaus that will be administered by The Credit Information Companies (Regulation) Act, 2005 and rules and regulations. Some of the top credit bureaus in the country are TransUnion Credit Information Bureau (India) Limited or CIBIL, Equifax, Experian, CRIF High Mark.

Credit Report vs Credit Score

Credit Report Vs Credit Score

Are they the same? The short answer is no!

The main difference between credit reports and credit scores is that credit score is a numerical value that is used as a quick means for lenders & financial institutions to decide whether the loan applicant is eligible for credit. On the other hand, a credit report is a comprehensive & detailed document containing the applicant's financial history.

A credit report provides a holistic view of the user by providing intricate details such as:

Personal details & background

Address details for offline verification

Estimation of income details

Identity proofs registered for national IDs

Contact address & email IDs

Retail account details: History from financial institutions like banks and NBFCs

Credit Score and Loan enquiry Summaries

Where are Credit Bureau Checks Critical

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To reduce risk of claim frauds, insurance companies run soft credit score checks on users

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Loans &

To decide the interest rate, repayment terms, disbursement amounts, & more for consumer/business loans

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Before extending services, especially postpaid, telcom companies use credit bureau checks for credit check & profiling.

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Credit Card &

E-commerce platforms, for example, that provide BNPL services to users.

Benefits of Credit Report Analysis for your Business

Behavior Analysis

Behavior Analysis

Study entire credit history & score to understand purchase patterns & repayment behavior

Risk Evaluation

Risk Evaluation

Reduce the risk of default and increase the chances of simplified collections for your business

Decentro’s Credit Bureau APIs

Decentro’s API banking platform has Credit Score Check APIs to help businesses like yours speed up customer onboarding time by 95% and provide a seamless experience to your customers, partners, and vendors!

Why Decentro’s APIs for Credit Bureau?

Fetch the entire credit report with just a simple API call via mobile number & name!

Verify a customer’s personal data, address details for offline verification, retail account details, past loan history, credit score & more!

KYC & CKYC APIs to run another layer of comprehensive background verification to reduce instances of fraud. Fetch GST returns and E-invoices from GSTIN to assess customers’ financials with just 2 clicks.

Connect with credit bureaus like Equifax, and more enroute, in our backend for uninterrupted operations with a single API integration.

Reduce overhead expenditures significantly for user verification with a minimal cost for each Credit Bureau API hit.

Embed & offer credit scores to customers via your platform using our banking APIs.

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Frequently Asked Questions

Who Regulates Credit Bureaus In India?

The Reserve Bank of India has established and licensed four credit rating bureaus: CIBIL, Equifax, High Mark, and Experian. The agencies shall be administered by The Credit Information Companies (Regulation) Act, 2005, and rules and regulations issued by the central bank of India, the Reserve Bank of India.

What Factors Affect Your Credit Score?

The major factors that impact a user’s credit score negatively are:

Delayed repayments

Not paying back the credit amount at all

Having your account charged off

Closing a credit card that has an outstanding balance

Applying for multiple credit cards or loans simultaneously

Percentage of credit utilized

Age of loan accounts

What are the Benefits of Having Excellent Credit Scores?

Easy loan approvals

Increased limits for credit, be it on your credit card or loan

Low interest rates on loans

Loan without investing significant collateral