BusinessWeek: Equifax launches credit reporting in India

by Mercator Advisory Group 0

More evidence ofexpansion of US domestic credit reporting bureaus into the Asia-Pacregion. Atlanta-based Equifax is moving into India, one of the fastestgrowing markets for payment card issuance, with the help of six partnerfinancial institutions, Bank of Baroda; Bank of India; Kotak Mahindra PrimeLtd.; Religare Finvest Ltd.; Sundaram Finance Ltd.; and Union Bank of India. Competitor Experian, which runs credit bureaus in 15 countries, has hadoperations in the Indian market for nearly four years. TransUnion andDun&Bradstreet announced an Indian joint-venture in early 2008.

Equifax

has launched a credit reporting business inIndia, a joint venture involving six Indian financial institutions, the companysaid Thursday.

The announcement comes fivemonths after the Reserve Bank of India awarded a license for Equifax Credit InformationServices Private Ltd. Equifax’s partners in the joint venture are Bank ofBaroda; Bank of India; Kotak Mahindra Prime Ltd.; Religare Finvest Ltd.;Sundaram Finance Ltd.; and Union Bank of India.

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http://www.businessweek.com/ap/financialnews/D9HVU37G3.htm