RBI authorizes Credit information companies to compute your credit scores. In India, four companies compute your credit scores. CIBIL, Experian, High Mark, and Equifax are the companies that are calculating your credit scores.
Banks send the transactions that you make which are pertaining your credit score to all these four bureaus. These companies have an up to date record of your transactions. If a bank needs to verify your credit score, they can contact any of these four bureaus. The scores are equal in each of your companies as they follow the same guidelines to calculate your score.
After receiving the information about transactions from banks, these bureaus collect more information about financial habits from other banks and financial institutions. Based on this information, they generate a credit report. A credit report is an equivalent of a mark card. In simple terms, a credit report is your financial mark card.