NEW YORK — Equifax Inc. said Tuesday it has partnered with two Indian
companies to establish a credit bureau in India, where a blossoming economy
offers fertile opportunity.
The Atlanta-based credit information company has teamed with a subsidiary of
conglomerate Tata Group and CRISIL Ltd., a ratings and research company in
India, to sell credit research to banks.
The partnership submitted an application to India’s central bank, Reserve
Bank of India, which in April asked for applications to register
The Indian economy is ripe for the types of services this partnership will
sell, Equifax said. Banks are lending more as the Indian economy grows 6 percent
to 9 percent a year, the company said, and people are earning more and adopting
more expensive lifestyles.
Equifax, with $1.84 billion in annual revenue, sells credit research and
other analytics to businesses. The company operates in 14 countries in North
America, Latin America and Europe, and a foray into India underscores Equifax’s
strategy of expanding into new markets, the company said.
"The combination of Equifax’s international experience, products, and
services in credit information, CRISIL’s deep understanding of and research in
the Indian financial services industry, and Tata’s vast resources and
capabilities, will position us to provide the very best credit information
services in India," said Richard F. Smith, chief executive of Equifax.
The partnership expects bank lending in India to jump 30 percent
Source: Associated Press