This is a question that has come up many times before: why do we need all 4 credit bureaus? While it's good to have a larger range of options, some might wonder why we have so many banks when one could open all branches. The reason is that customers have a choice, and healthy competition for services and products is important. Similarly, in the credit reporting industry, there are four bureaus (CIBIL, Experian, Equifax, and CRIF Highmark), but they all receive the same data, creating a level playing field. Lenders have a choice of which bureau to go to for pulling a credit report based on price, product, and service. Although lenders must provide data to all four bureaus, they have a choice of which bureau to go to for accessing their value-added products.