The concept of information utilities under the Insolvency and Bankruptcy Code, 2016 was completely novel and without any parallels anywhere else in the world. It was meant to transform the Indian credit market by providing accurate and timely information about credit history and defaults, which would enable financial creditors to commence the insolvency resolution process under the Code without cumbersome burdens of proof under the earlier regime. This paper studies the concept, role, and responsibilities of information utilities by tracing the evolution of the concept and the need for such agencies. It also looks at the envisaged competitive industry of information utilities and makes certain comments on the regulatory and legislative framework.