Provide full credit report, CICs told

Provide full credit report, CICs told

The Reserve Bank of India (RBI) has directed all credit information companies (CICs) to provide a free full credit report, once every calendar year to individuals.

“RBI, being satisfied that it is necessary and expedient in the public interest, hereby directs that effective January 1, 2017, all CICs shall provide access, upon request and after due authentication of the requester, to a free full credit report (FFCR) once in a calendar year to individuals whose credit history is available with the CIC. This report shall show the latest position of the credit institutions’ exposure to the individual as per records available with the CIC,” RBI said.

The FFCR shall be in electronic format, and the procedure for accessing the FFCR shall be displayed on the CIC’s website. The contents of the FFCR shall be the same as appearing in the most detailed version of the reports on the individual provided to credit institutions, including the credit score, RBI said, adding that the CIC shall have a board-approved policy on making available the FFCR.

According to Experian Credit Bureau, the move to provide free credit report is a positive step. “Similar to other markets, we also believe that this will represent the next level in the Indian consumer’s awareness and involvement in their individual credit information, the health of which has become critical to accessing credit,” Experian Credit Bureau MD Mohan Jayaraman said.

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