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RBI’s Direction To Credit Information Companies

October 28, 2023

GS Paper III Indian Economy

Context:

  • The Reserve Bank of India (RBI) has directed Credit Information Companies (CICs) to alert customers when Credit Institutions access their Credit Information Report (CIR).

RBI’s Directive on CIR Access

  • The Credit institutions such as banks and NBFCs will also have to send an SMS or email alert to customers when they submit information to CICs on their default or Days Past Due (DPD) on existing credit.
  • The new rules will come into effect within six months.
  • The RBI has said that CICs should provide easy access to a “Free Full Credit Report (FFCR),” including credit score, once every calendar year.

What are the Credit Information Companies (CICs)?

  • Credit Information Companies maintain and analyze the consumer and business credit information of individuals and companies across the country, as provided by banks and NBFCs.
  • Based on this information, a CIC calculates and generates credit scores for individuals and credit ranks for companies as per their creditworthiness and past credit history.
  • Trans Union CIBIL Ltd, Equifax India, and CRIF High Mark are some prominent CICs in India. 
  • Where scores are awarded in the range of 300 and 850, and a score of 700 or above  is generally considered good.

Source: Indian Express

 

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