credit report - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Tue, 07 Jan 2025 06:24:47 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png credit report - Rightsofemployees.com https://www.rightsofemployees.com 32 32 RBI issued Master Direction on Credit Information Reporting https://www.rightsofemployees.com/rbi-issued-master-direction-on-credit-information-reporting/ Tue, 07 Jan 2025 06:28:59 +0000 https://www.rightsofemployees.com/?p=37854 The Reserve Bank of India (RBI) issued a master directive on Monday. It integrates various instructions issued by banks and other financial institutions on the credit information of their customers. The Reserve Bank has made many rules in the recent past regarding the customers’ credit report i.e. CIBIL, now all have been consolidated. As per […]

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]]> The Reserve Bank of India (RBI) issued a master directive on Monday. It integrates various instructions issued by banks and other financial institutions on the credit information of their customers. The Reserve Bank has made many rules in the recent past regarding the customers’ credit report i.e. CIBIL, now all have been consolidated.

As per the master direction, if the Designated Users (SUs) capture the Credit Information Report (CIR) of the customers, the Credit Information Companies (CICs) will inform the customers about the same through SMS or email.

“The CIC shall send an alert only if the CIR enquiry is reflected in the customer’s CIR,” states the master direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025. Also, lending institutions (CIs), including banks and non-banking financial companies (NBFCs), must inform customers why their request for data correction was rejected.

RBI said, “If the complaint is not resolved within 30 days from the date of filing of complaint by the complainant with the CI/CIC, the complainant will be entitled to a compensation of Rs 100 per day.” The purpose of issuing the master direction is to establish a standardized framework for reporting and dissemination of credit information and to protect the confidentiality of sensitive credit data.

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