It was announced that a comprehensive framework will be put in place for strengthening and improving the efficacy of the grievance redress mechanism and customer service provided by the Credit Institutions (CIs) and Credit Information Companies (CICs).
In exercise of the powers conferred by sub-section (1) of section 11 of the Credit Information Companies (Regulation) Act, 2005 (CICRA, 2005), the Reserve Bank of India directs CICs and CIs to implement the directions as given below
Intimation of access to Credit Information Reports and updation of credit information with Credit Information Companies
Setting up of Nodal points/ officials by CIs
Root Cause Analysis of the Complaints by CIs
Reasons for rejection of requests for data correction by CIs
Periodic review of match logic algorithm by CICs
Ingestion of credit information data by CICs
Disclosure of complaints on credit information reporting by CICs
Easy access to Free Full Credit Reports for individuals by CICs
Link –https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12553&Mode=0
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