Issue of comprehensive Credit Information Reports

Some Credit Information Companies are offering limited versions of Credit Information Reports to Credit Institutions based on the commercial data, consumer data or MFI data. Accordingly, CICs are charging differential rates for such specific reports.

As the limited versions captures only the credit information of the borrower available in a particular module, the lenders may remain unaware of the entire credit history of the borrower. This can adversely affect the quality of credit decisions of the CIs.

CICs are, therefore, directed to ensure that the CIR furnished to the CI, incorporates all the credit information available in all modules, e.g. consumer, commercial and MFI, etc.

Based on RBI circular dated 2/8/17. For any further clarification, please visit www.rbi.org.in ............Poppy