Send One Free Credit Report Per Year To Users: RBI Reminds CIBIL, Experian, Equifax And Other Rating Agencies

The Reserve Bank of India, on Monday reminded the credit rating agencies such as CIBIL, Equifax and others that it is mandatory for all credit information bureaus to share at least one free credit report with users every year. Besides, the central bank also underlined certain mandatory requirements such as the format of the report, the scale of credit ratings among others for ease of understanding.

RBI's Circular For Credit Information Companies

To facilitate the understanding and interpretation of credit scores in an easy and consistent manner, Credit Information Companies (CICs) have been directed by the central bank to calibrate credit scores from 300 to 900 so that there is a common classification of all credit scores, RBI noted.

The CICs shall have to provide access to users in an electric format, upon request and after due authentication of the requester, they will have to provide access to "one free full credit report (FFCR) including credit score, once, at a time, during a year (January – December), to individuals whose credit score is available with them," RBI added.

Additionally, the FFCR will have to show the latest position of the Credit Investigator's (CI's) exposure to the individual as per the records available with the CICs and the contents of the FFCR should be the same as those in the most detailed version of reports provided to CIs, including the credit score.

CICs were also advised to prominently display the link for accessing the FFCR on their website (on the homepage itself) so that users are able to access their FFCR conveniently.

“The CICs shall have a Board approved policy on making available the FFCR,” the Reserve Bank noted.

The list of CICs that are registered with RBI includes CRIF High Mark Credit Information Services, Equifax Credit Information Services, Experian Credit Information Company of India and TransUnion CIBIL.

The Reserve Bank of India also stated that for further complaints pertaining to disputes or grievances regarding the computation of the credit score CIs shall have a dedicated nodal point for redressal of such grievances.