Customers to be given free copy of credit profile: RBI

 

The committee, headed by Aditya Puri, Chairman, HDFC Bank, has made wide ranging recommendations on issues relating to credit information

 
 
 
 

Customers should be given a free copy of their credit profile in order to promote financial discipline among loan seekers, according to an RBI (Reserve Bank of India) report. 

The Committee headed by Aditya Puri, Chairman, HDFC Bank, is also looking into the issue of low usage of credit information by member institutions.

"The Committee has suggested that providing customers with a free copy of their Credit Information Reports (CIRs) would help create awareness about the need to have credit discipline, enable customers to correct their behaviour and improve their score well before they plan to avail fresh credit of any kind...," the report said. 
The move would also help detect identity theft at an early stage, it added. 

Report of the 'Committee to recommend Data Format for Furnishing of Credit Information to Credit Information Companies (CICs)' has been put up on RBI's website for comments. 

The committee, which recently submitted its report to RBI, has made wide ranging recommendations on issues relating to credit information, such as, increasing its coverage, format of reports and best practices to be followed by credit institutions, credit information companies (CICs) and the RBI. 

The committee also recommended use of common data formats and a common data quality index that could assist credit institutions in determining the gaps in data. 

Low usage of credit information by member institutions and other specified users needs to be addressed by requiring CICs to populate their databases with requisite credit information so that enquiries by specified users yield desired information, it added. 

"This can be done by increasing the coverage of credit information in terms of membership and products and by creating awareness about Credit Information Reports (CIRs)," the report said. 

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