Strengthening of customer service rendered by Credit Information Companies and Credit Institutions

Here is a summary of the document RBI/2023-24/73:

Summary:

The Reserve Bank of India has issued a circular to strengthen the customer service rendered by Credit Information Companies (CICs) and Credit Institutions (CIs). The circular aims to improve the efficacy of the grievance redress mechanism and customer service provided by CICs and CIs.

Key highlights include:

CICs and CIs are required to implement several directions, including:
t+ Sending alerts to customers when their Credit Information Report is accessed or updated
t+ Setting up nodal points/officials for redress of customer grievances
t+ Conducting Root Cause Analysis of customer complaints
t+ Providing reasons for rejection of requests for data correction
t+ Periodically reviewing the 'Search & Match' logic algorithm
t+ Ingesting credit information data within 7 days and communicating rejection of data with reasons
t+ Disclosing complaints on credit information reporting on their websites
t+ Providing easy access to Free Full Credit Report for individuals

The directions are expected to come into effect 6 months from the date of the circular, and CICs and CIs are directed to put in place necessary systems and processes to implement these directions within the given period.

Note:* The circular also references Annex 1, which contains additional information on the Uniform Credit Reporting Format for reporting credit information by CIs to CICs, and Annex 2, which contains the format for disclosure of complaints on credit information reporting.