Free Annual CIBIL Report to
Individuals from January 1, 2017 :Reserve Bank
The Committee to Recommend Data Format for Furnishing of Credit
Information to Credit Information Companies (Chairman: Mr. Aditya Puri)
constituted by the Reserve Bank of India (RBI) had recommended that each
customer of a credit institution should be provided one base level consumer
Credit Information Report (CIR) free of cost every year by each Credit
Information Company (CIC).
Given the importance of the credit report in an individual’s financial matters, he / she is entitled to have a copy of the report upon request.
Given the importance of the credit report in an individual’s financial matters, he / she is entitled to have a copy of the report upon request.
Further, the objective of providing the free credit report would
not be fully met unless this report includes details that figure in the full
credit report that is accessed by the credit institutions while considering the
request for fresh credit facilities.
The report should also provide an opportunity to the borrower to
have the errors, if any, in her / his credit history rectified.
Taking into account these objectives, it has been decided, in
exercise of the powers conferred upon RBI by sub-section (1) of Section 11 of
Credit Information Companies (Regulation) Act, 2005, to direct Credit
Information Companies to provide access in electronic format, upon request and
after due authentication of the requester, to one free full credit report
(FFCR) including credit score, once in a year (January to December), to individuals whose credit history
is available with the CIC.
This report must show the latest position of the credit
institutions’ exposure to the individual as per records available with the CIC.
The contents of the FFCR shall be the same as appearing in the
most detailed version of the reports on the individual provided to credit
institutions, including the credit score. A
directive DBR.CID.BC.No.10/20.16.042/2016-17 dated September 1,
2016 to this effect is enclosed.
All CICs shall put in place necessary systems to provide access to
the above described FFCR once, at any time, during a year, upon request, to
individuals whose credit data they hold, from the year commencing January 1,
2017. The CICs shall notify on their website the procedure for accessing the
FFCR, and also have a board approved policy in this regard.
