From January 1, 2107 Free Annual Credit Report to Individuals – RBI

From January 1, 2107 Free Annual Credit Report to Individuals – RBI

RBI Notice

RBI/2016-17/58 

DBR.CID.BC.No.11/20.16.042/2016-17 

September 1, 2016

DBR.CID.BC.No.10/20.16.042/2016-17

September 1, 2016

Free Annual Credit Report to Individuals

In exercise of the powers conferred by subsection (1) of Section 11 of Credit Information Companies (Regulation) Act, 2005, Reserve Bank of India, being satisfied that it is necessary and expedient in the public interest, hereby directs that effective January 1, 2017, all Credit Information Companies (CICs) shall provide access, upon request and after due authentication of the requester, to a free full credit report (FFCR) once in a calendar year to individuals whose credit history is available with the CIC.

 This report shall show the latest position of the credit institutions’ exposure to the individual as per records available with the CIC.

The FFCR shall be in electronic format, and the procedure for accessing the FFCR shall be displayed on the CIC’s website.

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.

The CIC shall have a Board approved policy on making available the FFCR.

(SudarshanSen)
Executive Director

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