Why do banks collect credit reports from other 4 CICs besides CIBIL?
In terms of Section 15 of the Credit Information Companies (Regulation) Act, 2005(CICRA), every credit institution shall become a member of at least one Credit Information Company. Normally to adhere to the above regulation most of the Banks and Financial institutions become members of CIBIL to seek CIR of the borrower entity, all the partners,…