Reserve Bank of India, directed today (September 1, 2016) that with effect from 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 (January to December) 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 RBI communication said that the CIC shall have a Board approved policy on making available the FFCR.
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