RBI/2016-17/58
DBR.CID.BC.No.11/20.16.042/2016-17
September
1, 2016
All Credit Information Companies
Dear Sir/Madam
Free Annual Credit Report to
Individuals
As you are aware, the Committee
to Recommend Data Format for Furnishing of Credit Information to Credit
Information Companies (Chairman: Shri 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).1
2. 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 Reserve Bank of India 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- 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.
3. 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.
Yours faithfully
(Rajinder Kumar)
Chief General Manager
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.
(Sudarshan Sen)
Executive Director
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