Master Direction on Reporting of Customers Credit Information

The RBI came out with a master direction consolidating various instructions issued to banks and other financial institutions on reporting of the credit information of their customers.

Key Highlights:

• Credit Information
  • Credit information companies will address customers with notice about access to their credit information report by specified users.
• Credit information is a record of a person or company’s ability to pay back debt. It includes a variety of details about your credit history, such as: 
  • The types of accounts you have, like credit cards, mortgages, and auto loans
  • The date you opened each account
  • Your credit limit or loan amount
  • Your account balance
  • Your payment history, including whether you’ve made payments on time.
• Complaint Resolution
  • In case there is no resolution of the complaint after thirty days, the complainant will receive ₹100 as compensation for each day in the calendar.

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