Context:
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.
