Credit information cos have to send alerts, update customers on default info, says RBI

The Reserve Bank of India (RBI) has directed credit information companies (CICs) to send alerts through SMS/ email to customers when their credit information report (CIR) is accessed by financial institutions wherever mobile number/ email details of the customers are available. Lenders will also need to send alerts through SMS/email to customers while submitting information to CICs regarding default, days past due (DPD) in existing credit facilities.

Lenders will also have to have a dedicated official contact for CICs for redress of customer grievances. They will have to undertake a root cause analysis of the customer grievances at least on a half yearly basis. Analysis of the analysis has to be reviewed by the top management of lending institutions at least on an annual basis. The new directions come into effect after six months.

Lenders have to inform customers about the reasons for the rejection of their request for data correction, if any, to enable customers to better understand the issues in the CIR. The list of reasons for rejection of requests shall be circulated by CICs to all lenders.


CICs have to disclose details of complaints registered against them and lenders on their websites. They will also have to provide easy access to one free full credit report (FFCR) including credit score, once in a year (January- December), to individuals whose credit history is available. The report should be accessible on a link prominently displayed on their website home page.

The new directions have been announced after an announcement of the same in the statement of developmental and regulatory policies after the monetary statement in April this year.