Tejpal Sheth (Practising company secretary-visiting fa) 27 September 2016
*Free CIBIL Report, yearly once wef., 01/01/2017 - RBI Directive issued*
Credit Reports of individuals have been now and then 'talk of the town', whenever an individual went to a financial institution. At times, credit facilities were either denied or rejected quoting lower #credit #scores. #CIBIL
Individuals never knew what their credit scores were as the same were maintained by a Credit Information Company (CIC) with inputs from financial institutions and bank only. If one wanted to have their credit reports; a fee was required to be paid to the #CIC by the individual. This added to the cost of the same though the individual was accessing his/her own credit database.
Reserve Bank of India #RBI vide its directive(s) RBI/2016-17/58 BR.CID.BC.No.11/20.16.042/2016-17 dated 1st September 2016 empowers every individual a free Credit Report every year (Jan-Dec) from each CIC upon a request.
This is a good initiative on the part of RBI as by this directive, every individual can assess its own credit score and also send rectifications to the same if the data has any updations which are not actioned.
Copy of the RBI directive(s) can be downloaded from this link