RBI Directs CICs to Send SMS/Email Alerts to Customers When Their Credit Information Report is Accessed by CIs

Circular No. RBI/2023-24/73 DoR.FIN.REC.49/20.16.003/2023-24, Dated: 26.10.2023

RBI has directed credit information companies (CICs) to send SMS or email alerts to customers when their credit information report (CIR) is accessed by credit institutions (CIs), wherever mobile number or email ID details of the customers are available. The alerts must be sent by CICs only when the CIR enquiry reflects in the CIR of the customer.

CIs must have a dedicated nodal point/ official of contact for CICs for redress of customer grievances. The details of the nodal point/official along with email ID and telephone/mobile number must be furnished by CIs to CICs. CIs must inform CICs of any changes in the nodal points/official within 5 calendar days of such a change.

Further, CIs must undertake Root Cause Analysis (RCA) of customer grievances at least on a half-yearly basis. The analysis of the RCA must be reviewed by the Top Management of CIs at least on an annual basis.

CIs must inform the customers of the reasons for the rejection of their request for data correction, if any to enable such customers to better understand the issues in the CIR. A list of reasons for the rejection of requests must be circulated by CICs to all CIs.

CICs must have a board-approved policy for undertaking periodic review (at least on a half-yearly basis) of the ‘Search & Match’ logic algorithm implemented by them to provide a Credit Information Report (CIR) of a borrower. The results of the RCA and subsequent changes in the search and match logic must be placed before the BODs of the CIC for review.

Also, CICs must disclose on their websites, details of complaints registered against them and CIs. CICs must provide easy access to Free Full Credit Report (FFCR) including credit score, once in a year, to individuals whose credit history is available with the CIC by displaying the link prominently on their website.

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