Consumer Demand Credit Report Now

We have been alerted by Banking Sources that the Reserve Bank of India via notification – DBOD.No.DL.BC. 138/20.16.042/2008-09 has granted access to Consumer Credit Report which banks obtain from CIBIL at a nominal charge of Rs 50 Max.

The RBI Notification said,

the provisions of sub section (1) of Section 21 of the Credit Information Companies (Regulation) Act, 2005, which provides “any person, who applies for grant or sanction of credit facility, from any credit institution, may request such institution to furnish him a copy of the credit information obtained by such institution from the credit information company”. Further, sub-section (2) of the said Section also specifies that every credit institution shall on receipt of request, as indicated in sub-section (1), shall furnish to such person a copy of the credit information subject to payment of charges specified by the Reserve Bank under the Regulations.

So the next time if you apply for a personal / home loan and curious to see what is their in your credit report, print the following notification of RBI and draft a letter attaching the RBI notification and demand to see your credit report.

RBI has strictly warned the banks to comply with its orders.

6 Responses to “Consumer Demand Credit Report Now”

  1. Dear Sir,
    Its very clear in this article that RBI had given guidelines to banks who are obliged to provide CIBIL score on request of customer applying for credit card or loan by paying maximum upto Rs 50.
    But you have mentioned that one can ask for credit score that bank has generated from CIBIL or Experian or both.
    1)Where in the original article it is mentioned about Experian?
    2)Is there any other RBI Letter which mentions the same?
    3) Where is it mentioned that you can demand for such score from bank within 60 days of application only and not more than that?Is there any other letter regarding this?
    4)With Equifax also started providing CIR and Score now,is it mandatory for Bank to provide Equifax CIR as well along with those of CIBIL and Experian?

  2. RBI will not issue separate notification for each and every company. It covers “Credit Bureaus” and any entity operating in India will come under this purview.

    Read the Article Carefully, you will have answers for 1,2.

    For 3, we have not said a single word about score, there is a difference between credit score and report.

    For 4, No

  3. Is it mandatory to request for such CIR to Bank within 60 days of application of Loan or Credit Card?

  4. Usually consumers will demand the report if their loan / credit card application is rejected or denied.

  5. Dear Sir,
    Will you please give the answer exactly?I do now that customers demand it if their loan/credit card application gets denied.But I had asked you is it mandatory to request such CIR within 60 days of application?Cant I ask them for CIR which is more than 60 days?

  6. sir
    a nationalised bank has rejected my loan bcz guarantor has criminal background . can i pray in court for such bogus action . do u know any such case decision where court fined such descrition.pl give some citation .thanks

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