RBI directs CICs to provide Free Full Credit Report (FFCR) to Individuals each year

Credit Information Companies to provide Free Credit Report to Individuals on Annual basis: RBI

A committee constituted by RBI had recommended that each customer of a credit institution should be provided one base level consumer Credit Information Report (CIR) free of cost every year by each Credit Information Company (CIC).

Accordingly, the RBI has advised all Credit Information Companies (CICs) to make arrangements for providing access to ‘free full credit report (FFCR)’ once in a year based on request from individuals whose credit data they hold, from the calendar year commencing 1 Jan. 2017. The CICs shall notify on their website the procedure for accessing the FFCR. This report must show the latest position of the credit institutions’ exposure to the individual as per records available with the CIC. The contents of the FFCR shall be the same as appearing in the most detailed version of the reports on the individual provided to credit institutions, including the credit score.

Given the importance of the credit report in an individual’s financial matters, he/ she is entitled to have a copy of the report upon request. Further, the objective of providing the free credit report would not be fully met unless this report includes details that figure in the full credit report that is accessed by the credit institutions while considering the request for fresh credit facilities. The report should also provide an opportunity to the borrower to have the errors, if any, in her/ his credit history rectified.

RBI Notification dt. 1 Sept 2016

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