Frequency of reporting of credit information by Credit Institutions to Credit Information Companies
Please refer to the circular DBR. No. CID. BC. 60/20.16.056/2014-15 dated January 15, 2015, inter-alia, directing the credit information companies (CICs) and credit institutions (CIs) to keep the credit information collected/maintained by them updated regularly on a monthly basis or at such shorter intervals as mutually agreed upon between the CI and the CIC. Considering the faster turnaround time in credit underwriting through digital processes, it is imperative that the Credit Information Reports (CIRs) provided by CICs reflect a more current information, enabling lenders to make informed credit decisions.