The Reserve Bank of India (RBI) told credit bureaus to provide free credit reports stating it would help detect identity theft at an early stage. It would also help in promoting financial discipline among loan seekers.
A Reserve Bank of India committee report stated: “The committee has suggested that providing customers with a free copy of their credit information reports would help create awareness about the need to have credit discipline, enable customers to correct their behaviour and improve their score well before they plan to avail fresh credit of any kind.”
In a related matter the Reserve Bank of India (RBI) rapped credit information companies (CICs) for failing to provide early warnings on the impending deterioration in banks’ asset quality.
Source: Business Standard