TransUnion Cibil is asking lenders to submit monthly credit data of borrowers quicker, a top official at the credit information bureau said.
Lenders report credit data of their borrowers to the bureau after every month. Currently, the data is submitted and updated two weeks after the month end.
“We are working to make sure that the data gets sent to us faster and we want to make sure that data comes to us within a week of every month-end, instead of a fortnight at present,” Harshala Chandorkar, chief operating officer, TransUnion Cibil said in an interview. She said that by and large, every lender submits data on a monthly basis and there are invariably some issues with the data set because some credit accounts would have been missed from being updated by banks and some also get rejected by the bureau because key input fields are missing. “The bank works on the rejected data and then sends it back to us,” she said.