Reserve Bank of India (RBI) said on Tuesday that there has been a rise in customer complaints against credit information companies (CICs). The central bank’s supervisory assessment found ‘some concerns’ over the conduct of credit information companies, an official statement said.
A meeting held between RBI Deputy Governor Swaminathan J and managing directors and chief executive officers of credit reporting companies also highlighted specific areas where the CIC needs to focus.
According to the statement issued after the meeting, “Swaminathan talked about the recent increase in customer complaints related to credit information and some concerns that have come to light during the supervisory assessment of the Reserve Bank.” There is a need to focus on timely disposal of complaints, strengthening the internal ombudsman framework, streamlined management of data rectification requests, strengthening cyber security and data privacy, improving data quality.
According to the statement, the executive directors and other senior officials of the Department of Supervision and Regulation of RBI also participated in this meeting. CIBIL, Equifax, Experian and High Mark Credit Information Services are well-known credit score providing companies in India.
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