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TMI BlogComplaints Against CIBILX X X X Extracts X X X X X X X X Extracts X X X X ..... Complaints Against CIBIL X X X X Extracts X X X X X X X X Extracts X X X X ..... redit Information Companies (Regulation) Act, 2005 (CIC Act), under which CIBIL functions, has a provision for alterations/corrections or updation of credit information on borrower/client's request. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he prescribed procedures are followed by Credit Information Companies for updation of the information on such request. However, RBI has no specific information regarding the sale of credit informatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n for profit-making. No credit information is disclosed to any person other than its specified user and privacy principles are provided for collection, preservation, secrecy, sharing and usage of cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it information etc. No such information is generated by the Data Reporting System of RBI. Section 17 of the CIC Act provides for collection (from members) and furnishing (to specified users) of credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t information by credit information companies. The CIC Act provides statutory backing for sharing of credit information by Credit Institutions with credit information companies subject to conditions s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tipulated therein. Therefore, with CIC Act coming into force, the "consent clause" required from borrowers has become redundant. This was stated by Shri Namo Narain Meena, MoS in the Ministry of Fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce in written reply to a question in the Lok Sabha. X X X X Extracts X X X X X X X X Extracts X X X X
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