Free Credit Information or CIBIL Report to individual assessee

Press Information Bureau
Government of India
Ministry of Finance
09-December-2016 18:01 IST

Credit Information Report (CIR) to the individual assessee

Reserve Bank of India (RBI) has directed that with effect from January 1, 2017, all Credit Information Companies (CICs) shall provide, upon request and after due authentication of the requester, a Free Full Credit Report (FFCR) containing all the details that figure in a full credit report that is accessed by the credit Institutions while considering the request for fresh credit facilities, including credit score, in electronic format, once in a calendar year to individuals whose credit history is available with the CICs.

RBI vide circular dated June 27, 2014 had advised banks and financial institutions that Banks/Fls to include in their credit appraisal processes/loan policies, suitable provisions for obtaining Credit Information Reports (CIR) from one or more Credit Information Companies (CICs) so that the credit decisions are based on information available in the system. The information contained in the CIR (which contains credit score) would be one of the factors that banks would consider before granting any credit facility to a prospective borrower. The concerned credit institution would take a decision regarding grant of loan based on its commercial judgement and their Board approved policies.

In terms of Sec 21 (2) of Credit Information Companies (Regulation) Act, 2005, any person who applies for grant or sanction of credit facility from any credit institution, may request such institution to furnish a copy of credit information obtained by the institution from CIC, against a charge not more than Rs. 50/- (Regulation 12 (3) of CIC Regulations, 2006). FFCR will be available to individuals from January 1, 2017 onwards.

This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.