Credit Scores and Credit Reports in India: How They Work

Para 4(2): the four CICs registered with RBI under Section 5 of the CIC (Regulation) Act 2005 (CRIF High Mark, Equifax, Experian, TransUnion CIBIL); para 16(2): credit institutions are mandated to report credit information to CICs; para 21(2)-(3): CIR gives loans as borrower/co-borrower/guarantor, in the order live accounts, closed accounts, overall NPA/wilful default/suit-filed position, with limits and liabilities; para 21(4): disclosure of unresolved disputes, customer comment may be added; para 21(5): previously declined loans not reported; para 21(7): scores calibrated 300-900; one Free Full Credit Report including score once a calendar year, electronically, on request after authentication, to individuals whose score the CIC holds; 21(7)(i): same contents as the most detailed report given to credit institutions; para 37(i): SMS/email alerts when a specified user accesses the CIR; para 41: Rs 100 per calendar day compensation if a complaint is not resolved within 30 calendar days, 21 days for the credit institution and the remaining nine for the CIC.

Para 11(7): no reporting of a new card account to CICs before activation; para 23(5): 'past due' reporting only after more than three days, counted from the statement due date; para 36: board-approved procedure and prior intimation before default reporting, update within 30 days of settlement, disclosure of default only after disputes are settled; para 20: dormant-card closure updated with CICs within 30 days; para 35: issuer must tell the customer information is shared under the CIC (Regulation) Act 2005; para 18: add-on card liability rests with the principal cardholder; para 12(2): credit limit assessed considering limits from other entities.

Credit Information Companies are covered by the Reserve Bank – Integrated Ombudsman Scheme, 2026; complaint must first be made to the regulated entity.