RBI issues rule on customer compensation for delayed credit report update

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Credit information companies (CICs) and credit institutions (CIs) that violate or fail to comply with the above directions will be subject to penal action as per the provisions, according to a release from the Reserve Bank of India (RBI).

On October 26, the RBI released a framework for compensating customers for delayed updates or corrections to credit information by CIs and CICs.

Under the framework, complainants will be entitled to compensation of Rs 100 per calendar day if their complaint is not resolved within 30 calendar days of their initial filing with the CI.

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Customers can request a CI or CIC to update their credit information by making a correction, addition, or other change. The CI or CIC must take steps to update the information within 30 days of receiving the request.

Additionally, the CI must forward the corrected credit information to the CIC or customer within 21 days of being informed of the inaccuracy.

If the CIC receives and registers a complaint and there is a delay in resolving it, the CIC must inform the affected CI(s) and customer of the total delay (in calendar days) and the amount of compensation to be paid by the CI(s) and/or CIC.

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