
RBI to Ensure Uniformity in Credit Bureau Data Quality

The banking regulator is examining suggestions to further streamline credit bureau processes and reduce information asymmetry with lenders, a move aimed at addressing data inconsistency and transparency for customers, said people familiar with the development.
A technical working group has been formed by the RBI (Reserve Bank of India) to address concerns raised by financial institutions related to credit information companies (CICs).
A senior public sector bank executive said the four CICs - TransUnion Credit Information Bureau (India) Limited (TransUnion CIBIL), Equifax, Experian and CRIF High Mark - have given some suggestions to the RBI to ensure data uniformity and also to set up a common grievance redressal portal.
There is a need for some more common standards among CICs so that there is a uniformity relating to data quality index (DQI), and also for looking into the records of inactive or written-off customers.
The RBI has extended the alternative grievance redressal mechanism under the Reserve Bank-Integrated Ombudsman Scheme, 2021 to cover grievances against CICs.
The RBI has been taking up with CICs the issue of quick disposal of complaints raised against them
"There is a need to move towards a unique borrower identifier, which is secure, verifiable and consistent across the system," he said, addressing the TransUnion CIBIL's Credit Conference in Mumbai.
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The RBI has been taking up with CICs the issue of quick disposal of complaints raised against them. In 2023 it had mandated that complainants are entitled to compensation of ₹100 per day if their complaint is unresolved within 30 days from the initial filing.