Credit Information Company or CIC are mandatorily as per the guidelines of the RBI. Companies are required to provide credit report and credit score each for free in a year to each of the customer of a credit institution. Know in detail, how you can improve your credit score.
RBI's guidelines PerSe Free Credit Report and Credit Score
Credit report and score accounts for a person's financial standing in terms of his credit worthiness as well as in relation to the way in which he happened to service the outstanding loans.
As determined to be a crucial document in a person's financial decisions, the free credit report should entail the complete financial figures basis which lenders act upon any further fresh credit extension decision.
-There should also be a facility wherein, any likely discrepancy in the report should be checked and modified for rectification by the credit institution.
- After authentication of the individual making a request for the FFCR, a report in the prescribed format needs to be provided electronically, showing the latest financial position of the individual in tune with the data available with the CIC.
The facility to make a request for FFCR is in place from January 1, 2017.
Procedure to get access to FFCR and Credit Score Online
Among the four CIC companies in India, namely, CIBIL, Experian, Equifax and Highmark, here is listed the detailed step by step procedure to get the repot online
1. Vist the link on the site dedicated for obtaining FFCR, www.cibil.com/feecibilscore
2. The link would ask you to furnish basic details, name, address, PAN details.
3. As a step towards making the system fool-proof, you are also asked to upload a copy of your address as well as PAN card as proof for verification by the authorities
4. After the requisite details and a copy for verification is successfully uploaded, a temporary password is send on the registered e-mail ID.
5. Post this, log into www.cibil.com/mycibil with your temporary passowrd.
6. Here, you are directed to change the log-in password and again log-in. After verification of the details such as the different credit facilities as well as the loan amount, site takes you to a page that provides you with a free FFCR and credit score.
Are CICs adhering to RBI norms?
There are instances notified wherein people even after successful completion of required process are not able to avail FFCR and credit score. So, a step needs to be taken in the direction by the apex body. Also, to be noted, that an individual can obtain the FFCR for free in a calendar year (January-December) from each of the four Credit Information Companies.