Frequency of reporting of credit information by Credit Institutions to Credit Information Companies
The circular DBR. No. CID. BC. 60/20.16.056/2014-15 dated January 15, 2015, initially directed Credit Information Companies (CICs) and Credit Institutions (CIs) to update credit information on a monthly basis or at shorter intervals as agreed upon.
However, to ensure that Credit Information Reports (CIRs) reflect more current data for informed lending decisions, a new directive has been issued.
According to this updated directive, CICs and CIs are now required to update credit information on a fortnightly basis - on the 15th and the last day of each month - or at shorter intervals if mutually agreed upon. This change aims to align with faster digital credit underwriting processes and improve the accuracy of credit information.
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