RBI to fix credit report errors — here's how a big change will impact your credit score
"Credit information companies rely on credit institutions to provide accurate and validated IDs. Without this, duplication and misreporting remain risks. We must move towards a unique borrower identifier, which is secure, verifiable, and consistent across the system," RBI deputy governor M Rajeshwar Rao said in his keynote address at the 25th anniversary of TransUnion Cibil.
The RBI's initiative comes in the wake of frequent complaints from personal loan borrowers about disputes and inaccuracies in their credit reports. Which often are a cause of mismatches in personal details or duplication of records.
Hence, by the introduction of a new borrower ID, the central bank aspires to ensure that each loan account is accurately linked to the right individual, thus reducing the risk of errors, disputes and mistakes that can negatively influence a person's creditworthiness and credit report.
Further, this unique identifier will be used by all banks and non banking financial institutions i.e., NBFC's while reporting credit data to respective credit bureaus. According to the RBI this step will facilitate in streamlining the entire process of credit assessment.
It will also make it easier for lending institutions to check borrower information and for consumers to maintain a clean credit history. This move is also expected to bring the number of disputes related to credit report inaccuracies down, which has been a constant problem for borrowers in the country.
Industry experts believe that this particular reform will be seen as a positive development that will boost the confidence of the entire financial sector. It will also empower consumers. Now with more credible and accurate credit data, lending institutions will be in a better position to take decisions on loan disbursals. Borrowers on the other hand will also have greater control on their financial profiles.
Do keep in mind that, the RBI proposal is currently open for public feedback. Once it is implemented it is likely to set a new benchmark for credit reporting standards in the country. This initiative elaborates on the central bank's commitment to guard and protect consumer interests and foster a robust, clean and transparent credit infrastructure.
Disclaimer: The information in this article is for general awareness and is based on publicly available sources. The RBI's proposal is currently under review and may be subject to change. Readers should refer to official RBI communications or consult financial professionals for the latest updates and personalized advice.
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