As a consumer, you have certain rights with regards to your credit report in India, which are established under the Credit Information Companies (Regulation) Act, 2005. These rights are designed to protect you from any inaccuracies or errors in your credit report and to give you control over the information that is being shared about you.
- Right to access your credit report: You have the right to access your credit report from any of the credit bureaus in India, such as CIBIL, Experian, or Equifax. You can request a copy of your credit report once in a year for free, or you can purchase additional copies at a fee. This report will show you all the credit-related information that is being held about you, including your credit history, outstanding debts, and payment history.
- Right to dispute inaccuracies: If you find any inaccuracies or errors in your credit report, you have the right to dispute them. You can inform the credit bureau about the error, and they are required to investigate the matter and correct any errors within 30 days of your dispute.
For example, if your credit report shows that you have a loan outstanding when you have already paid it off, you can dispute this error with the credit bureau. If the error is verified, the credit bureau is required to remove the incorrect information from your credit report.
- Right to block information: If you find any information in your credit report that is sensitive or personal, you have the right to block it. This could include information such as your PAN number or your mother’s maiden name. Once you have requested that this information be blocked, the credit bureau is required to remove it from your credit report.
- Right to control the sharing of information: You have the right to control who has access to your credit report. You can choose to allow or deny access to your credit report to various entities, such as banks, credit card companies, and telecommunication companies.
For example, if you do not want your credit report to be shared with a particular bank, you can deny them access to your credit report. This will protect your privacy and prevent any unwanted credit applications from being made in your name.
- Right to receive alerts: You have the right to receive alerts from the credit bureaus when any changes are made to your credit report. This could include new loans or credit card applications, changes to your payment history, or any other changes to your credit report.
By being aware of these changes, you can quickly identify any fraudulent activities or errors in your credit report and take action to resolve them.
In conclusion, as a consumer, you have several rights with regards to your credit report in India. By taking advantage of these rights, you can ensure that your credit report is accurate and up-to-date, and that you are in control of the information that is being shared about you.
For example, many individuals in India have successfully used their right to dispute inaccuracies to improve their credit score. By identifying and resolving any errors in their credit report, these individuals were able to improve their creditworthiness and gain access to better loan and credit card offers. By being aware of your rights and taking advantage of them, you too can become better off.