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BANKING OMBUDSMAN AND ITS ROLE

  The Banking Ombudsman is an authority created by the Reserve Bank of India (RBI) to address customer grievances regarding banking services. It provides a cost-free, quick, and impartial resolution process for complaints against banks.  Customers can file complaints if they are dissatisfied with the services of a bank or have not received a satisfactory response from the bank within 30 days of lodging a complaint. Complaints given to Ombudsman Cover  -  Non-payment or delay in payment of cheques, drafts, or bills. Issues related to loans or advances. Non-adherence to fair practices code. Unauthorized debits or service charges. Complaints regarding internet banking or mobile banking. Delay in providing banking services. Unauthorized ATM withdrawals. Wrongful Charges. Ombudsman cannot accept complaints those are  handled by a court, tribunal, or arbitrator. Cases older than one year from the cause of action also do not entertained by Ombudsman.  How to File ...
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CREDIT INFORMATION REPORT

 Credit Information Report or CIR is collection of past and present credit history based on PAN (Permanent Account Number) and/or AADHAR Number. It provides consolidated summary and details of all credits taken in past and repayment details of the same. It shows all credit inquiries also. It contains Name, PAN, Aadhar, all address details, Mobile Number, E-mail, any default payment, Suite filed etc also. It shows 3-digit credit score ranging between 300 and 900. 300 is worst and 900 is best credit score. Credit score shows credit worthiness of individual.

What is the Use of Credit Information Report?

Credit Information Report is the track record of taking and repaying of loans from all registered lenders for an individual. It play vital role while applying any type of loan to lenders. Lenders gives preference to those who maintain good credit score. Credit score plays important role in taking credit decisions by lenders like NBFCs, Banks etc.

Credit Information Companies

There are four major companies in India who maintains credit information details and provide consolidated details of credit history and track record of individual's borrowing and payments of the same from all financial institutions in India. These are

1.  Transunion CIBIL, Credit Information Bureau (India)  is the first credit information company in India established in August 2000. CIBIL Credit score is 3-digit number and falls between minimum 300 and maximum 900. Generally, credit score above 750 is considered as good credit score.

2.    Equifax - It is an American Multinational Consumer Credit Reporting Agency. Headquartered in Atlanta, Georgia.

3.    Experian - Headquartered in Dublin, Ireland.

4.    CRIF (The Center for Research in International Finance) High Mark Credit Information Services - RBI approved credit bureau in India. Incorporated in 2005 and based in Mumbai.


Who Regulates Credit Information Companies?

The Reserve Bank of India has enacted Credit Information Companies Regulations, 2006 ("Regulations") and the Government of India have enacted the Credit Information Companies Rules, 2006 ("Rules") for regulation and monitoring of Credit Information Companies.

What is the meaning of Credit Score -1?

Credit score -1 shows that credit information company has no record of credit history. In other therms, it means individual has not taken any loan from any registered lenders.

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