savramesh 37 Report post Posted April 18, 2009 Times of India 18 Apr 2009, 0057 hrs IST, TNN CHENNAI: Mobile phone operators may reject your application for a post-paid connection if they are not satisfied with your credit data! Credit Information Bureau India Ltd (CIBIL), the country's first credit information bureau, has been granted 'in-principle approval' for Certificate of Registration by the Reserve Bank of India, which allows companies from telecommunications and insurance space to access credit data. Prior to this, financial institutions like banks and NBFCs could access and share credit data. The in-principle approval is in line with the provisions of the Credit Information Companies Act (CICA), 2005, which regulates the flow of credit information in the country. "The approval gives us the right to continue our operations and allows telecom companies and insurers to access the CIBIL database. We need to develop and enable our systems so that all this can be put to effect soon," Terry McCafferty, chief operating officer CIBIL told The Times of India. According to the CICA, telecom and insurance companies are not under obligation to contribute data but can access data from CIBIL. However, some 160 financial institutions contribute as well as access credit data to CIBIL's database. CIBIL currently has a database of over 135 million accounts. "We have been in discussions with telecom companies related to the application of credit data for their use. However, our discussions with insurers are limited at this stage and so we will not be able to comment on their exact purpose of credit data," McCafferty said. Credit Information Bureau will be investing in infrastructure and processes to expand beyond the 160 financial institutions (banks and NBFCs share data currently) but did not disclose any figures. The company has been operating in India for over five years and, in partnership with TransUnion, introduced India's first generic risk score. McCafferty said that the company expects borrowers to directly access their credit information from April 2010. As of now, most data is and would be urban-centric but we envisage to include villages at a later stage. The company aims to create greater credit awareness, higher credit penetration and a more informed consumer who understands the importance of maintaining a healthy credit life cycle, a definite win-win for the Indian consumers, credit granters and the economy. Share this post Link to post Share on other sites
blckjck021 0 Report post Posted July 7, 2009 Thats invasion of privacy. rachat credit Share this post Link to post Share on other sites
