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of <h1>RBI Notified of Inaccurate Credit Reports; Credit Information Companies Act Allows Corrections Without Borrower Consent.</h1> Cases of inaccurate credit reports by a major credit information company have been reported to the Reserve Bank of India (RBI). The Credit Information Companies (Regulation) Act, 2005, allows for corrections of credit information upon request. The RBI lacks details on the sale of credit information for profit. Credit information is only disclosed to specified users, and privacy principles are adhered to. The Act allows credit institutions to share information with credit companies without borrower consent, rendering the consent clause redundant. This was confirmed by a government official in a written reply to the Lok Sabha.
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