The RBI issued a circular (RBI/2023-24/72) on October 26, 2023, mandating that Credit Information Companies (CICs) and Credit Institutions (CIs) must comply with specific timelines. According to this circular, CIs have 21 calendar days to resolve a dispute, while CICs have 9 calendar days, making a total of 30 days. If either the bank, financial institutions, or TU CIBIL fails to meet these deadlines, they must pay a compensation of ₹100 for each day of delay.
This rule applies to Equifax, Experian, and CRIF Highmark.
Disputes need resolution within 30 days from the date CIBIL or banks/financial institutions receive them.
If dispute resolution exceeds 30 days
The system will credit the account information given at the start of the dispute as compensation