With the help of modern technology, cell phone operators can reject customers’ application for any post-paid connection if the operators are not pleased with the consumers’ credit data. On the other hand, insurance companies also can consider any consumer credit history earlier than offering the premium for the policy.

Recently, India’s first credit information company Credit Information Bureau India (CIBIL) has got RBI nod to establish and continue the deal of providing credit history of consumers and companies to organizations registered with the compnay. Three other companies also got this service.

Moreover, the act offers people to know about their credit history with the help of credit bureaus. The RBI nod would allow companies from telecommunications along with insurance space to access credit data. Earlier, only some financial institutions like several banks and NBFCs can access and can share credit data.

Related Tags