MOBILE PHONE Cos. CAN CHECK YOUR CREDIT HISTORY
It will soon be the golden memories where people used to get phone connections (especially post paid) by just filling the form & paying deposit charges. Now mobile as well as insurance companies can ask for your income proof and verify your credit history. The Reserve Bank of India gave nod to Central Information Bureau India Limited (CIBIL) along with Equifax Credit Information Services, Experian Credit Information Company and Highmark Credit Information Services. The nod was given for setting up or continue their business of providing credit history of individuals and companies registered with them.
The Central Information Companies (Registration) Act, 2005 along with RBI’s clearance; the telecommunication & insurance companies can accesses your credit data. This act also gives individuals right to know about their credit history from these companies.
The Central Information Companies Act (CICA) does not force the tele cos. and insurance cos. to contribute data but can accesses data from CIBIL.
It’s a welcome decision for these companies as by checking credit history they will have fewer defaulters and have sound financials.