Transunion CIBIL Says Data Reporting To Be In Line With Moratorium Guidelines
Credit information company Transunion CIBIL on Monday assured borrowers that data reporting will be aligned to Reserve Bank of India's moratorium announcement and there will not be any dent to credit histories as a result of it.
The move came after the RBI announcement of a 3-month moratorium for servicing all the term loans as a measure to mitigate the economic fallout due to the lockdown to contain coronavirus spread.
"We would work closely with our member banks and credit institutions to define the data reporting framework basis (after) the announcements made by the RBI Governor, so that during the moratorium period there is no adverse impact on the credit histories and CIBIL Score of borrowers," the company said in a statement.
The RBI announcement came as a relief to the borrowers and affirmed commitment to provide a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. The company, the biggest among three players in the credit information companies market, said it is also working with members to ensure more frequent and near real-time data reporting during these unprecedented times.
"Reporting and monitoring daily nuances of consumer behaviour trends will yield deep insights for the industry to adjust policy and lending. This will ensure support to consumers and enable the lending bodies to transact with confidence," it said.