Question

Under Section 17 of the Credit Information Companies (Regulation) Act, 2005, a borrower, X, requests correction of inaccurate credit information maintained by a Credit Information Company (CI

  • C following a data entry error by the lending bank. X's correction request is based on documentary evidence proving the inaccuracy. The CIC receives the request but does not receive the corrected information from the lending bank within 30 days. Which of the following correctly determines the obligations and remedies?
A The CIC can unilaterally correct the credit information in its database if the borrower provides documentary evidence, without waiting for the lending bank's certification
B The CIC cannot make corrections to credit information unless the correction has been certified as correct by the concerned credit institution, even if the borrower provides documentary evidence; however, the borrower is entitled to compensation of ₹100 per day after 30 days of delay
C The CIC is not obligated to process correction requests; all corrections must be requested directly with the lending bank, and the CIC plays no role in rectification
D The CIC can share the correction request with other specified users even before the lending bank certifies the correction, to update their records preemptively
E The borrower must file a separate complaint with the Reserve Bank to enforce correction; the CIC has no statutory duty to ensure timely rectification
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