Information services firm Experian on Wednesday said it is offering free credit reports to its customers in the country for the current year.
The Reserve Bank of India (RBI) has mandated all credit information companies (CICs) to provide access to one free full credit report (FFCR), including credit score, once in a calendar year, to consumers whose credit history is available with them.
In a statement, Experian said it is providing free credit reports throughout 2020, which means consumers can access their credit report every month to track their credit score without any cost.
“The pandemic has led to a large increase in consumers going online, which has led to a potential rise in fraud. We are providing complimentary resources for consumers to monitor and protect their financial health,” Experian India Country Head and Managing Director Sathya Kalyanasundaram said in the release.
The company is offering free credit reports to its customers after the RBI”s announcement of the moratorium on repayment of all term loans in March.
Free credit reports will help consumers manage their financial anxiety, it said.
The RBI in March said non-payment of equated-monthly instalments in the moratorium period will not have any impact on an individual’s credit score.