With respect to Credit Information Companies (CICs), consider the following statements:

CICs in India are licensed by the RBI and governed by the Credit Information Companies Regulation Act, 2005 (CICRA)

CICs are now required to update customer credit data every 15 days.

CICs can share credit information without borrowers' consent unless restricted by RBI.

Select the correct option from the codes given below:

Question

CICs collect public data, credit transactions and payment histories of individuals and companies regarding loans and credit cards, among others.
Their primary function is to gather data from various sources, such as banks, financial institutions, lenders, and other credit-granting entities, and then compile this data into credit reports.
CICs in India are licensed by the RBI and governed by the Credit Information Companies Regulation Act, 2005 (CICRA)
The RBI mandates that CICs update customer credit data every 15 days, ensuring that the credit scoring reflects the most current financial behavior of borrowers.
CICs are required to secure explicit consent from borrowers before sharing their credit information with non-lenders, enhancing data privacy and borrower control over their personal information.

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CICs collect public data, credit transactions and payment histories of individuals and companies regarding loans and credit cards, among others.
Their primary function is to gather data from various sources, such as banks, financial institutions, lenders, and other credit-granting entities, and then compile this data into credit reports.
CICs in India are licensed by the RBI and governed by the Credit Information Companies Regulation Act, 2005 (CICRA)
The RBI mandates that CICs update customer credit data every 15 days, ensuring that the credit scoring reflects the most current financial behavior of borrowers.
CICs are required to secure explicit consent from borrowers before sharing their credit information with non-lenders, enhancing data privacy and borrower control over their personal information.

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