RBI has, on October 10, 2024, issued revised guidelines for Asset Reconstruction Companies (‘ARCs’) regarding the submission of credit information to Credit Information Companies (‘CICs’). These guidelines require ARCs to become members of all CICs and submit data to CICs as per the uniform credit reporting format prescribed by RBI. ARCs must collect and update this information regularly, at least every fortnight, or as agreed upon with CICs. In cases where data is rejected by CICs, ARCs are required to rectify the rejected data and resubmit it within seven days.

Furthermore, the RBI has mandated that ARCs follow standard operating procedure to ensure accurate and timely credit reporting, which, inter alia, include: (i) providing requisite customer information, including identifier information to CICs; (ii) maintaining updated repayment records; (iii) centralising the issuance of no-objection certificates; (iv) appointing a nodal officer for dealing with CICs; and (v) integrating grievance redressal mechanisms for customer complaints related to credit information. ARCs must adhere to timelines stipulated under the CIC Regulations, 2006, for resolving disputes and updating credit information, deviation from these timelines must be monitored and reviewed periodically. Compliance systems under these guidelines must be fully implemented by January 1, 2025.