Credit Information Companies (Regulation) Act,2005
Act No : 30
Section :
Functions of a credit information company.
14. Functions of a credit information company.-(1) A credit information company may engage in any one or more of the following forms of business, namely:-(a) to collect, process and collate information on trade, credit and financial standing of the borrowers of the credit institution which is a member of the credit information company;(b) to provide credit information to its specified users or to the specified users of any other credit information company or to any other credit information company being its member;(c) to provide credit scoring to its specified users or specified users of any other credit information company or to other credit information companies being its members;(d) to undertake research project;(e) to undertake any other form of business which the Reserve Bank may, specify by regulations as a form of business in which it is lawful for a credit information company to engage.(2) No credit information company shall engage in any form of business other than those referred to in sub-section (1).(3) Any credit information company for the purposes of carrying on the business of credit information may-(a) register credit institutions and other credit information companies, at their option as its member, subject to such terms and conditions as may be pre-determined and disclosed by such credit information company;(b) charge such reasonable amount of fees, as it may deem appropriate not exceeding the maximum fee, as may be specified under section 27, for furnishing credit information to a specified user;(c) generally to do all such other acts and perform such other functions as are necessary to facilitate proper conduct of its affairs, business and functions in accordance with the provisions of this Act.
Read All Comments
