Equifax Credit Information Services Private Limited

RBI imposed a monetary penalty of ₹1,19,400 on Equifax Credit Information Services Private Limited for non-compliance with directions on compensation for delayed credit information updation/rectification.

Equifax Credit Information Services Private Limited must absorb the penalty and remain exposed to any further action RBI may decide to initiate. The specific compliance lapse concerns timely payment of compensation to eligible complainants, but the release does not indicate any broader operational restriction.

• Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005

RBI imposed a monetary penalty of Rs 24.25 lakh on Equifax Credit Information Services Private Limited, Mumbai. The penalty was for non-compliance with the CIC Act and Rules relating to accuracy/completeness of credit information and complaint handling.

The company must bear the monetary penalty and continue complying with CIC Act/CIC Rules requirements on accurate, complete credit information and timely complaint resolution. Borrowers whose complaints were pending or inadequately handled are the directly affected parties, although the release does not state any additional operational restriction.

• clause (iii) of sub-section (1) of section 25 read with sub-section (4) of section 23 of CIC (R) Act
• Credit Information Companies (Regulation) Act, 2005
• Credit Information Companies Rules, 2006