Framework for Compensation

Compensation Guidelines
Compensation Eligibility
Compensation Calculation
General Questions

The RBI vide its circular (RBI/2023-24/72) dated October 26, 2023, has directed CICs and CIs to implement a compensation framework for delayed updation/rectification of credit information. As per the said circular CIs have been granted a period of 21 calendar days and CICs have 9 calendar days to resolve a dispute (i.e. 30 days in total).

Yes, compensation is payable to the complainant if a dispute is not resolved within thirty (30) calendar days from the date of that the dispute or complaint was initially filed. Complainants are entitled to a compensation of ₹100 per calendar day in case their complaint is not resolved within a period of thirty (30) calendar days from the date of the initial filing of the complaint by the complainant with a CI/ CIC. CIs have been granted a period of 21 calendar days and CICs have nine calendar days to resolve a dispute (i.e. 30 days in total). The bifurcation of the amount to be payable by the CI and the CIC in case the complaint is resolved beyond a period of 30 calendar days is mentioned in detail in the said circular.

The compensation amount is capped at ₹100 per calendar day after the initial 30-day period for delays in updating or rectifying credit information, with the overall limit determined by the total delay in resolving the dispute or complaint. Therefore, compensation will be applicable in all cases when resolution of the complaint exceeds thirty (30) days from the date of its filing, irrespective of whether changes are required in the credit information or not.

This compensation framework is effective from April 26, 2024. Disputes initiated prior to April 26, 2024, and subsequently closed will not be liable for compensation.

Yes, the compensation framework applies to both individual consumers and commercial entities.
Compensation is applicable for delays in resolving complaints exceeding 30 calendar days, even in cases where no changes or updates are necessary in the CIR. The emphasis of the circular is on the overall time taken to address the dispute, regardless of the need for changes or rectifications in the credit information in the CIR.

It is important to note that the compensation pertains to delays in dispute resolution and is not applicable to any other services provided by CIBIL.

The compensation amount is calculated based on the number of calendar days beyond the permissible period of thirty (30) days within which the dispute or complaint should be resolved. The daily compensation is ₹100, subject to the overall delay.

It is essential for consumers to provide correct account information, such as the bank name, account number, and IFSC code, at the time of registering the complaint.

To enquire about the status of compensation for delays in dispute resolution, the consumer can contact the customer helpline of the relevant CI or CIBILwith the respective dispute reference number allocated to them.

Compensation is applicable only if the dispute or complaint is not resolved within the stipulated timeframe of thirty (30) calendar days from the date of the initial filing of the dispute. Unsatisfactory resolution, while a valid concern, is not sufficient reason for compensation.

In case of disagreement with the compensation provided, consumers can access the dispute dashboard for more information about how the compensation was calculated. The dispute dashboard will provide details about the amount payable by the CI and CIBIL, ensuring transparency and clarity in the compensation process.

The compensation amount will be credited to the bank account details provided by the complainant when they register the complaint. As per RBI guidelines, the onus of providing accurate details lies with the complainant and the CI and or CIC will not be held responsible for any incorrect information provided by them.

The compensation amount to be paid to the consumer by the respective CI/s and CIC will be in proportion to the actual delay caused by the respective CI/s ad CIC in resolving the dispute .Complainants can access the dispute dashboard for details related to compensation calculation. The dispute dashboard will provide details about the amount payable by the respective CI/s and CIC, ensuring transparency and clarity in the compensation process.

According to the RBI circular, the compensation should be paid into the account nominated by the complainant within five working days of the complaint being resolved.

Yes, as per the RBI guidelines, the onus of providing correct bank account details for the payment of the compensation lies with the complainant. Kindly note that compensation is applicable solely to domestic or local accounts and is not valid for non-resident Indian (NRI) accounts.
According to the guidelines in the circular there is an overall limit of thirty (30) days to resolve the complaint. CI has twenty-one (21) days and CICs nine (9) days for complete resolution of the complaint. A CI shall pay compensation to the complainant if the CI has failed to send updated credit information to the CICs within twenty-one (21) calendar days of being informed by the complainant or a CIC. A CIC shall pay compensation to the complainant if it has failed to resolve the complaint within the remainder of 9 (nine) calendar days of being informed by the complainant or a CI, despite the CI having furnished the updated credit information to the CIC within twenty-one (21) calendar days of being informed by the complainant or the CIC. For the ease of reference the bifurcation of the amount to be payable by the CI and the CIC in case the complaint is resolved beyond a period of 30 calendar days is mentioned in detail in the said circular.

Complainants can access the dispute dashboard provided by CIBILto view the compensation details. If there is a delay in compensation disbursement from CIBIL, complainants can contact the CIBILcustomer support service to enquire further.
If you believe there are inaccuracies in the calculation of compensation, you can highlight this to us through our customer support along with the Enquiry Control Number (ECN).

Yes, the compensation amount is calculated between CI and CIC based on the delay each entity contributes to the overall resolution of the dispute or complaint. Refer to the details provided in the circular here.

The liability for compensation is based on the delay caused by each CI. In this case the compensation is calculated at Rs. 100 per day on a weighted average basis, considering the extent of delay by each CI in relation to the overall delay. Consumers can view details of the delay caused in dispute resolution, by logging into their CIBILaccount. For the ease of reference the bifurcation of the amount to be payable by the CI’s and the CIC in case the complaint is resolved beyond a period of 30 calendar days is mentioned in detail in the said circular.

Consumers should contact the CI for more information, quoting the assigned dispute ID. As per RBI guidelines, bank account details provided by the consumer during dispute initiation should be shared with CIs by CIBIL.

No, compensation is applicable only when a dispute remains unresolved for more than 30 days. If a dispute is resolved within this timeframe, it is considered a timely resolution.

If a dispute or complaint is rejected by the banks/financial institution or CIBIL, the complainant will receive a notification via the SMS and/or email address supplied when the dispute was lodged. Additionally, the dispute resolution dashboard has a comprehensive view of the resolution status and any updates related to the dispute or complaint. If there are further queries, or more clarification about the reasons for the rejection is required, CIBIL’s customer support team can help.

Question Sections

A dispute must be resolved within what time?

Is there any provision for compensation due to a delay in dispute resolution?

Is there a limit on the compensation amount for delays in dispute resolution?

Can compensation be claimed for historical credit information discrepancies?

Is compensation applicable for both consumers and commercial entities?

Am I eligible for compensation if my complaint is rejected after a delay of more than 30 days?

Is the compensation framework applicable to all services offered by CIBIL?

How is the compensation amount calculated?

How can a consumer ensure that he/she receives compensation for delay?

Is there any mechanism to track the status of compensation?

Can consumers claim compensation if they are not satisfied with the resolution provided?

I disagree with the compensation amount. What should I do?

How will the consumer receive the compensation amount?

Who will pay the compensation amount, the CI or CIC?

How long will it take for the compensation to be paid?

If a consumer shares third-party details to receive compensation, will that be considered?

How is the compensation amount divided among banks/financial institutions and Credit Information Companies (CICs)?

What happens if there is a delay in compensation disbursement after the resolution of dispute?

How can I report inaccuracies in the calculation of compensation for delays in dispute resolution?

Is the compensation amount bifurcated between the banks/financial institutions and CIBIL?

If a consumer raises a dispute against multiple CIs, which CI is liable to pay compensation, and how is it calculated?

What should a consumer do if the credit information dispute indicates money payable by the CI?

Is there any compensation payable for a dispute closed within 30 days?

How will consumers be notified if the dispute or complaint is rejected by banks/financial institution or CIBIL?