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Saksham

Legal Advisor! • 1y

Supreme Court Looks into Credit Bureaus' Data Practices The Indian Supreme Court is investigating four credit information companies: TransUnion CIBIL, Experian, Equifax, and CRIF High Mark. These companies are accused of violating the privacy of millions of Indians by collecting and sharing financial data without proper consent. The Court has issued notices to the Reserve Bank of India (RBI), relevant ministries, and the credit bureaus. The seriousness of the allegations is underscored by the appointment of a senior advocate to assist the Court. The crux of the matter is whether these companies are following proper procedures for data collection, storage, and dissemination as mandated by the Credit Information Companies Regulation (CICR) Act, 2005. The allegations raise concerns about potential privacy violations and the integrity of credit scoring systems in India.

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