Microfinance borrowers are a vulnerable lot and lenders need to assess credit appropriately.
The RBI reported a total of 1,039 complaints against the credit information companies.
By demanding the appointment of nodal officers at every credit institution, assigning a financial penalty for delay in redress of customer grievances, and regular updates to the customers on access of their credit information reports, one can expect the industry to be more customer-friendly.
A Mumbai-based credit advisory company is helping individuals up their credit scores