What changed
RBI issued a Certificate of Registration to High Mark Credit Information Services Private Limited on November 25, 2010, authorizing it to commence credit information business. This follows similar registrations granted to Experian and Equifax earlier in 2010.
What it means for you
Banks now have access to another credit information company, High Mark, which can provide credit data to support lending decisions. This increases competition among credit bureaus, potentially improving data quality and service. Lenders should integrate High Mark into their credit assessment processes to leverage additional insights.
What you must do
- Update your records to include High Mark Credit Information Services as an authorized credit bureau.
- Establish data-sharing agreements with High Mark to submit and access credit information.
- Train credit teams on using High Mark's reports for loan underwriting and risk assessment.
- Monitor High Mark's services for compliance with RBI guidelines on credit information.
Who it affects
All Scheduled Commercial Banks (excluding RRBs), All India Financial Institutions, Credit risk and compliance departments
What is the significance of this registration for banks?
It adds High Mark as a new credit information company, giving banks more options for credit data. This can help improve credit risk assessment and reduce information asymmetry.
When did RBI issue the certificate to High Mark?
The certificate was issued on November 25, 2010, as per the circular dated December 1, 2010.
Do banks need to take any action immediately?
Yes, banks should start the process to share data with High Mark and integrate its services into their credit evaluation systems to comply with RBI's credit information framework.