Section 9 in The Credit Information Companies Regulations, 2006
9. Permissible uses of credit information - (1) Credit information shall be provided by every credit information company to a specified user as per sub-section (3) of section 17 of the Act, for the following purposes, namely:-
(a)to make effective credit decisions;(b)to deter concurrent borrowers and serial defaulters;(c)to keep adverse selection of customers to the minimum;(d)to review and evaluate risk of its customers;(e)to effectively discharge their statutory and regulatory functions;(f)to effectively discharge the functions as a credit rating agency;(g)generally in relation to and for purposes of taking credit decision, or for judging creditworthiness of a borrower or a client, as the case may be;(h)to take a credit decision on a person who accepts liability for payment on a bill of exchange drawn by another person who has applied to the specified user for availing new credit facility or for review or renewal or enhancement or of extension, as the case may be, of his existing credit facility granted by the specified user;(i)to take credit decision in relation to a person who draws a promissory note in favour of another person, or who has applied to a specified user for availing new credit facility or for review or renewal or enhancement or of extension, as the case may be, of his existing credit facility granted by any specified user;(j)to take credit decision in relation to a person who proposes to act as a guarantor for another person who has applied to a specified user for availing new credit facility or for review or renewal or enhancement or of extension, as the case may be, of his existing credit facility granted by the specified user;(k)to enable a person to know his own credit information.
