As has been much discussed in recent years, pre-crisis financial regulatory regimes had substantially undervalued systemwide considerations. Indeed, in the first instance the crisis spread not only because of the direct effects engendered by the insolvency of individual firms, but also because of the dramatic contraction of funding available throughout markets for widely held assets such as mortgage-backed securities.
In case, a CIC or the lender discover of their own or are informed about any inaccuracy, error or discrepancy in respect of the data, the CIC or the lender has to take immediate steps to correct the error as provided under the Act.