Instead, they need to fulfil the mandate of being a perpetuator of information literacy by processing the data collected from various sources into credible and usable credit information and by helping the users of information, both lenders and borrowers, to integrate this information into their decision making processes.
The CICs, I understand, receive raw credit data and provide processed credit reports only to entities that are enlisted as their members I have a fundamental question with regard to this practice. What if the customer has never sought any credit facility from the enlisted members of that CIC or, else, has a good credit history with them.