Borrowers will soon be able to know about any upgrade or downgrade in their credit profiles on a real-time basis.
Credit bureaux in India plan to launch an alert product that will send an alert instantly through a SMS or e-mail to customers if there is a change in their credit profiles.
"We are planning to launch this product in the next fiscal year (2013-14). The product will provide real-time alert to borrowers through messages or e-mails to customers," said Harshala Chandorkar, senior vice-president, consumer relations, Credit Information Bureau of India Ltd (CIBIL) - India's largest credit bureau.
At present, a borrowers needs to buy the credit report from bureaux to know about the credit profile. A credit report contains detailed information on a borrower's past borrowings and repayments, including information on late payments. A clean credit reports helps a consumer to get easy access to credit.
"We are also planning to launch alert product in 12-18 months," said Sanjay Patel, managing director and chief executive officer, Equifax Credit Information Services.
"These kind of alert is already in use in developed countries as financial awareness is comparatively in high," said Mohan Jayaraman, managing director, Experian Credit Information Company. "Going forward these products will gain momentum in India also."