New Delhi, Feb. 12 -- RBI recently directed the credit information companies (CICs) that they need to update their record every 15 days instead of one month.

This will help the borrowers keep their data updated.The Reserve Bank of India made it compulsory for the banks to update credit bureau records every 15 days. This may change the way credit score is calculated and published, so that the financial activity of the borrowers is shown in real time.

Earlier, updates were only done oncredit score every month, thus delaying the effect of loan repayment as it happens.

This mandate was issued by the RBI in August last year, and lenders and credit bureaus were given time until January 1 to upgrade their systems.

When credit data is updated...