Credit Bureau Terms & Conditions

Experian

CONSENT IN RELATION TO ACCESS TO CREDIT INFORMATION THROUGH EXPERIAN

This End User Agreement (the “Agreement”) is made between you (the “User” or “You”) and Karnodakshayi Insurance Pvt Ltd (hereinafter referred to as “Client”), a private limited company having its registered office at (“CLIENT”, “Us” or “We”, which term shall include its successors and permitted assigns). The User and CLIENT shall be collectively referred to as the “Parties” and individually as a “Party”. You hereby consent to Client being appointed as your authorized representative to receive your Credit Information from Experian for the purpose of Credit Assessment of the End User to Advise him on the best loan offers (End Use Purpose) or expiry of 6 months from the date the consent is collected; whichever is earlier. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE EXPERIAN CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS “CREDIT INFORMATION”). YOU HEREBY ALSO CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND CLIENT BY USING EXPERIAN TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN.

Terms and Conditions

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging
CLIENT shall access your Credit Information as your authorized representative and CLIENT shall use the Credit Information for limited End Use Purpose consisting of and in relation to the services proposed to be availed by you from CLIENT. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein and in furtherance to applicable law including the CICRA.

The Parties agree to protect and keep confidential the Credit Information both online and offline.

The Credit Information shared by you, or received by us on your behalf shall be destroyed, purged, erased immediately upon the completion of the transaction / End Use Purpose for which the Credit Information report was procured, this period not being longer than 6 months.

Governing Law and Jurisdiction

The relationship between you and CLIENT shall be governed by laws of India and all claims or disputes arising therefrom shall be subject to the exclusive jurisdiction of the courts of Mumbai.

Definitions

Capitalized terms used herein but not defined above shall have the following meanings:

"Business Day" means a day (other than a public holiday) on which banks are open for general business in Mumbai.

"Credit Information Report" means the credit information / scores / aggregates / variables / inferences or reports which shall be generated by Experian.

"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.

"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.

This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made thereunder, including the amended provisions pertaining to electronic records.

Equifax

The following terms apply when your credit information is obtained from Equifax.

1. We will store the credit information received from Credit Information Companies (CICs) only for a limited period.
   
   Retention Period: Your credit information will be stored for a maximum period of six (6) months, or until the specific purpose for which the information was obtained has been satisfied, whichever is earlier.
   
   Withdrawal of Consent: You may withdraw your consent for us to store this information at any time. Upon withdrawal, your data will be promptly deleted.
   
   Data Deletion: Once the retention period expires or the purpose is fulfilled, we will permanently delete your stored credit information.
   
   Fresh Consent: If the intended purpose is not fulfilled within the initial six (6) month period, we will seek your fresh consent to retain the information further. Our compliance with these standards is subject to periodic examination by an appointed Information System Auditor.
2. We maintain strict confidentiality of your credit data. Your information will not be shared with or used by any unauthorized third parties, including our group companies, subsidiaries, or affiliates. All data handling strictly complies with the Credit Information Companies (Regulation) Act, 2005 (CICRA) and applicable data protection laws.