law: Credit Information Companies (Regulation) Act, 2005 
  20. Privacy
  
  principles.-
  Every credit
  
  information company, credit institution and specified user, shall adopt the
  
  following privacy principles in relation to collection, processing, collating,
  
  recording, preservation, secrecy, sharing and usage of credit information,
  
  namely:- 
  a.     
  
    the
  
  principles- 
               
  
   i.        
  
    which
  
  may be followed by every credit institution for collection of information from
  
  its borrowers and clients and by every credit information company, for
  
  collection of information from its member credit institutions or credit
  
  information companies, for processing, recording, protecting the data relating
  
  to credit information furnished by, or obtained from, their member credit
  
  institutions or credit information companies, as the case may be, and sharing
  
  of such data with specified users;
  which
  
  may be adopted by every specified user for processing, recording, preserving
  
  and protecting the data relating to credit information furnished, or received,
  
  as the case may be, by it;
             
  
   iii.        
  
    which
  
  may be adopted by every credit information company for allowing access to
  
  records containing credit information of borrowers and clients and alteration
  
  of such records in case of need to do so;
  a.    
  
  
  b.    
  
    the
  
  purpose for which the credit information may be used, restriction on such use
  
  and disclosure thereof;
  c.     
  
    the
  
  extent of obligation to check accuracy of credit information before furnishing
  
  of such information to credit information companies or credit institutions or
  
  specified users, as the case may be;
  d.    
  
    preservation
  
  of credit information maintained by every credit information company, credit
  
  institution, and specified user as the case may be (including the period for
  
  which such information may be maintained, manner of deletion of such
  
  information and maintenance of records of credit information);
  e.     
  
    networking
  
  of credit information companies, credit institutions and specified users
  
  through electronic mode;
  f.     
  
    any
  
  other principles and procedures relating to credit information which the
  
  Reserve Bank may consider necessary and appropriate and may be specified by
  
  regulations.