New Delhi, Oct. 1 -- Lenders may be required to submit credit information every week instead of the current fortnightly basis to credit information companies (CICs) in view of their increasing reliance on credit information reports in credit underwriting processes, reported Business Line.

One of the main reasons for this move may be to prevent fraudsters from exploiting the time lag between a loan turning bad and its reporting to a CIC.

During the interim, unscrupulous borrowers can approach other credit institutions (CIs) for loans as their asset classification status has not been updated with the CIC.

It is even believed that down the line, the banking regulator may even ask banks to move to daily reporting of credit information. "It...