Legal

Terms & Conditions

Last updated: January 2025 • Credoverify India Private Limited, Vasant Kunj, South Delhi – 110070

1. Introduction

These Terms and Conditions ("Terms") govern the professional relationship between Credoverify India Private Limited ("Credoverify", "we", "us", "our") and its clients, including banks, non-banking financial companies (NBFCs), and any other financial institutions ("Client", "you") that engage our field investigation and pre-sanction survey services. By entering into a service agreement with Credoverify or by accessing our services, you agree to be bound by these Terms.

2. Services Description

Credoverify India Private Limited provides field investigation services including, but not limited to: residential address verification, workplace and business verification, KYC document verification, income and employment verification, CIBIL and credit history checks, criminal and court record checks, and related digital verification services. Our services are delivered through a combination of trained field executives and AI-powered digital verification systems.

3. Eligibility and Onboarding

Our services are intended exclusively for institutional clients — including scheduled commercial banks, cooperative banks, NBFCs, housing finance companies, and other regulated financial entities. Clients must complete a formal onboarding process, provide valid business documentation, and execute a Service Level Agreement (SLA) before access to verification services is granted. Credoverify reserves the right to decline service requests at its discretion.

4. Service Level Agreements

Turnaround times, report formats, escalation procedures, pricing, and other operational terms are governed by individual SLAs executed between Credoverify and each Client. In the event of conflict between these Terms and an executed SLA, the SLA shall prevail. Credoverify strives to meet agreed SLA timelines; however, delays caused by circumstances beyond our control (including but not limited to uncooperative subjects, natural calamities, or connectivity issues in remote areas) shall not constitute a breach.

5. Use of Reports

Verification reports provided by Credoverify are furnished solely for the internal credit risk assessment use of the requesting Client. Reports may not be shared with third parties, published, or used for any purpose other than the specific loan/credit application for which the verification was commissioned. Credoverify reports are based on information available at the time of the investigation and should be treated as one input in the Client's credit decision process, not as the sole determinant.

6. Data Privacy and Confidentiality

All personal data processed by Credoverify in the course of its services is handled in strict accordance with the Digital Personal Data Protection (DPDP) Act, 2023, and applicable RBI data security guidelines. Credoverify maintains a written information security policy and employs technical and organizational safeguards to protect applicant data. Client-provided data will not be used for any purpose other than delivering the requested services. Both parties agree to maintain strict confidentiality over each other's proprietary information.

7. Compliance and Regulatory Framework

Credoverify India Private Limited operates in full compliance with Reserve Bank of India (RBI) guidelines applicable to verification agencies, the Digital Personal Data Protection (DPDP) Act 2023, the Information Technology Act 2000 (and amendments), the DLP (Data Leak Prevention) Act, and our ISO certification requirements. Clients are responsible for ensuring that their use of our services complies with applicable laws, including their own RBI-mandated fair practices code and KYC/AML obligations.

8. Limitation of Liability

Credoverify's liability to any Client in connection with any claim arising from the services shall be limited to the fees paid for the specific verification report in question. Credoverify shall not be liable for any indirect, incidental, consequential, special, or punitive damages, including loss of profit or business opportunity, arising out of or in connection with the use of, or inability to use, our services or reports. Credoverify does not warrant that its verification reports will be error-free; we undertake to perform investigations with due professional care and diligence.

9. Indemnification

The Client agrees to indemnify and hold harmless Credoverify India Private Limited, its directors, officers, employees, and agents against any claims, damages, losses, or expenses (including legal fees) arising out of or related to: (a) the Client's misuse of verification reports; (b) the Client's violation of applicable laws or regulations; or (c) any false or misleading information provided by the Client during onboarding or case submission.

10. Intellectual Property

All proprietary methodologies, AI verification models, software systems, report templates, and technological tools used by Credoverify in delivering its services are the exclusive intellectual property of Credoverify India Private Limited. Clients receive no intellectual property rights by virtue of receiving verification reports. Verification reports themselves, once delivered and paid for, become the Client's confidential business record.

11. Termination

Either party may terminate the service relationship by providing 30 days' written notice. Credoverify may terminate immediately in cases of: non-payment of dues; breach of confidentiality obligations; misuse of verification reports; or the Client's engagement in activities that violate applicable laws. Upon termination, the Client must cease using any Credoverify systems, portals, or API integrations. Outstanding invoices become immediately due and payable upon termination.

12. Governing Law and Dispute Resolution

These Terms and any disputes arising from the services shall be governed by and construed in accordance with the laws of India. Any disputes shall first be attempted to be resolved through good-faith negotiation. If unresolved within 30 days, disputes shall be referred to arbitration under the Arbitration and Conciliation Act 1996, with the seat of arbitration in New Delhi, India. The Courts of Delhi shall have exclusive jurisdiction over any non-arbitrable matters.

Questions about these Terms?