A circular has been issued by RBI. In this, the credit information company has been instructed that whenever a credit institution (bank or NBFC) checks the credit report of a person, its information should be sent to that person through SMS and email.
A big decision has been taken by the Reserve Bank of India keeping in mind the interests of the customers. The Central Bank has told all the credit information companies that whenever the credit information report ( CIR) of any person is taken by the bank or NBFC company, it should be informed about it through MMS and email.
Why did RBI take this decision?
This decision has been taken by the Central Bank to improve the customer service and complaint redressal process of credit institutions and credit information companies. At present, after a person applies for a loan in a bank, it often happens that customers start receiving offers and calls from other banks. The reason behind this is that the credit information company shares the credit report of that person with the banks, information about which is not even known to the person applying for the loan.
The bank will send an alert on giving information about the outstanding to the credit bureau.
According to the new rule, all credit institutions including banks and NBFC companies will have to alert the customers through SMS and email while giving information about the customers’ defaults and dues to the credit institutions. RBI has advised banks and NBFCs to run an awareness campaign and tell customers as much as possible about the benefits of linking mobile number and email ID.
Now you will get free credit report
The press release issued by RBI states that credit institutions will have to provide free credit report to customers (who have credit history) once in a calendar year. For this, a link will also have to be provided on your website, so that the customer can easily get the free credit report.
Let us tell you, this circular of new rules was issued by RBI on 26 October. These rules will come into effect six months after the issue of the circular.
