The Reserve Bank was receiving a lot of complaints regarding credit score. For this reason, the Reserve Bank of India (RBI) has made 6 rules regarding CIBIL till now. If the CIBIL score is good, you will get a loan easily and to keep it good, you have to avoid making only one mistake.
This mistake is payment default. Till now, a total of 6 rules have been made by the Reserve Bank on CIBIL, which will directly benefit you. Let us know about these 6 rules and understand how you will benefit from them.
1- CIBIL will be updated every 15 days
According to this new rule, now the credit score of the customers will be updated every 15 days. This rule will be effective from January 1, 2025. The CIBIL score of the customers can be updated on the 15th of every month and at the end of the month. This will have the advantage that the CIBIL score of the people will be updated every 15 days and banks will be helped in taking the right decision in giving loan to anyone. At the same time, people will also get a chance to improve their bad CIBIL soon and people will also benefit.
2- Information regarding CIBIL check will have to be sent to the customer
The central bank has told all credit information companies that whenever a bank or NBFC checks a customer’s credit report, it is necessary to send the information to that customer. This information can be sent via SMS or email. Actually, many complaints were coming up regarding credit score, due to which the Reserve Bank of India has taken this decision.
3- It is necessary to give the reason for rejecting the request
According to the Reserve Bank of India, if a customer’s request is rejected, it is necessary to tell him the reason for it. This will make it easier for the customer to understand why his request has been rejected. It is necessary to make a list of the reasons for rejecting the request and send it to all credit institutions.
4- Give free full credit report to customers once a year
According to the Reserve Bank of India, credit companies should provide free full credit score to their customers once a year. For this, the credit company will have to display a link on its website, so that customers can easily check their free full credit report. This will let customers know their CIBIL score and complete credit history once a year.
5- It is necessary to inform the customer before reporting the default
According to the Reserve Bank of India, if a customer is about to default, it is necessary to inform the customer before reporting the default. Loan giving institutions should share all the information by sending SMS/e-mail. Apart from this, banks and loan giving institutions should appoint a nodal officer. The nodal officer will work to solve the problems related to credit score.
6- Complaint should be resolved within 30 days
If the credit information company does not resolve the customer’s complaint within 30 days, then it will have to pay a fine of Rs 100 per day. That is, the later the complaint is resolved, the higher the fine will have to be paid. The loan disbursing institution will get 21 days and the credit bureau will get 9 days. If the bank does not inform the credit bureau within 21 days, then the bank will have to pay a penalty. If the complaint is not resolved even after 9 days of the bank’s information, then the credit bureau will have to pay a penalty.
Related Articles:-
School Holidays in Dec 2024: Schools will be closed for so many days, the list has come
School Holidays in Dec 2024: Schools will be closed for so many days, the list has come
