CIBIL Score New Rules: Recently a big update was issued by the Reserve Bank of India regarding CIBIL score. Under this, the Reserve Bank has made a total of 5 rules.
There were many complaints regarding credit score, after which the Central Bank has tightened the rules. The new rules will come into effect from 26 April 2024. Let’s learn these 5 rules.
1- Information will have to be sent to the customer: Whenever a bank or NBFC checks the credit report of a customer, the information will have to be sent to that customer. This information can be sent through SMS or email.
2- Give the reason for rejecting the request: If a customer’s request is rejected then it is important to tell him the reason. It is important to make a list of these reasons and send it to the credit institution.
3- Free full credit report once a year: Credit companies should provide free full credit report to customers once a year. The company can display a link on its website so that customers can check the report.
4- Inform the customer before reporting the default: If a customer is going to default then it is important to inform the customer before reporting the default. Loan giving institutions should share all the information by sending SMS/e-mail.
5- 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 every day.
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