Credit Score: When you go to take a loan, the companies or banks first check your CIBIL score. Loan is given on this basis. But now your CIBIL score will not get spoiled. Because now on 26th RBI is going to implement five new rules.
Banks will now inform customers before giving the list of default customers to CIBIL companies. With this, customers can save their CIBIL from getting spoiled. Not only this, now after checking the CIBIL score, the companies will have to give this information to the customer by mail, and will also have to provide the complete report free of cost once a year.
These new rules have been made by the Reserve Bank of India which will come into effect from 26 April 2024. This will provide relief to customers. If a customer complains about bad CIBIL or wrong use of CIBIL or increasing CIBIL score, the company will have to resolve the complaint within 30 days. If this is not done, the companies will have to pay a fine of Rs 100 per day.
Five rules of RBI
The customer will have to send the information about CIBIL checking. The Central Bank has approved all the credit information companies like Krishil, CIBIL, American Express etc.
All these companies have been told that whenever a bank or NBFC checks the credit report of a customer, it is necessary to send this information to that customer. This information can be sent through SMS or e-mail. Many complaints were coming to the fore regarding credit score, due to which the Reserve Bank of India has taken this decision.
It is necessary to give the reason for rejecting the request
According to the Reserve Bank of India, if any request of a customer is rejected then it is necessary to tell him the reason for the same. This will make it easier for the customer to understand the reason why his request has been rejected. It is important to prepare a list of reasons for rejection of the request and send it to all credit institutions.
Give free full credit to customers once a year
According to the report, 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. With this, customers will know their CIBIL score and complete credit history once a year.
It is important to inform the customer before reporting.
According to the Reserve Bank of India, 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.
Apart from this, banks and loan disbursing institutions should appoint nodal officers. Nodal officers will work to solve people’s credit score related problems.
Complaint should be resolved within 30 days, otherwise a fine of Rs 100 will be imposed daily.
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 more late 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 nine days. If the bank does not inform the credit bureau within 21 days, the bank will pay compensation.
If the complaint is not resolved even after nine days of information from the bank, the credit bureau will have to pay damages. Information related to this will have to be given. So that the consumer remains aware of everything.
