CIBIL Score: RBI has made these 5 rules regarding CIBIL, you must know about them..
The Reserve Bank was receiving a lot of complaints regarding the credit score. Due to this, a few months ago, a major update was issued by the Reserve Bank of India (RBI) regarding the CIBIL score, and the rules were made stricter. The new rules have come into effect from April 2024. Under this, the Reserve Bank made and implemented a total of 5 rules, let us know about them.
1- Information about checking CIBIL has to be sent to the customer
The central bank has told all credit information companies that whenever a bank or NBFC checks the credit report of a customer, it is necessary to send its information to that customer. This information can be sent through SMS or email. Many complaints were coming up regarding the credit score, due to which the Reserve Bank of India has taken this decision.
2- It is necessary to tell 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 it. This will help the customer understand the reason why his request has been rejected. It is important to make a list of the reasons for the rejection of the request and send it to all credit institutions.
3- Provide free full credit reports to customers once a year
According to the Reserve Bank of India, credit companies should provide free full credit scores 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 help customers know their CIBIL score and complete their credit history once a year.
4- It is important to inform the customer before reporting the default
According to the Reserve Bank of India, if a customer is going to default, 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-giving institutions should appoint a nodal officer. The nodal officer will work to solve the problems related to the credit score.
5- The complaint should be settled within 30 days
If the credit information company does not settle 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 settled, 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.
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