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CIBIL Score Rules: RBI made 5 new rules regarding CIBIL Score, check the updates immediately before taking a loan

CIBIL Score Rues: 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 had made and implemented a total of 5 rules, let us know about them.

1- Information to check CIBIL 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.

2- It is necessary to tell 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.

3- 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 has 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 full credit history once a year.

4- 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 problems related to credit score.

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 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.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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