CIBIL Score: 5 RBI rules you must know before applying for LOAN - Details
CIBIL Score For Loan, RBI Rules For CIBIL: The Reserve Bank of India (RBI) was flooded with complaints regarding the credit score. Due to this, the central bank issued a major update related to the CIBIL score to make the rules stricter.
CIBIL Score For Loan, RBI Rules For CIBIL: 5 Rules
CIBIL Score For Loan, RBI Rules For CIBIL: Under this, the Reserve Bank made and implemented a total of 5 rules. These new rules came into effect from April 2024. If you are applying for a loan, you must know these CIBIL score-related rules by RBI.
CIBIL Score For Loan, RBI Rules For CIBIL: Customer should be informed
CIBIL Score For Loan, RBI Rules For CIBIL: The RBI has asked all credit information companies that it is necessary to inform the customer whenever a bank or NBFC checks a customer's credit report. This information can be sent via SMS or email.
CIBIL Score For Loan, RBI Rules For CIBIL: Inform customers about the reasons behind rejection
CIBIL Score For Loan, RBI Rules For CIBIL: According to RBI, it is necessary to tell the reason why a customer's request is rejected. 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.
CIBIL Score For Loan, RBI Rules For CIBIL: Free Full Credit Report
CIBIL Score For Loan, RBI Rules For CIBIL: The RBI has said that Credit Information Companies (CICs) should provide a “Free Full Credit Report (FFCR)” once every calendar year. For this, the credit company will have to display a link on its website, so that customers can easily check their full credit report.
CIBIL Score For Loan, RBI Rules For CIBIL: Inform customers before reporting the default
CIBIL Score For Loan, RBI Rules For CIBIL: According to the Reserve Bank of India, if a customer is about to default, it is necessary to inform the customer before reporting it. 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 who will work to solve the problems related to credit scores.
CIBIL Score For Loan, RBI Rules For CIBIL: Resolve complaints within 30 days
CIBIL Score For Loan, RBI Rules For CIBIL: If the credit information company does not resolve the customer's complaint within 30 days, it must pay a fine of Rs 100 per day. 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, the bank will have to pay a penalty. If the complaint is not resolved 9 days after the bank shares the information, the credit bureau will have to pay a penalty.