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CIBIL Score: RBIís Top 5 Rules

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Old 07-08-2024, 01:49 PM
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Default CIBIL Score: RBIís Top 5 Rules

CIBIL Score For Loan: The RBI instructed all credit information companies to inform the customer, whenever a bank or NBFC checks a customer’s credit report. Such information can be sent via SMS or email.

If Loan Or Other Request Rejected: RBI also stated that it is necessary to tell the reason why a customer’s request is rejected. So it can help the customer to understand why their 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.

Credit Report: The RBI also said that Credit Information Companies (CICs) should provide a “Free Full Credit Report (FFCR)” once every calendar year. The credit company should send a link to its website where the customers can easily check their full credit report.

If Customer Is In Default: The central bank also asked the credit companies to inform the customer when they are about to default before reporting it. They should share all such information by sending SMS/e-mail.

Addressing Complaints: : The central bank also asked banks and loan-giving institutions to appoint a nodal officer who will work to solve the problems related to credit scores. 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 lender 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.

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