Those sending Rs 1 and Rs 10 are no longer in good shape, RBI Governor took action regarding CIBIL Score.
Reserve Bank of India (RBI) has given an important report on CIBIL Score. There are many rules under this. The central bank has tightened the rules as many complaints came in on credit scores. Besides, the number of complaints and the reason for not improving the data will also have to be mentioned on the credit bureau website. The Reserve Bank of India has also made many other rules. The new rules will be effective from 26 April 2024. RBI had warned about implementing such rules in April itself. Remember that banks check the CIBIL score of the customer every time. The Reserve Bank has made a total of five rules under this. Let us know about them.
Customer will have to send information to check CIBIL
The central bank has directed all credit information companies that whenever a bank or NBFC looks at the credit report of a customer, they should provide the customer’s information. You can send this information through SMS or email. In fact, the Reserve Bank of India has taken this decision due to many complaints regarding credit score.
It is necessary to give the reason for rejecting the request
The Reserve Bank of India said that if any request of a customer is rejected, then he should give the reason for it. This will make it easier for the customer to understand the reason why their request has been rejected. It is necessary to prepare a list of reasons for rejection and send it to all credit institutions.
Give customers a free full credit report once a year
Reserve Bank of India said that credit companies should provide complete credit score for free once every year. For this, the credit company will have to display a link on its website, so that customers can easily see their free complete credit report. Customers will get their complete credit history and CIBIL score once a year.
Notify customer before reporting default
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. Send complete information to loan granting organizations through SMS or e-mail. Apart from this, there should be nodal officers in banks and loan giving institutions. Nodal officers will resolve credit score issues.
If complaints are not resolved within 30 days, a fine of Rs 100 will be imposed per day
If the credit information company does not resolve customer complaints within 30 days, it will have to pay a fine of Rs 100 every day. That is, the longer the period of complaint, the higher the fine will have to be paid. The loan disbursing institution will get 21 days’ time, while the credit bureau will get 9 days’ time. If the credit bureau is not informed within 21 days, the bank will impose penalty. If the complaint is not resolved even after nine days of informing the bank, the credit bureau will have to impose a penalty.
