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Every Bank Customer should know this about their CIBIL Score - RBI announces new rules

There were many complaints regarding credit score, after which the central bank has tightened the rules. Under this, the reason for non-correction of data in the credit bureau will also have to be given and it is also necessary to mention
the number of complaints on the credit bureau website. Apart from this, the Reserve Bank of India has made many rules. The new rules will come into effect from 26 April 2024. 

In April itself, RBI had warned about implementing such rules. Let us tell you that whenever a customer applies for a loan, banks check his CIBIL score. Under this, the Reserve Bank has made a total of 5 rules. Let us know about them. 

1- Customer will have to send information about CIBIL check.

The central bank has told all the credit information companies that whenever a bank or NBFC checks the credit report of a customer, it is necessary to send the information to that customer. This information can be sent through SMS or email. Actually, many complaints were coming forward regarding credit score, due to which the Reserve Bank of India has taken this decision.

2- It is necessary to give 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 the same. This will make it easier for the customer to understand why his request has been rejected. It is important to prepare a list of reasons for rejection of 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 will have to display a link on its website, so that customers can easily check their free full credit report. With this, customers will know their CIBIL score and complete 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 going to default then 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 disbursing institutions should appoint nodal officers. Nodal officers will work to resolve credit score related problems.

5- Complaint should be resolved within 30 days, otherwise a fine of Rs 100 will be imposed daily.

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 means, the more late the complaint is resolved, the more 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, the bank will pay compensation. If the complaint is not resolved even after 9 days of information from the bank, the credit bureau will have to pay damages.


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