RBI has made these 5 rules regarding CIBIL; if you are going to take loan, you must know about them
RBI Rules for CIBIL Score:
1- Information regarding CIBIL check will have to be sent to the customer
2- It is necessary to give the reason for rejecting the request
According to the RBI, if a borrower rejects a customer's request, it is necessary to tell them the reason for it. This will make it easier for the customer to understand why his request has been rejected. The central bank has also asked borrowers to make it necessary to make a list of the reasons for rejecting the
request and send it to all credit institutions.3/5
3- Give free full credit report to customers once a year
According to the RBI, 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. This will allow customers to know their CIBIL score
and complete credit history once a year.
4- It is necessary to inform customer before reporting 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. Borrowers should share all information by sending an 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, 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 nine 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 even after 9 days of the bank's information, then the credit bureau will have to pay a penalty.
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