CIBIL Score Rule: RBI made 6 new rules on the CIBIL score, and customers will get big benefits..

CIBIL Score Update: People who need loans understand the role of good and bad CIBIL scores better. Once it gets spoiled, the customer has to face many problems for a long time. Customers also have complaints with banks and credit information companies regarding this, given this, the Reserve Bank of India has now issued new rules in the interest of customers.

This step of RBI will provide relief to the customers. With the implementation of these rules, a lot of improvement will be seen in the banking system as well. Let us know in detail which special rules (cibil score rules) have been fixed by RBI related to the CIBIL score...

1. Now CIBIL score will be updated in many days-

Now the CIBIL score of customers will have to be updated every 15 days (cibil score new rules). According to the new rule of RBI, banks and other financial institutions cannot delay it now. The credit reports or CIBIL score will have to be updated twice a month (cibil score update krne ka niyam). Credit institutions will be responsible for providing the customer's credit-related information to CIC every month.

2. Customer will get information about CIBIL score check-

Many times customers do not know when their CIBIL score was checked (how to check cibil score). Now this will not happen, now all credit information companies, banks, and NBFCs check the credit report or CIBIL score of a consumer, and then it is necessary to send its information to the customer. For this, SMS or email can be made a medium.

3. The reason for rejecting the request will have to be told-

Now if any request of a customer is rejected by the bank (bank news), then the valid reason for this will also have to be told to the customer. So that he can know properly why this request was rejected. Not only this, banks will have to make a list of the reasons for rejecting the customer's request and send it to all credit institutions.

4. Customers will get this facility every year-

Now according to the new rules of RBI (RBI new rules), credit companies will have to provide the facility of checking full credit reports to customers for free once a year. Credit companies will provide this facility by displaying a link on the website. This will help customers to know the CIBIL score and full credit history and they will be able to make the right decision to take a loan (bank loan rules) etc.

5. Banks will not be able to default directly-

If a customer is about to default, then the bank will not be able to take this step directly. Before reporting the default (loan default rules) from the bank, the customer will have to be informed about this. Loan providers can inform the customer about this through SMS or e-mail. RBI (RBI news) has also advised banks and other loan-providing institutions to appoint a nodal officer. These nodal officers will solve the problems related to the credit score of the customers.

6. Complaint has to be settled within the stipulated time-

If a customer has a complaint related to the CIBIL score (cibil score rules), then the bank and the credit information company will have to settle it within the stipulated time. A total of 30 days have been fixed for this. The bank will get 21 days for this and the credit bureau will be given 9 days. If the bank does not inform the credit bureau within 21 days, then a fine will be imposed on the bank.

If the complaint is not settled within 9 days even after the information given by the bank (bank rules for cibil score), then the credit bureau will have to pay a fine. This will be Rs 100 per day.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.