Now CIBIL score will not be bad, RBI made new rules

Cibil score: If you go to apply for a loan in a bank, then no matter how small or big the loan is, your CIBIL score is checked first. Due to this, if you have defaulted in the bank, then the bank directly sends your details to the CIBIL companies, due to which your CIBIL score gets recorded. 

Due to which your history gets spoiled. But now a big relief news has come for the customers (cibil score check free). Actually, now RBI has changed some rules under which banks will now inform the customers before giving the list of default customers to the CIBIL companies. The CIBIL score of the customers will not get spoiled due to this rule. 

Let us tell you that now after checking the CIBIL score, the companies will have to inform the customer about it on mail, and also provide the complete report free of cost once a year. 

These new rules have been made by the Reserve Bank of India which have come into effect from the 26th. This will provide relief to the customers. 

If a customer (Credit Score) complains about bad CIBIL or wrong use of CIBIL or increasing the CIBIL score, then the company will have to resolve the complaint within 30 days. If this is not done, the companies will have to pay a fine of Rs 100 per day.

Five rules of RBI -

1. Customer will have to be informed about CIBIL check

Central Bank has told all credit information companies like Crisil, CIBIL, American Express etc. that whenever any 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 e-mail. Many complaints were coming up regarding credit score, due to which RBI has taken this decision.

2. It is necessary to give the reason for rejecting the request -

According to the Reserve Bank of India, if a customer's request is rejected, then it is necessary to tell him the reason for it (how to improve cibil score). This will make it easier for the customer to understand why his 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.

3. Give free full credit to customers once a year -

The Reserve Bank of India said that 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 let customers know their CIBIL score and complete credit history once a year.

4. It is necessary to inform the customer before reporting -

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. Loan giving institutions should share all the information by sending SMS or e-mail. Apart from this, banks and loan giving institutions should appoint a nodal officer. The nodal officer will work to solve the problems related to people's credit score.

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

Let us tell you that 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 is, the later the complaint is resolved, the higher the fine will have to be paid. The loan giving banks will get 21 days and the credit bureau will get 9 days.

If the bank does not inform the credit bureau within 21 days, then the bank will have to pay a penalty. If the complaint is not resolved even after nine days of the bank's information, then the credit bureau will have to pay a penalty. Information related to this will have to be given, so that the consumer knows everything.

With these new rules of RBI, customers will now be informed about their CIBIL check. So that you can save your CIBIL score carefully. If the customer's complaint is not resolved on time, then the company will be fined. The reason for rejecting the customer's request will also have to be told to the concerned person. These rules are very relieving.

Let us tell you that as per the rules made by RBI, companies will have to submit CIBIL report once a year. As per RBI rules, customers are going to get a lot of relief. Now banks etc. 

will inform the customer before sending the default report to CIBIL companies. This will give the customer a chance to prevent his CIBIL from getting spoiled.