RBI has made these 5 new rules regarding CIBIL score, know before taking a loan, what is your benefit

The Reserve Bank of India (RBI) has released a major update regarding the CIBIL Score. Under this, many rules have been made. There were many complaints about the credit score, after which the central bank has tightened the rules.

Keep nodal officers. The nodal officer will work to solve the problems related to the credit score. 5- Complaint should be settled within 30 days, otherwise a fine of Rs 100 will be imposed daily. If the credit information company does not resolve the complaint of the customers within 30 days, then it will have to pay a penalty of Rs 100 per day. That is, the longer the complaint is settled, the higher the fine. The lending institution will get 21 days and the credit bureau will get 9 days. The bank did not give credit bureau in 21 days. The central bank has told all credit information companies that whenever a bank or NBFC checks a customer's credit report, it is necessary to send this information to that customer. This information can be sent via SMS or email. Actually, many complaints were coming out about the credit score, due to which the Reserve Bank of India has taken this decision. 2- It is necessary to tell the reason for rejecting the request According to the Reserve Bank of India, if a request of a customer is rejected, then it is necessary to tell him the reason for it. This will make it easier for the customer to understand why his request has been rejected. It is necessary to make a list of reasons for rejecting 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 tell the customer before reporting the default. According to the Reserve Bank of India, if a customer is going to default, then it is necessary to tell the customer before reporting the default. Lending institutions should share all information by sending SMS/e-mail. Apart from this, banks, lending institutions should have nodal officers. The nodal officer will work to solve the problems related to the credit score. 5- Complaint should be settled within 30 days, otherwise a fine of Rs 100 will be imposed daily. If the credit information company does not resolve the complaint of the customers within 30 days, then it will have to pay a penalty of Rs 100 per day. That is, the longer the complaint is settled, the higher the fine. The lending institution will get 21 days and the credit bureau will get 9 days. If the bank does not tell the credit bureau within 21 days, the bank will pay compensation. At the same time, the complaint is settled even after 9 days of the bank's information.