RBI Guidelines: There are not one but many reasons for a bad CIBIL score. Problems related to CIBIL scores (bad cibil score reasons) persist for a long time due to the lack of sharing of information related to CIBIL scores by banks with bank customers.

Now with the implementation of the new rules of RBI, customers will get relief from these problems. There will no longer be a situation of CIBIL score (how to improve cibil score) of bank customers getting spoiled. RBI has given instructions to strictly follow the new rules.

RBI took action after receiving the complaint-

Although the CIBIL score (RBI rules for cibil score) gets spoiled only due to non-payment of loan or credit card bill, there are many other reasons for it getting spoiled. Many times it also gets spoiled due to the mistake of banks (bank news). RBI had received many such complaints regarding credit scores, in which irregularities were found in CIBIL scores at the level of banks and credit bureaus. Now the Reserve Bank of India has set new rules and instructed banks and credit bureaus to follow them.

1. Information will have to be given on checking CIBIL score-

According to the rules set by the central bank (cibil score rules), now all credit information companies will ensure that if a bank or NBFC checks a customer's credit report, then that customer must be informed about it. Banks or NBFCs (non-banking finance companies) can send this information to the customer through SMS or e-mail.

2. Reason will have to be given for rejecting the request-

If any request of a loan taker or any other customer is rejected by the bank, then the customer will have to be told the solid reason for it in any case. So that the customer can understand on what basis the request was rejected (loan request). The banks must send a list of such reasons to all credit institutions.

3. Facility of free full credit report will be available-

According to the new rules of RBI, credit companies will now provide full credit report to the customer once a year for free (full credit report rules). With the help of the link displayed on the website by the credit company, customers will be able to see their full credit report. This will help customers to know their CIBIL score and full credit history in a year.

4. Information has to be given before reporting default-

The bank will inform a customer before reporting default. According to RBI (RBI Rules for cibil score), the loan giving banks or other financial institutions will inform about it by sending SMS or e-mail. RBI has also asked the banks to appoint a nodal officer regarding this. Who will solve the problems related to CIBIL score of the people (cibil score new rules).

5. Complaint has to be settled within this many days-

If there is a complaint of error in the CIBIL score from any customer, then that problem has to be resolved within 30 days. Banks (bank rules on cibil score) will get 21 days and credit bureaus will get 9 days.

If the solution is not done within the stipulated time, a fine of Rs 100 will be imposed per day. With the implementation of these rules (RBI new rules), the customer's CIBIL score will not be unnecessarily affected.

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