RBI New CIBIL Score Rule: Online Free CIBIL Score Check

The Reserve Bank of India (RBI) has recently made a major update concerning the CIBIL Score Check. With lots of complaints about credit scores, the central bank has tightened the regulations to address these concerns. The new rule will start on April 26, 2024, to improve credit bureau data accuracy and ensure clarity when managing consumer complaints. The main points of the RBI New CIBIL Score Rule are examined in this article, along with how they affect lenders and borrowers.

The RBI has addressed all major complaints regarding the CIBIL Score. Under this, the RBI has asked for the reason behind not correcting the data in the credit bureau. It has also been made mandatory to submit the number of complaints to the credit bureaus. Another major rule is that whenever banks check your credit scores, you will be informed about that. Apart from all these changes, the central bank has made several other changes too. Let’s look at all the major changes in the “RBI New CIBIL Score Rule”.

Mandatory Explanation for Rejected Requests of Online CIBIL Score Check

RBI had made it compulsory to inform the customer about the reason behind the rejection of the request for Online CIBIL Score Check. If anyone’s loan has not been approved or rejected previously, then no proper information has to be sent to the customer. This will make the customer aware of his mistakes. It is now very important to make a list of the reasons for the rejection of requests for CIBIL Score Checking Free Online

Pre-Reporting Default Notification while Free CIBIL Score Check

RBI has made it mandatory to make the customer aware before reporting him as a default while Free CIBIL Score Check. The loan-sanctioning institutions have to provide the information through calls, SMS, or emails. Other than this, some nodal officers are required to be appointed to solve this issue regarding defaults. All the loan-sanctioning institutions are informed about this by the RBI.

Providing Free Full Credit Reports Annually

The credit card companies have to provide a detailed report of credit scores to the customer every year. The RBI has asked the companies to create a link on their respective websites for this. Customers can visit the link and review their complete credit score report.

Notifying Customers of CIBIL Score Check Free Online by Pan Number

The RBI has made it clear that credit companies have to inform their customers each time they do CIBIL Score Check Free Online by Pan Number. This information can be sent through SMS or email. Addressing a lot of complaints regarding credit score check issues, the central bank has made such rules.

Timely Resolution of Complaints for CIBIL Score Check Online

According to the “RBI New CIBIL Score Check Online,” credit-giving institutions have to resolve the problem in 30 days. If they exceed the time limit, a fine of Rs100 will be imposed. The RBI has given banks a time limit of 21 days to resolve the complaint and forward the information to the credit bureau. The credit bureau has to resolve the complaint within 9 days. If any institution fails to do so, they have to provide compensation to the customers.

Conclusion 

All the “New RBI CIBIL Score” rules are made to favor the customer. Before applying for a loan, you must go through all the new rules and stay updated to Online Free CIBIL Score Check.

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