RBI's new rules on CIBIL score: Important information for defaulter customers

 

RBI's new rules on CIBIL score: Important information for defaulter customers

Banks and financial institutions inform customers before sending the details of defaulting customers to CIBIL. This process gives customers an opportunity to take steps to prevent their CIBIL score from deteriorating. When any company checks the CIBIL score, the customer is informed about it by mail.

 RBI's new rules on CIBIL score

According to RBI, banks will now inform before sending the list of defaulting customers to CIBIL. The move is aimed at making customers aware before their credit report gets spoiled. Whenever a company checks the CIBIL score, they have to inform the customer about it through email or SMS.

Additionally, the customer has the right to receive his full credit report once every year for free. This rule has come into effect from 26 April 2024. If a customer complains regarding the CIBIL score, the concerned company has to resolve it within 30 days. If this is not done, the company will have to pay a fine of Rs 100 per day