RBI New CIBIL Score Rules: The Reserve Bank of India (RBI) has issued six new rules related to CIBIL score, which have come into effect from January 1, 2025. The aim of these new rules is to make the credit score process more transparent, faster and customer-friendly. This will make getting a loan easier than before.
Need for CIBIL Score
The CIBIL score ranges from 300 to 900, in which a score of 750 or more is considered good. Banks and financial institutions consider this score as the basis before giving a loan. If your CIBIL score is good then you will not have any problem in getting a loan and you can also get a loan at a low interest rate.
New rules CIBIL score
Now the credit score will be updated by the credit bureau every 15 days. Earlier this process used to happen on a monthly basis, but now it will be faster, so that loan takers can get immediate information about their score.
The Reserve Bank of India has directed that every customer should be given his credit report once a year for free. For this, credit companies will provide a link on their website, so that customers can check their credit score sitting at home.
If a customer sees any mistake in his CIBIL score and complains about it, then the credit information company will have to resolve it within 30 days. If this does not happen, then a fine of ₹ 100 per day will be imposed on the concerned institution.
If a financial institution checks a person’s credit score, then its information will be given to the customer through email or SMS. This will let the customer know which institutions are looking at his credit history.
Benefits of new rules CIBIL score
- Loan can be availed quickly by updating the score in 15 days
- If there is any mistake in the score, then the customer will be able to get it corrected as soon as possible.
- By getting a free report once a year, customers will be aware to keep their score better.
- Complaints will be resolved compulsorily within 30 days.
