By-and-by, credit registry rule has been drastically changed authentic by Reserve bank of India. Suddivela, rules will puncture the emphasis of customers’ interest. Here, they are made simplified for the loan process and now, information regarding the credit score will easily reach the customer.
The customer’s credit score will be updated every 15 days. The credit score will be updated on the 15th day of each month and at the end of the month. The customer will be updated on the new position of his credit score.
It Is Mandatory To Inform
If a bank or NBFC wants to check the credit report of the customer, then it has to send an SMS or email notifying the customer about the event. This will help the customers stay in touch with such activities regarding their credit score. Under the particular new rule, the credit companies will have to give that complete credit report free to customers once in a year. The companies have to provide a dedicated link for this on their website.
Pre-Notification Of Default.
In case of loan default, the institutions first have to notify the customer. This information is conveyed via SMS or email. Also it requires banks to get a nodal officer to handle the complaints regarding the credit score.
Complaint Redressal Time
The complaints will have to be resolved now within 30 days. For each day of delay, the institution will be fined Rs 100. Banks have been given 21 days and credit bureaus 9 days. These rules by RBI prove to be a significant step toward customer safety. It enhances not only transparency in the system but also customer services in the credit score construction. This change is the beginning of a positive change in the financial sector. These new rules of RBI are said to be a crucial step in protecting customers’ interests. It will lead to greater transparency in the credit score system and better quality services to customers. This change marks the beginning of a brighter future for the financial sector.
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