RBI Announcement: Major Changes in Credit Score

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RBI (Reserve Bank of India) has introduced some new rules and regulations for credit information companies. All the companies have been advised to follow these new rules and regulations. Credit information companies such as CIBIL, Equifax, Experian, and High Mark Credit Information Services are the leading companies in India. These credit information agencies also have another name ‘Credit Bureau’. You can find out everything about these new rules and regulations in this blog post about whether there is anything beneficial for us or whether there is any harm to people.

  1. CIC(Credit Information Company) companies can send text messages and emails to their users. If the user’s credit score is viewed by other companies or other users, it will be sent to you via SMS or email. This will protect users’ CIBIL score from misuse.
  2. CICs Send Alerts regarding the default and Day-pay dues. It includes EMI, Credit card bills, Remainders, and Warning Alerts.
  3. Users can now download their Cibil Score report easily and for free. You can download your Cibil Score report from websites like CIBIL, Equifax, Experian, and High Mark Credit Information Services. But you can download your Cibil Score report only once a year.
  4. If the CIC companies have wrongly entered the information of the users or if there is incorrect information to the users, that particular company has to correct the mistake and not only that but also pay a penalty amount of 100 rupees to the users.

The Reserve Bank of India has introduced these four new rules and regulations mentioned above. Through this, users can resolve their problems by complaining properly. Not only do you know this information but also share it with others so that others can get the information they need.