CIBIL Score :The Reserve Bank of India (RBI) has issued 7 new rules regarding CIBIL Score, which may come into effect from January 1, 2025. Now the process of updating credit score has been completely expedited. Where earlier it used to take months, now you will get complete information about your CIBIL Score in just 25 days.

CIBIL Score and Credit Score will be updated every 18 days, so that the process of taking loan becomes easier. If you have a good credit score, the bank will give you a loan immediately.

The process of taking loan is now easier

Under the new rules, any financial institution will check your CIBIL score before giving a loan. If the credit score is correct, the loan will be available immediately. The most important thing – you will be sent complete information on email or SMS. Earlier many people had complained about CIBIL Score that information was not available.

Now, with the new rules of RBI, every bank that will check your credit score will give you information about it through mail or SMS. That means complete transparency.

Good news for those with CIBIL Score

There is a big relief for the customers in the new rules of RBI. Now credit companies will provide your credit report for free once a year. You can check your old credit history from your mobile sitting at home.

A link will be found on the company’s website, by clicking on it you will be able to see the complete details of CIBIL Score and Credit Score. You will know whether you will get the loan or not! If you have a good CIBIL score, then there is no need to visit the bank – the loan gets approved instantly.

Complaint resolved within 30 days, otherwise fine

If you make any complaint regarding CIBIL Score and the credit information company does not resolve it within 30 days, then it will have to pay a fine of ₹ 100 per day. The loan giving institution will get 21 days, while the credit bureau will get only 7 days. If the bank does not provide information within 21 days, heavy penalty.

If the credit bureau does not resolve the complaint within 7 days, there will be a fine on that too! It is important to follow all the rules, otherwise it will be difficult in the world of CIBIL Score and Credit Score.