The Reserve Bank of India (RBI) has asked Credit Information Companies (CICs) to notify clients via SMS or email when banks and Non-banking Financing Companies (NBFCs) access their Credit Information Report (CIR) in order to strengthen and improve the efficacy of the grievance redress mechanism and customer service provided by Credit Institutions (CIs) and Credit Information Companies (CICs).
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Credit institutions, including banks and NBFCs, would also be compelled to alert consumers via SMS or email when they submit information to CICs regarding their current credit default or Days Past Due (DPD).
RBI also advised CIs are advised to organise special awareness campaigns to sensitise their customers about the benefits of submission of their mobile numbers/ email IDs.
Rejection of request
According to the RBI press release, “CIs shall inform the customers the reasons for the rejection of their request for data correction, if any, to enable such customers to better understand the issues in the CIR. A list of reasons for rejection of requests shall be circulated by CICs to all CIs. CIs shall use the same while communicating the rejections of the request for data correction made by customers/ CICs during the grievance redress process.”
RBI revises bulk FD limit for these banks to Rs 1 crore
Free Full Credit Report for the individuals
Credit companies must make free full credit reports (FFCR) including credit scores available to individuals whose credit history is available once a year (January-December) by prominently displaying the link on their website so that individuals can easily access their FFCR, stated the RBI release.
Below are simple steps to get credit score, according to the HDFC Bank website
Step 1: Go to the CIBIL website
Step 2: Enter details form that requires your necessary information such as name, contact number, email address
Step 3: Enter your Pan details correctly to proceed to the next step.
Step 4: Answer all the questions correctly about your loans and credit cards, based on which your CIBIL score will be calculated, and your completed credit report generated.
Step 5: You will be suggested various paid subscriptions ( if you need more than one report in a year). If you require only a one-time, free credit score and report, then proceed to select No Thanks at the bottom of the page.
This is the stage where your account is created, and a confirmed message is displayed on the following page.
Step 6: Using your login and password that was created in Step 2, you can log in to your account.
Step 7: Once you log in, all your personal details will be auto-populated by default. Please enter your contact number and click submit.
Step 8: Once you submit that form your dashboard will be revealed with your CIBIL score. Additionally, you can get your credit report on the dashboard.As banks, financial institutions, and various credit agencies renew your report on a monthly basis, you must keep track of the ups and downs.
In another release, the RBI announced on Thursday that credit information companies (CICs) will soon have to compensate clients for delays in updating or correcting their credit information by giving them a daily payment of Rs 100.
