RBI updates CIBIL score rules to boost transparency for borrowers

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The Reserve Bank of India (RBI) has updated CIBIL score rules to enhance consumer transparency. Starting January 1, 2025, credit scores will be updated every 15 days, ensuring more accurate information for borrowers. Lenders must now notify consumers when their credit reports are accessed and provide explicit reasons for any loan or credit card rejections. This aims to help consumers understand and address issues affecting their creditworthiness. Additionally, consumers will receive free annual credit reports and default alerts before any legal action is taken. Complaints must be resolved within 30 days, with penalties for delays, improving accountability in credit management.


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RBI updates CIBIL score rules to boost transparency for borrowers | News Minimalist