Now Banks and Credit Bureaus have to inform customer about enquiries/changes
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The banking regulator has also asked the credit bureaus to alert the customers when their credit reports are accessed by a third party
The Reserve Bank of India (RBI) has instructed banks and financial institutions to inform customers whenever they submit information to credit bureaus about default or delays in payment of loans. The banking regulator has also asked the credit bureaus to alert the customers when their credit reports are accessed by a third party.
In a new set of instructions on Thursday, the RBI has asked credit bureaus to provide easy access to full credit report including credit score to individuals whose credit history is available once every year free of cost. The report should be available with the credit bureau by displaying the link prominently on the home page of their website so that individuals are able to access their credit report conveniently.
In case a customer requests for data correction in his/her credit report, and the same has been rejected by the bank, then the bank must inform the customers the reasons for the rejection to enable the customer to better understand the issues in the report. Banks have been asked to have a dedicated nodal point or official of contact for credit bureaus for redressal of customer grievances.
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Not much different from the mandated reason to be given by the bank for a credit card rejection. Most just reject with "due to internal criteria".
Now RBI should also make banks send mcc in otp message 😅
I still have karur vysya listed for 8k against 10k amazon pay later (they dint report as closed while capfloat did)... left it out, not wasting time... been like this for 2 yrs.
But they used to alert even earlier no? Although those alerts weren't clear inquiry is about what. It was more like a marketing message to buy their premium plan.
But they used to alert even earlier no? Although those alerts weren't clear inquiry is about what. It was more like a marketing message to buy their premium plan.
yes, but it was not clear from email which we receive whether there was CIBIL inquiry or usual change in score, cheaters use our data and want to sell us back
Now both entities(bank+Bureau) have to inform customer about inquiry
next step should be explicit consent from customer for any credit inquiry