What if CIBIL Errors & Complaints go Unanswered?

You'll Get ₹100/day for Unresolved Complaints

Now, you will get ₹100 per day if your complaint against credit information companies is not resolved within 30 days. 

What is a Credit Institution (CI)?

Any organisation that takes deposits or other repayable funds from the public is called a credit institution.

What is a Credit Info Company (CIC)?

CIC is an independent third-party institution that collects financial data regarding loans & credit card individuals & shares it with its members. Banks & NBFCs are the customers of CICs.

RBI Issued Framework for CIs & CICs

The CI has to send the corrected information to you & the CICs within 21 days of being informed of the inaccuracy.

How Much Time would CI & CICs Get?

The CI would get 21 days, and CICs would effectively get the remainder of 9 days to resolve the complaint.

When is Compensation Credited?

The compensation amount shall be credited to your bank account within 5 working days of the resolution of the complaint.

Advice on the Action

You shall be informed and advised on the action taken on the complaint (including rejected complaint with reasons for rejection).

When will the CI Pay Compensation?

The CI will pay compensation if they fail to send updated credit information to credit information companies within 21 days.

When will the CIC Pay Compensation?

The CIC will pay compensation if they fail to resolve the issue within 30 days, irrespective of whether the CI has taken 21 days to update the CIC

Notification from CIs & CICs

You will receive alerts through SMS/email when- Your credit Info Report (CIR) is accessed by any institution. When Credit institutions send info regarding your defaults to credit information companies (CICs).

Thoughts on this  Initiative

A much-needed move by RBI to make the credit institutions more transparent & efficient regarding the complaints.

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