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Bank Loan Credit Score Bad credit score makes it difficult to get a loan; Know what you should do – what if your credit score is wrong what to do and where to complain rbi MIGMG News


Mumbai : If you want to get a loan and for some reason your credit score has gone wrong, you won’t get a loan. Unless you have a good credit score, you won’t be able to get a loan even if you try. But your mistake doesn’t have to ruin your credit score. Sometimes the credit score issuer can also make mistakes. In such cases you have the option of contacting the credit score bureau. But if he doesn’t listen to you, where do you go?

The Reserve Bank has decided on this. RBI Governor Shaktikanta Das said after the Monetary Policy Committee announced the repo rate hike on Friday that if the credit score bureau is not listening to you, you can complain directly to the RBI.

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The Reserve Bank said that individuals (customers) who have problems with credit information companies like CIBIL, Experian, Equifax etc. can report directly to the central bank.

What if the credit bureau doesn’t correct the error within 30 days?
Credit information companies, commonly called credit bureaus, collect consumer information from banks, credit card companies, and other financial institutions. Based on this information, they announce a person’s credit score. On this basis a person becomes a good borrower or a bad borrower. However, it may happen that the information available to the credit bureau is incorrect and the resulting incorrect credit score is not corrected within 30 days. In such a case, if the credit bureau does not correct your mistake within 30 days, you can directly complain to the Reserve Bank.

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Reserve Bank Integrated Lokpal Yojana-2021 covers transactions with deposits of Rs.50 crore and above from scheduled commercial banks including urban cooperative banks, non-banking financial companies, NBFCs and non-scheduled primary cooperative banks. It has been decided to bring credit information companies under its purview to make it more comprehensive. It will provide an open alternative redressal mechanism for complaints against CIC. Besides, this decision has been taken to strengthen internal grievance redressal by CIC itself.


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