Again a big update has come regarding credit score, as you know CIBIL score, which is also known as credit score, is considered very important because all kinds of new changes are being made regarding CIBIL score by the Reserve Bank of India (RBI) because on the basis of this you are given loan, you get loan on the basis of CIBIL score and credit scoring is important if you get a loan, so let us tell you about the new rules of CIBIL score.
CIBIL score is important for lenders
If you apply for a loan in a bank or a finance company, then first of all your credit score is seen and after seeing your CIBIL score and credit score which are called the same, it is decided how much loan you will get on the basis of your CIBIL score.
Credit Score Report Updates
According to the information that has come out, let us tell you that the credit score report update used to take a long time, now it can be updated within weeks or within 15 days, such information is being received. Let us tell you that the rule that has come out now for loan takers is a very easy rule and this rule is considered very important for everyone. In today’s time, you can easily take out a loan, but it used to take time for the credit score to be updated, now your credit score will keep getting updated in less time.
Free Credit Score Report Now
On the basis of the information that is being received recently through social media and small news websites, it has been said that an order has been given to provide a free full credit score annually. As soon as the new rule is implemented by the RBI, all banks and finance companies will have to follow this new rule, which states that a free full credit score will be provided annually.
Apart from this, according to the information that has come out, let us tell you that if someone tries to check your credit report for loan takers, then you can see his real time credit score and this is a big change, it also provides you with great security of your credit information and recently efforts are also being made by RBI so that the loan takers get the benefit of best facilities.
