HomeNewsBusinessPersonal FinanceNow, lenders to inform borrowers while reporting their loan defaults to credit bureaus

Now, lenders to inform borrowers while reporting their loan defaults to credit bureaus

By demanding the appointment of nodal officers at every credit institution, assigning a financial penalty for delay in redress of customer grievances, and regular updates to the customers on access of their credit information reports, one can expect the industry to be more customer-friendly.

Hiral Thanawala

October 27, 2023 / 13:56 IST

Now, lenders to inform borrowers while reporting their loan defaults to credit bureaus

Six months from now, credit bureaus will send alerts through SMS/email to customers when their credit information report (CIR) is accessed by the financial institutions when they apply for a loan or a credit card.

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