RBI's new 15-day credit reporting rule: What it means for your credit score

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RBI's new 15-day credit reporting rule: What it means for your credit score - Business Standard

Quick Summary:

Earlier, updates were only done on credit score every month, which would delay the effect of loan repayment as it happens.

For instance, if a borrower made timely payments or paid off a loan, the previous monthly update cycle meant that this positive financial behavior would not be captured promptly.

Consumer Empowerment: Borrowers will have a better understanding of their financial health, as changes in their credit scores will be reflected more swiftly.