Big relief for borrowers: RBI orders weekly credit score updates

• RBI mandates weekly updates for credit information, a significant change from previous monthly and bi-weekly reporting.
• Banks must now send credit data to Credit Information Companies (CICs) on the 9th, 16th, 23rd, and the last day of each month.
• Full loan account files will be submitted monthly, while incremental updates are required on the other specified dates.
• This change aims to enhance the accuracy and timeliness of credit reports, benefiting loan processing and risk assessment.

Why It Matters: Weekly credit updates from RBI mean faster, more accurate loan decisions.