Credit Scores in India
Rights of Borrowers
Borrowers have rights to clear terms, fair recovery practices, and grievance channels, including RBI's ombudsman scheme.
Know your rights.
Disclosure
Lenders must give a key fact statement with total cost.
Fair recovery
Harassment and abusive collection are prohibited.
Credit report updates
Bureaus must update reports within set timelines and pay compensation for delays in some cases.
Grievances
Complaints go to the lender, then the RBI ombudsman.
A late update
A borrower whose loan closure isn't updated in her report can claim compensation under RBI rules.
Ignoring the paperwork
Keep copies of documents.
Key takeaways
- Lenders must disclose costs.
- Abusive recovery is banned.
- Bureaus must update on time.
- Grievance channels exist.
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