| Category | Key Updates | Impact/Highlights |
|---|---|---|
| Implementation Timeline | Jan 1, 2025: Credit reports update every 15 days | Helps borrowers improve scores faster. |
| Throughout 2025: No CIBIL score needed for loan applications | Benefits first-time borrowers with no credit history. | |
| Full Year 2025: Mandatory loan rejection reasons & real-time alerts | Increases transparency for all borrowers. | |
| Major Changes | Faster credit report updates (15 days instead of 30) | Quicker reflection of repayments/improvements. |
| Real-time credit check alerts | Reduces risk of unauthorized access. | |
| Alternative credit evaluation (income, rent, utility payments, bank data) | Helps new borrowers without a credit history. | |
| Mandatory loan rejection reasons | Borrowers get clear explanations for denials. | |
| One free credit report annually | Helps monitor credit health and detect discrepancies. | |
| Benefits for New Borrowers | No credit score required for first-time loans | Easier access to loans/credit cards. |
| Alternative financial data (salary, rent, utility bills) considered | Improves approval chances for those without credit history. | |
| Faster dispute resolution (~30 days) | Quicker corrections in case of errors. | |
| Mistakes to Avoid | Ignoring free annual credit report | Missing discrepancies can hurt credit health. |
| Multiple loan applications in short span | Hard checks may lower creditworthiness. | |
| Not submitting required documents (income/ID proof) | Applications may get rejected despite new rules. | |
| Key Highlights | 15-day credit report updates (replaces monthly) | Faster credit score improvements. |
| Transparent loan rejections with clear reasons | Better borrower awareness. | |
| Alternative data (bank statements, digital payments) accepted | Levels the field for new borrowers. | |
| Real-time alerts for credit checks & suspicious activity | Enhanced security against fraud. |
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