How often CIBIL Score is updated

 

     A CIBIL SCORE is a three-digit numerical value of the credit worthiness and the credit history of a particular person which ranges from 300 to 900 and the most desirable level of this score is considered to be 750 and above by the banks and NBFCs while approving the proposal of loan applied after it is checked with either of the credit bureaus like

 CIBIL, PART OF TRANSUNION, EXPERIAN, EQUIFAX OR CRIFF HIGH MARK licensed by RESERVE BANK OF INDIA.

            The CIBIL SCORE of the borrower of a loan is updated by the lender bank or NBFC with every transaction that takes place with them. 

Every successful transaction or default in payment of the borrower with the lender bank or NBFC for the product been provided whether it is a term loan based on EMI (EQUATED MONTHLY INSTALMENT) or short-term working capital loan based on interest reported regularly to the credit bureaus on monthly basis considering 45 days as the standard time within which the CIBIL SCORE gets updated with all the other details like date of reporting, DPD (DAYS PAST DUE), overdue amount etc.

           In case of any dispute related to any specific account or accounts of the consumer gets reported under DISPUTE RESOLUTION with the credit bureaus then a period of 90 days can be considered as a normal time for the disputes to be resolved subject to the proper furnishing of the mitigates related to the disputes and official acceptance of those disputes by the concerned lender banks or NBFCs.