After a really long time, the #RBI has made significant updates to their Master Direction on issuance and management of credit cards and debit cards 💳
A quick🧵on some of the major provisions and how they impact us: 1/
Card issuers must provide a one-pager on important aspects + benefits of the card, along with the interest rate and other charges. In case a credit card application is rejected, the card issuer has to provide specific reasons for the rejection. 2/
Feb 14, 2022 • 17 tweets • 3 min read
Just saw the thread/s about incorrect loans being shown in credit report. Also came across some misconceptions in a few replies. With the increase in consumer demand for credit products, awareness of credit score and credit report has also increased, and this is a good sign :)
First up, a credit score ranges from 300-900, and is assigned by a credit bureau. India has 4 bureaus for retail consumers:
TransUnion CIBIL
Experian
CRIF High Mark
Equifax
You get a credit score when you avail of a credit product (a loan, a credit card, or a line of credit)
