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By demanding the appointment of nodal officers at every credit institution, assigning a financial penalty for delay in redress of customer grievances, and regular updates to the customers on access of their credit information reports, one can expect the industry to be more customer-friendly.
Credit institutions, including banks and NBFCs, would also be compelled to alert consumers via SMS or email when they submit information to CICs regarding their current credit default or Days Past Due (DPD).