New Delhi, April 17 -- Imagine clearing your outstanding loan balance, only to be rejected for a new one because your Cibil score hasn't caught up yet. This lag has been a common concern for borrowers. Effective in a phased manner over April-July this year, the Reserve Bank of India (RBI) has moved to fix the issue by requiring lenders to report credit information to bureaus weekly, a shift that could make your score more accurate and dynamic simultaneously.

Until April, the lender had to submit these reports every 15 days. With the latest amendment, this has been increased to incremental updates at the end of every week and a full monthly file to be submitted at the end of every month that covers all active and recently closed accounts....