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Credit Card

CIC | Dispute Management

Welcome to a transformative journey in banking excellence! Our comprehensive training module is crafted for the exceptional operations and contact support team managing the asset side of the bank. This module will empower you with the knowledge and skills to excel in loan management, borrower interactions, and credit bureau communications. With a focus on resolving disputes, understanding credit reports, and mastering compliance with RBI regulations, you're set to become the cornerstone of financial integrity and customer satisfaction. Prepare to elevate your expertise and make a significant impact on your organization's success!

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1. Understanding Credit Reports

  • Consumer and Commercial Credit Reports

    • Key components and differences.

    • How to read and interpret reports.

2. Key Terms and Concepts

  • Credit Limit, High Credit, and Drawing Power: Maximum amount of credit available and the highest amount extended to the borrower.

  • Payment History, Days Past Due (DPD), and Overdue Amount: Records of payments, days a payment is overdue, and amounts past due.

  • Credit Score and Credit Utilization Ratio: Numerical representation of creditworthiness and the ratio of used credit to available credit.

3. Compliance Parameters (CIC Act)

  • Registration and Licensing: Ensuring compliance with the CIC Act for registration and licensing of credit information companies.

  • Data Accuracy and Security: Adhering to the CIC Act's requirements for maintaining accurate and secure credit information.

  • Dispute Resolution: Following the CIC Act's guidelines for handling and resolving disputes raised by borrowers within 21 days. If unresolved, compensation of ₹1,000 per calendar day is due for delays.

  • Reporting Requirements: Meeting the CIC Act's mandates for regular and accurate reporting of credit information to credit bureaus.

4. Handling Borrower Disputes

  • Common Dispute Scenarios: Examples of typical disputes raised by borrowers.

  • Dispute Resolution Process: Step-by-step guide to handling disputes.

  • Communication Best Practices: Effective communication techniques for resolving disputes.

5. Interaction with Credit Bureaus

  • Daily Interaction Protocols: Best practices for efficient communication with credit bureaus.

  • Data Accuracy: Ensuring the accuracy of information submitted to credit bureaus.

  • Periodic Review: Regular review and correction processes.

6. Practical Exercises

  • Case Studies: Real-life scenarios for hands-on practice.

  • Role-playing Sessions: Simulating interactions with borrowers and credit bureaus.

  • Quizzes and Tests: Assessing understanding of key concepts and procedures.

7. Compliance and Regulations

  • Relevant Laws and Guidelines: Overview of legal requirements and industry standards.

  • Ethical Considerations: Maintaining ethical practices in credit reporting and dispute management.

  • Providing Constructive Feedback: Addressing knowledge gaps and improving performance.

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