[Resolved] CIBIL — Wrong information being floated | |
Here is the copy of mail I have already sent to CIBIL...your comments pls: Dear Sir/Madam The below referenced details indicate my transactions with the credit cards. I would like to inform you that based on this feedback my personal loan application has been declined by some banks viz.IDBI, ICICI and AXIS. This is really funny as well as ridiculous. As you are aware, the mechanism by which the money is recovered in personal loan is vastly different than that of a credit card. The EMI deduction for a loan is directly from a savings or salary account on a scheduled date every month and in case of any default, the banks take definite number of cheques upfront which are blank and can use these cheques.If these cheques bounce, then the issuer of these cheques can be prosecuted directly. Which means, there is a considerable amount of care taken by the banks to protect their money in case of a defualt and the possibility of default to happen is greatly reduced.The banks make sure that the borrower is economically sound and stable and make sure upfront that he will not default by scrutinising all the papers like salary slips, bank statement, residence proof etc. This is my previous experience with the personal loan I have taken and there has been no single default in that case.Although there is no collateral guarantee, the possibility of default is very much less as the same is built into the system of lending personal loan and I think this system is sound enough. On the contrary, the credit card bill payment may get delayed or defaulted as there is no provision for the same to deduct from the bank account or salary account and no precautionary measures taken as such from these companies to make their money secured. Paying these bills is at the sole descretion of the credit card holder and as such he may delay or even default as there is no systematic and desciplined action.Besides, due to erroneous collection systems used by many banks a credit card holder may get defaulted unnecessarily.In short, in the credit card system there is an inherent flaw in the system which can very much cause default or overdue payments. Unfortunately banks are using the credit card related feedback from cibil to make their credit decision which is highly illogical and erroneous for the reasons and differences mentioned above. They must consult cibil database for getting feedback on similar product and in my case it is the personal loan. My record for this is very clear and without a single defualt. They must use my credit card related feedback with cibil to decide weather I should be given a credit card or not if I apply for one. Making credit decisions for personal loan based on the report of credit card payments is senseless and I am sure you would agree on it! It is good to have such a system in place but if not used properly will do more harm than good, which is what is happening now. I have been unnecessarily refused from getting personal loans which I desparately need and my documentary compliance is quite satisfactory but banks should use the logical attitude to make the credit decision. You as CBIL are requested to give suitable guidelines in this regard so the banks can use a suitable baseline for deciding weather the loan be granted or declined, rather than blindly making the decisions based on an incompatible data and loose the business, create bitter feeling of distrust towards them and create a negative image about them, which I guess is started already. I hope you will consider my suggestions Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 7 Comments | |
Comments
Dear Mr. Sunil,
I have read your whole details with great interest.There are lot of victims out here who have similar situtation like yours.
I wish you to allow me to inform you about CIBIL from a point of view of a professional expert.
CIBIL is a organisation which has come into existence by the joint effort of the government of India and the RBI ; with the idea to gather all existing consumer and commercial credit information and pool it in a one-point source, for reference.
CIBIL acts as weeding mechanism that helps identify repayment track records of the customer. It helps protect lenders from giving credit to people and establishments who are unlikely to repay what is lent. Even if credit is provided, it is done so at a very high rate of interest, thereby ensuring that the bank is able to recover a considerable sum of money even if a default happens some time into the loan tenure.
On the other hand, on the availability of an impeccable repayment track record, one can reap benefits from it too.Banks provide a lower interest rate for sound credit profiles that have excellent credit scores .It also helps lenders and banks quickly process a loan, without wasting valuable time on research and background check on the loan applicant.
CIBIL provides only those informations which are being shared by its members ( Presently banks, financial institutions, state financial corporations, non-banking financial companies, housing finance companies and credit card companies are members of CIBIL) about any customer on its report.
Please note that In case of any delay in payment as per the stipulate date;if at all the payment is made within 30 days of the given date; it does not give any bad impact with CIBIL report.
In case If a customer crosses 30 DPD ( DELAYED PAYMENT DAYS );Bank reserves the right to refer this report to CREDIT REGULATORS such as CIBIL.I feel 30 days is more than sufficient payment.
I feel your queries are clarified.
One can write me for any further clarification /assistance.
Regards
K Rajneesh
Email : [protected]@indianconsultantgroup.com
visit us :www.indianconsultantgroup.com
( Expert in Grievances & Escalations )
" Please don't print e-mails unless you really need to. Save Trees - Save Environment "
I have read your whole details with great interest.There are lot of victims out here who have similar situtation like yours.
I wish you to allow me to inform you about CIBIL from a point of view of a professional expert.
CIBIL is a organisation which has come into existence by the joint effort of the government of India and the RBI ; with the idea to gather all existing consumer and commercial credit information and pool it in a one-point source, for reference.
CIBIL acts as weeding mechanism that helps identify repayment track records of the customer. It helps protect lenders from giving credit to people and establishments who are unlikely to repay what is lent. Even if credit is provided, it is done so at a very high rate of interest, thereby ensuring that the bank is able to recover a considerable sum of money even if a default happens some time into the loan tenure.
On the other hand, on the availability of an impeccable repayment track record, one can reap benefits from it too.Banks provide a lower interest rate for sound credit profiles that have excellent credit scores .It also helps lenders and banks quickly process a loan, without wasting valuable time on research and background check on the loan applicant.
CIBIL provides only those informations which are being shared by its members ( Presently banks, financial institutions, state financial corporations, non-banking financial companies, housing finance companies and credit card companies are members of CIBIL) about any customer on its report.
Please note that In case of any delay in payment as per the stipulate date;if at all the payment is made within 30 days of the given date; it does not give any bad impact with CIBIL report.
In case If a customer crosses 30 DPD ( DELAYED PAYMENT DAYS );Bank reserves the right to refer this report to CREDIT REGULATORS such as CIBIL.I feel 30 days is more than sufficient payment.
I feel your queries are clarified.
One can write me for any further clarification /assistance.
Regards
K Rajneesh
Email : [protected]@indianconsultantgroup.com
visit us :www.indianconsultantgroup.com
( Expert in Grievances & Escalations )
" Please don't print e-mails unless you really need to. Save Trees - Save Environment "
Dear Sirs,
I have been a victim of CIBIL and banker highhandedness but decided not to take this lying down. here is what i did to improve my cibil records. the CIBIL is not a public enterprise yet behaves as one. some one needs to bring them down and file a PIL against them
As a background I had a dispute of a transaction with a bank credit card. this continued for 8 years and they finally closed the account since they were unable to answer my letters (they had not delivered the credit card to me and yet charged me for using it). upon closing the account, they malafiedly updated my cibil records to show this as written off overdue amount.
All my loan and new card applications started to be declined and then I realized what had happened. I could not afford these credit issues so I decided to settle with the credit card bank (despite them having closed the account) and under protest so as to clear my name in CIBIL. I asked them for a settlement proposal. they asked me to pay 30k towards the alleged 1.5 lacs (including interest that had accrued).
1. After I settled my dues with the credit card company, I pursed them for two months both on the phone, email and written letters every few days to update my CIBIL records. They finally stopped answering my calls and still did neither zeroize the account nro udpated CIBIL. infact I restarted receving credit card statements again with interest and service charged accruing once again
2. I lodged an FIR agains the bank and the guy who had proposed the settlement stating cheating fraud etc. and not delivering what they promised in their own proposal despite my depositing the cash.
3. I lodged a complaint with RBI
4. I lodged a complaint with RBI ombudsman - www.bankingombudsman.rbi.org.in and followed up repeatedly for about 2 months . finally this settlement made around nov 08 showed strains and BO rbi invited me for a meeting with the bankers in March 2009 after 3-5 months of this issue.
5. the bankers stated in the meeting that typically they mention Written OFF as the cibil status on all settled accounts, the RBI OB almost slammed the banker and said this was wrong and they need to mention that the account has been settled and also remove my name from all defaulter lists such as MCNF . they are also to provide a zeroized statement withen 1 month of the meeting
beware that the peons at the RBI BO are in deep pockets with teh bankers and they will dissuade you from attending the meeting stating that your cibil report is as it should be after settlement "written off". donot accept that and meet the secretary and the cheif of BO and state your issue.
you WILL be avenged as BO might levy penalties as well against the bankers
TAGS: HSBC, credit card, CIBIL, RBI banking ombudsman, defaulter, written off, settlement
I have been a victim of CIBIL and banker highhandedness but decided not to take this lying down. here is what i did to improve my cibil records. the CIBIL is not a public enterprise yet behaves as one. some one needs to bring them down and file a PIL against them
As a background I had a dispute of a transaction with a bank credit card. this continued for 8 years and they finally closed the account since they were unable to answer my letters (they had not delivered the credit card to me and yet charged me for using it). upon closing the account, they malafiedly updated my cibil records to show this as written off overdue amount.
All my loan and new card applications started to be declined and then I realized what had happened. I could not afford these credit issues so I decided to settle with the credit card bank (despite them having closed the account) and under protest so as to clear my name in CIBIL. I asked them for a settlement proposal. they asked me to pay 30k towards the alleged 1.5 lacs (including interest that had accrued).
1. After I settled my dues with the credit card company, I pursed them for two months both on the phone, email and written letters every few days to update my CIBIL records. They finally stopped answering my calls and still did neither zeroize the account nro udpated CIBIL. infact I restarted receving credit card statements again with interest and service charged accruing once again
2. I lodged an FIR agains the bank and the guy who had proposed the settlement stating cheating fraud etc. and not delivering what they promised in their own proposal despite my depositing the cash.
3. I lodged a complaint with RBI
4. I lodged a complaint with RBI ombudsman - www.bankingombudsman.rbi.org.in and followed up repeatedly for about 2 months . finally this settlement made around nov 08 showed strains and BO rbi invited me for a meeting with the bankers in March 2009 after 3-5 months of this issue.
5. the bankers stated in the meeting that typically they mention Written OFF as the cibil status on all settled accounts, the RBI OB almost slammed the banker and said this was wrong and they need to mention that the account has been settled and also remove my name from all defaulter lists such as MCNF . they are also to provide a zeroized statement withen 1 month of the meeting
beware that the peons at the RBI BO are in deep pockets with teh bankers and they will dissuade you from attending the meeting stating that your cibil report is as it should be after settlement "written off". donot accept that and meet the secretary and the cheif of BO and state your issue.
you WILL be avenged as BO might levy penalties as well against the bankers
TAGS: HSBC, credit card, CIBIL, RBI banking ombudsman, defaulter, written off, settlement
Dear Sir,
When i reached one of the bank to process my business loan, I was informed that loan cannot be sanctioned because my name is in defaulters list of CIBIL. I went thru all the details given and noticed that out of 5 given details 4 of them does not belong to me or are not in any way concerned to me. Only the below given details of TATA Motors is related to me where I have made all the payments and the chapter was closed. CIBIL must not reflect my name or details as defaulter in any way.
AccountNum: [protected]
Reported By: TATA MOTORS
Account Type: AUTOLOAN
Ownership: INDIVIDUAL
Date Reported:[protected]
Open Date:[protected]
Amount Overdue: 774
Remaining 4 cases as mentioned in your email belong to someone as Ravinder Singh Bhati and my name is Ravinder Bhati. I have never been known by other name. What should I do to correct and update your records.
Kindly suggest what is the way to solve this discrepancy or the error of CIBIL which is hampering my career & business, both.
Looking for a positive feedback and the early response from your side.
Thanks & regards,
Ravinder Bhati
Mobile: +91-[protected]
When i reached one of the bank to process my business loan, I was informed that loan cannot be sanctioned because my name is in defaulters list of CIBIL. I went thru all the details given and noticed that out of 5 given details 4 of them does not belong to me or are not in any way concerned to me. Only the below given details of TATA Motors is related to me where I have made all the payments and the chapter was closed. CIBIL must not reflect my name or details as defaulter in any way.
AccountNum: [protected]
Reported By: TATA MOTORS
Account Type: AUTOLOAN
Ownership: INDIVIDUAL
Date Reported:[protected]
Open Date:[protected]
Amount Overdue: 774
Remaining 4 cases as mentioned in your email belong to someone as Ravinder Singh Bhati and my name is Ravinder Bhati. I have never been known by other name. What should I do to correct and update your records.
Kindly suggest what is the way to solve this discrepancy or the error of CIBIL which is hampering my career & business, both.
Looking for a positive feedback and the early response from your side.
Thanks & regards,
Ravinder Bhati
Mobile: +91-[protected]
I read some consultant telling us about "weeding" mechanism. The most important part is, an adverse remark is never removed by CIBIL. Equally important is the fact that banks do not provide updated information on oan applicants. Even if someone has cleared debts, banks only get their money; not bothering about updating these records with CIBIL. In a lifetime, person go through many phases. It's possible, that someone has gone through rough financial phase for a year due to crisis. I did when I lost my son to criminal medical negligence. I spent more than 8 lakh Rs. on treatment. Naturally, some payments in that year were delayed. 2 years after that incident, loan is rejected to me by almost all institutions, even when I resumed regular repayment and foreclosed loan. What irks me that, CIBIL has started giving Credit Report only now. Previously, they used to ask borrowers to "get" report from "lenders" who refused loans. Lenders refused report as well. After much follow-up, every lender said there was no adverse remark. Then why loan was rejected? Now, there is a talk about including telephone bill and insurance premium paying regularity in Credit Assessment. I, as a consumer, will repay loan instalment first and then utility bills. There is even a talk of checking CIBIL record by utility companies and insurance companies before granting connections or issuing policies. Perhaps, the most unjust part is; evaluation of other criteria, like income, qualification, profession; home address check and then finally CIBIL check. If CIBIL check is the deciding criterion, why not check CIBIL record first? It's a myth that CIBIL is just one of the criterion. It's the major crierion, and the only criterion for most of the lenders. The untrained and badly communicating personnels from lenders fill the form; often wrongfully; mix the information and give to the bank. Add to that unscrupulous and ill-mannered RMS agency people (or CMS), who conduct background checks. It reminds me of olden days' communication from Government agencies, who had a long list of reasons why my application is not sanctioned. They will tick one or more on them. I remember one Mr. Yohesh Mhaskar from IDBI bank, who took great pride in "rejecting" applications. In US, if 100 out of 100 applicants who received loan have been paying regularly, without even one delay, or not requested even once a slight readjustment; is seen as undue conservatism. Credit Manager, thus, is seen as someone who is losing potential busness. Some delay, readjustment, are all part of the natural cycle. They are even necessary. Because I am investing that money in a very lucrative bsiness opportunity that is there and to be grabbed immediately. I resort to regular paying later. I do think, that CIBIL's intentions notwithstanding' its use by lenders is to "decline" and deprive talented people of loans, because of occassional delays is repayment. Arjun
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+91 22 6140 4300 [Helpline]
+91 22 6638 4600 [Corp Office]
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Hoechst House, 6th Floor, 193 Backbay Reclamation, Nariman Point, Mumbai, Maharashtra, India - 400021
I have read your whole details with great interest.There are lot of victims out here who have similar situtation like yours.
I wish you to allow me to inform you about CIBIL from a point of view of a professional expert.
CIBIL is a organisation which has come into existence by the joint effort of the government of India and the RBI ; with the idea to gather all existing consumer and commercial credit information and pool it in a one-point source, for reference.
CIBIL acts as weeding mechanism that helps identify repayment track records of the customer. It helps protect lenders from giving credit to people and establishments who are unlikely to repay what is lent. Even if credit is provided, it is done so at a very high rate of interest, thereby ensuring that the bank is able to recover a considerable sum of money even if a default happens some time into the loan tenure.
On the other hand, on the availability of an impeccable repayment track record, one can reap benefits from it too.Banks provide a lower interest rate for sound credit profiles that have excellent credit scores .It also helps lenders and banks quickly process a loan, without wasting valuable time on research and background check on the loan applicant.
CIBIL provides only those informations which are being shared by its members ( Presently banks, financial institutions, state financial corporations, non-banking financial companies, housing finance companies and credit card companies are members of CIBIL) about any customer on its report.
Please note that In case of any delay in payment as per the stipulate date;if at all the payment is made within 30 days of the given date; it does not give any bad impact with CIBIL report.
In case If a customer crosses 30 DPD ( DELAYED PAYMENT DATE );Bank reserves the right to refer this report to CREDIT REGULATORS such as CIBIL.I feel 30 days is more than sufficient payment.
I feel your queries are clarified.
One can write me for any further clarification /assistance.
Regards
K Rajneesh
Email : [protected]@indianconsultantgroup.com
visit us :www.indianconsultantgroup.com
( Expert in Grievances & Escalations )
" Please don't print e-mails unless you really need to. Save Trees - Save Environment "