[Resolved]  Credit Sudhaar — CIBIL and other reports

I disagree with the above statement. I also took services from credit sudhaar and they helped me close all my accounts. Credit Sudhaar even helped me with the banks and they gave me a good amount to close. Obviously when you are speaking to banks to close the account they will ask for your numbers and would want to speak to you directly once before they issue the no dues letters ... if you are not interested in paying anything, why would you join a service ?

I disagree with the above statement. I also took services from credit sudhaar and they helped me close all my accounts. Credit Sudhaar even helped me with the banks and they gave me a good amount to close. Obviously when you are speaking to banks to close the account they will ask for your numbers and would want to speak to you directly once before they issue the no dues letters ... if you are not interested in paying anything, why would you join a service ?

Arun Sir, if you are a bank defaulter and going for a closure through any debt doctor. obiviously they need to update your current details to the bank if not bank will not close or settle your account. Moreover why you have fear about the banks if you are a suituational defaulter.

Banks are not enemy to a good customer.

Do not trust on these Credit Sudhaar Guys, they are cheaters, they cheated me nicely (took money and did not give the service they promised).

I have taken credit sudhaar services but I am not getting solution as I required. First time there representative called me and told that we have good contacts with banks and RBI and CIBIL your credit card outstanding will be settled and closed but you have to hired our services when I hired them for the same their consultant called me and he told that you have to pay your credit card outstanding than only your account will be closed with any negative impact on your credit score. Same thing I know but I hired there services so I will get good and effective solution now I am feeling cheated by this company.
Even I am giving them suggestion about sattlement of my credit card but these guys are not supporting please help me and let me know how I will close my all debts of my credit cards without any negative impact on my credit score.

Regards,
Vishwas

These people are number one criminals.. They ask the customer to pay a good amount to enroll with them.. Then they will go to the collection agents and negotiate with them to get their % of money which they help the bank to collect from us.. again they will revert to us, ask us to pay a huge money to settle the account.. if we are not willing, they will make the collection agents to call us and threaten us.. finally we will call these beggers to help us, they will come for our help to negotiate.. we will end up in paying a good amount.. Credit sudhar guys are happy... Collection agents are happy... banks are happy.. only the customer will become a fool !

Credit Sudhaar, a non-specified user entity, is accessing confidential credit records from CIBIL while claiming to help individuals improve and maintain their credit health. Why is the financial regulator, RBI, silent?

Credit Sudhaar, a firm set up by former bankers Gaurav Wadhwani and Arun Ramamurthy, says it has a tie-up with CIBIL for offering credit advisory services and will help individuals in improving their credit health which will in turn enable customers to get better offers from lenders at the CIBIL Market Place. What it does not say is it is neither registered with the Reserve Bank of India (RBI) as a non-banking finance company (NBFC) nor it is a specified user entity of CIBIL but will access credit records of crores of individuals.



While there is no word from CIBIL on this strange partnership, what is surprising is how the credit bureau may have allowed a non-specified user entity to access its database. In a press release, Credit Sudhaar said it is associated with Dipran Finance Pvt Ltd. However, on its website it mentions affiliation with Safe Capital, an NBFC. In an email reply, the firm said, “Credit Sudhaar is associated with both Safe Capital and Dipran. Both Safe Capital and Dipran are members of CIBIL”.



Even on its website under the FAQ section, replying to a question “Are you approved by the RBI?” it says “Yes. We are affiliated with Safe Capital which is an approved institution as per RBI charter”.



Earlier, Credit Sudhaar used to mention itself as an NBFC registered with the RBI, which was changed later.



This also means, Credit Sudhaar may be using either Safe Capital or Dipran’s login credentials to access the CIBIL database, especially the portfolio review which gives complete details of an individual. Since Credit Sudhaar is not a specified member entity of CIBIL, this violates Section 22 of the Credit Information Companies (Regulation) Act, 2005 (CIRCA), which says...



22. Unauthorised access to credit information.—

(1) No person shall have access to credit information in the possession or control of a credit information company or a credit institution or a specified user unless the access is authorised by this Act or any other law for the time being in force or directed to do so by any court or tribunal and any such access to credit information without such authorisation or direction shall be considered as an unauthorised access to credit information.



In addition, the CIRCA clearly defines a specified user who can register with a credit bureau as member entity. Section 2 (l) states “specified user” means any credit institution, credit information company being a member under sub-section (3) of Section 15, and includes such other person or institution as may be specified by regulations made, from time to time, by the RBI for the purpose of obtaining credit information from a credit information company.



Besides credit institutions, insurance companies, telephone services providers, credit rating agencies registered with Securities and Exchange Board of India (SEBI), a stock broker or sub-broker registered with SEBI, a trading member of recognised commodity exchange, SEBI and Insurance Regulatory and Development Authority (IRDA) are regarded as specified users under Regulation 3 of the CIRCA.



Let’s put it in simple words. Credit Sudhaar is just a specific services provider. CIBIL is allowing credit institutions and others to sell their loan products or other services on its Market Place. Credit Sudhaar is only registered on Market Place to offer “credit advisory” service for which the charges are Rs10, 000 (it is mentioned as processing fees).



Both Mr Wadhwani and Mr Ramamurthy, the promoters of Credit Sudhaar had worked with Standard Chartered Bank and Citi. Both were also directors of SHAHA Finlease Pvt Ltd, an NBFC formed to buy bad assets from StanChart. On several occasions, the RBI, StanChart and the banking ombudsman had reprimanded SHAHA Finlease for its unprofessional conduct and unruly collection agents. Even on the Internet, there are number of complaints against SHAHA Finlease.



Our mails to CIBIL and the RBI remained unanswered till writing the story. We would incorporate their replies as and when we receive it.

Credit Sudhaar — Great Work.....Thank you Credit Sudhaar

Dear All,

I would like to share my experience with Credit Sudhaar Services Pvt Ltd.I am really happy for enrolling with such a great company which helped me solving my credit issue on priority and giving me great services.
Thanks you have a great future ahead.

I have also enrolled in Credit Sudhaar and they do ensure that they provide you a proper methodological approach in providing you solutions. Please speak to your counsellor; they have good understanding of the process that will help you have a good credit health. Credit health cannot be improved overnight. Since you have recently enrolled please follow the suggestions they take you through.

me too like you has cibil issues and was turned down by many banks and financial institutions and then i sought help from CREDIT SUDHAAR and was properly guided by the CS team and finally now i have got good cibil score and getting approval from many banks for loans . One thing that we usually forget is a SETTLEMENT IS ALWAYS A SETTLEMENT and we have to remember that unless we have paid the money we have utilized . it requires an expert to make you CREDIT HEALTHY again so ideally you must consult the expert and follow his advice .

My name is Vikky,

i got call from Credit Sudhaar (Delhi Janakpuri branch)

i have a personal loan of HDFC amount ko 3 lacks and now unable to pay the amount due to my financial problems.

i asked them if i take their services then what amount i would need to pay to the banks. but executive did not give me any idea they told me first sign up our services then we will collect your docs then reports will generate only then we can tell you.

i asked them at least you can give me a idea that or average amount which i would need to pay but they denied. even i also told them what will happen if i sign up your services and pay u 12k and after that you come to me and say to pay good amount to the banks?? i would be totally cheated by you.

I need suggestion all those guys who taken credit sudhar services. only they can help.. my personal gmail id is [protected]@gmail.com

Can you please contact me in [protected]@yahoo.com who have availed the CREDIT SUDHAAR services and gained out of it? I need to have some authenticity check before I intend to avail their service, please help

HI,
I am surendra reddy from Hyderabad. Earlier i posted one comment on Credit Sudhaar. After that they started good service and my issues were resolved Thanks a lot for your support. I am more happy with the service.

Thanks
Surendra

HI,

I am surendra reddy from hyderabad. Ear;ier i raised complaints on credit sudhaar. After that i got a call from them and my issues were resolved. I am requesting you to please remove my comments from the portal.

Thanks
Surendra

I too have taken services from Credit Sudhaar and they are a group of people with excellent at selling but worst at providing service.
1. The sales lady made big promises, even showed a comparison of their services with debt doctor (Banglore) to crack the deal. And I like a fool believed it and made the payment.
2. The Councillor appointed for me didn't have any strength in her voice and was later replaced by another one for my case. They have a new term called "CIBIL Masking" to fool the customers. That in real means nothing. I was advised to make 100% payment of my credit card outstanding without any buffer to improve my credit scores. (I know that, I would have not taken your services, if I would have been in a condition or status of paying off the entire balance)
3. When I found that nothing is going good, then I asked for cancellation, that's were the customer support manager (again a lady) retained me with a promise of getting some positive output. BUT nothing positive came out.
4. When I asked for refund, then I was told that it would be cost of reports deducted from 50% of the total payment made (what an easy way to cheat and make money). I am ready for that as something is better than nothing

I have started contacting the banks myself to look for a help.

We are the citizens of a democratic republic and that is something which is helping such people cheat a common man and earn their bread.

Raj (3807)

Can you please contact me in [protected]@indiatimes.com.com who have availed the CREDIT SUDHAAR services and gained out of it? I need to have some authenticity check before I intend to avail their service, please help

Hi,

I have low credit score of 620. to enhance it i am planning to take credit sudhaar service is it right place, i wanted to check will i gain from it.


Rakesh

You guys must be crazy.

Credit Sudhaar Founders are also the founders of Shaha Finlease, that buys bad debt from banks at throwaway prices and recollects MAXIMUM possible using illegal recovery methods.

To paint the picture - if you had an ICICI Credit Card and had not settled, ICICI has most likely sold that bad debt after 3 years to Shaha Finlease. Now you are going to Credit Sudhaar with your CIBIL report including your card information and current contact information. They will simply charge you 16, 000 and have their team at Shaha Finlease give you a call to extract whatever was owed along with the crazy inflated interest for 3 years!

You are basically walking into their trap so that you can lose whatever you have. Simply, just get a pre-paid credit card from ICICI or similar after opening a fixed deposit, and start using less than 40% of the limit and pay in full every month. In about a year, your score should start to look a lot better. You don't need these jokers.

Hello Friends,

I got a call from Credit Sudhaar as I had few settlement remarks in my CIBIL report because I have settled my few Credit Cards accounts 3 years back, Mr Rizwan offered below services and made few commitments:

1. Credit Sudhaar has mutual agreement with number of banks and would negotiate on outstanding amount with banks to close your settled accounts. He also told that the difference of amount we negotiate with banks would be much more that you are paying as enrolment fees.

Moreover, after enrollment by paying INR 11, 000 I have not received any call from them and after follow up multiple times they have given me few email ids of bank and one liner draft emails and asked me to send to banks. Once we got the response from 5 banks and I asked Credit Sudhaar to negotiate on quote with banks as committed at the time of enrollment. After few days when I follow up with them again they said Banks are not negotiating on settle account. So I asked but you have told that you having some good relationship with banks so why none of bank is not responding to your negotiation requests.

They Replied that as your accounts are already settled so it is banks policies that they will not negotiate on settled accounts.

I was surprised because I have told to sales executive that I have settled my all accounts 3 years back and my score in 790 I am only joining because he commit to negotiate with bank and the waived off some amount would be much more than the amount I am paying as their fees.

When I discussed this with Customer care department SHARON she tried no fruitful conversation and finally told me to initiate refund process and after deducting management charges I would get the refund of INR 1500 to 2000 for 10K I have paid. So it is clear cut case of False Commitment and poor services.

So, I would like request you all to if you want to go through mental trauma and stress enroll with CREDIT SUDHAAR.

Thanks & Regards,
Mohit (10388)

Credit Sudhaar don't have any answer to the fraud they have done with me that is why there is no response on my complaint, it proved that they are fraud, misguiding the customer and not fulfilling the commitments they made before enrollment.