CIBIL — Functioning of CIBIL

Address:	Chennai, Tamil Nadu, 600028
Website:	www.cibil.com

How does CIBIL verifies the details given by its member are authentic. There has been hundreds and thousands of complaints against the banks of errors, fraud, miscommunication etc. and why does the ounce falls back on the end consumer. If an end consumer defaults on Loans his rating is lowered and the consumer when approaches a bank for new loans he is being denied a loan or either charged a higher rate of interest. Same way what is present in the system to check the banks. for every n number of mistakes by a bank it has to be penalised by it should provide loans to n number of customer whose credit score is less and also should be barred from funding high value loans for a minimum period of one year then only it will reflect in the bottom line and the banks will act accordingly. Why our country's Judicial system / political system is always trying to punish the common man. Why cannot the supreme court take up this issue on its own and issue proper directives which would actually protect the interest of common man instead of big fat banks. Also when CIBIL is introduced to penalise the defaulting consumers, what steps they have done to provide credit facility to those defaulting customers to fix their credit history. It is very sad that once India was a place for self esteem, respect and all personal disciplines and now no words to explain . . .