[Resolved] CIBIL — It is Unconstitutional & Case of Defamation

arora.param

from Panaji, Goa

Jun 30, 2011

Address: Mumbai City, Maharashtra

CIBIL is a non constituotional, non regularised service & a tool for Financial Institutions to harrash, play with the economical condition of citizens. Leading to personal humiliation.

Financial Institution through their un-organised & non-accountable marketing styles have put their customer in blind, leading to years of bad credit rating.

ICICI Bank tops the list with their Credit Card & Personal Loan products.

Unfortunately they have no provision for improvement of the ratings. This is a sign of Creating monopoly & personal humiliation to individuals. Who is uploading the scores & who is making sure that the same is being improved. No Accountability at all, with no communicaiton.

If our Financial institutions leaders are very keen to copy western styles, they need to also learn to see END to END solutions.

Either the CIBIL scores needs to be under control of the RBI or a proper regulating body needs to be put for its monitoring. Else its being a great economical threat to country on money supply.

Regards,

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Aug 13, 2020

Complaint marked as Resolved

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Comments

RAO G.S

from Mumbai, Maharashtra

Nov 10, 2011

We can become a union and fight against unethical harracement of cibil. When i asked about my particulars of cibil account, no body /bank is able to provide the information but simply saying your credit rating is poor with cibil. So i have to buy it from cibil by paying Rs 450 along with a long procedure. That means cibil is purely doing blackmailing unethical buisiness.

With out sharing my own information with me which cibil collected by spying, how can it be dislosed to banks. That means cibil is selling my secreats to banks which is like brokaraging.

So finally i am defining CIBIL as a brokeraging ageny which sells individuals financial secrets unethiclly to others.

G.S.Rao
Hyderabad
[protected]

aditisampat

from Agra, Uttar Pradesh

Feb 21, 2012

Dear Everyone,

I agree with the above points. Everything associated with CIBIL is in a mess - be it cleansing of Financial System, Customer Care at CIBIL and also the algorithm that goes into the Creation of the Score. For example, a person taken a loan in 1992 will appear in the report because bank reported the information in 2010 or 2011 since CIBIL came into existence at that time. This account will go into the calculation of the Score even though as per Credit Information Act, they are not supposed to consider credit history later than 7 years. I have tried many a times to explain this to CIBIL and for the hundredth time, I have heard that "CIBIL has no authority to modify/ verify information", they just receive the dump and without Quality check, they generate the score. I tried even to contact RBI Banking Ombudsman - Mrs Kalpana Khevde, but she says CIBIL does not come under them. Whom does it come under? CIBIL also does not come under RTI, so who gave it the authority to access credit information. If its RBI, then RBI must sort this out. Else, we are heading for a big economic downfall.