Credit Information Bureau India [CIBIL] — ridiculously wrong cibil scores are

Cibil institution / people are thinking themselves a financial god of the people of india. And surprisingly all banks are acting / relying on the basis of their report. They are working on a "baba adam ke jamane ka system". They don't agree / understand only that this system can be improved. They have the feeling that they are the most intelligent people in the whole world and whatever they will report all have to agree to and accept.
Everyone in india including top institution i. E. Rbi has closed its eyes towards this serious issue.
Where this intelligence goes when multi crore rupees scams happen? They can only focus on few thousand / few lacs that are fully secure loans.
Most surprisingly, these banks are keeping their ears and eyes closed and act as dam and deaf person. This is only happening because these banks accepted the monopoly of this stupid organisation.
Banks should stop taking their reports and create competition between the institutions keeping record of the credits in india.
Once the monopoly of cibil goes off from the market they will automatically improve their system to a really intelligent system from "baba adam ke jamane ka system".

Request comments / views on this from all over india please. Let us make our system strong and intelligent.