God... I have never heard one word soo many times before!!!
I think by now everyone knows what CIBIL is and what they do!! For someone who does't:
CIBIL: Credit Information Bureau (India) Ltd
They basically have all these financial organizations (banks) as their members. These members will maintain a record of all their end consumers (i.e you, me and everyone like us), their loans, credit cards, repayments and defaults (yeah thatz what they claim!!) with the CIBIL.
When you apply for a new loan or a credit card the banks would verify your records with the CIBIL and if you have a clean record then the loan is processed. Else the banks would throw your case right back at u!!
Now lets talk about what exactly is a clean report!! I believe, that the only way you could be a clean customer in your CIBIL report is, if this is your first ever loan or credit card you are applying for. Don't jump off your seats, I will tell you why I say that:
statutory warning: I have noticed that most the CIBIL issue complaints are on credit cards and not on loans (loan closure letters are given to the consumers and ppl do actually keep them safe!! but there are no closure letter given on credit cards!!! and even if they do ppl tend to loose it atleast after not using that particular credit card for years!!)
(1) you held a credit card ever in your life only becoz they said there was no annual fee on it!! and before the year ended for some reason you decided you won't hold that credit card anymore!!! : surprise.... you have been charged an annual fee and a interest for that and an interest for the interest and bhoom 4 years down the road there is an outstanding of Rs. 15,000 in your name. (I bet you never knew how much you owed them!!)
(2) you had a late payment fee of Rs 100 outstanding in your credit card while you closed it. You disputed with your bank on that and the customer support assured you that its ok now that you have closed your credit outstanding, they would wave you off that charge. You are all happy saving that 100 bucks!! guess wat, you are a CIBIL defaulter with an outstanding of Rs 21000 some 6 years down the road!!
(3) you have all the proof and receipt for making your last payment to the credit cards. flash news: it doesn't matter. Nobody asks you any proof of being clean!! only you know you have been a loyal pay back machine!!! no one else cares!!!
(4) Well let just say some bank denies you a loan / credit card on the basis of this report. you also genuienly want to settle it so it would have affect your credit history for years to come. You have no clue of who do you owe and how much and for wat account!! No on shares that info with you!!
(5) alright, you go to the cibil website (www.cibil.com) asking for a credit report on yourself. They do not entertain your request until and unless you have a 9-digit control number from the banker who has declined your loan / credit card application based on the credit report they have pulled on you with the CIBIL. Now, you go to the banker and request that 9-digit number. Banker would say that is confidential and we cannot provide you the same!! And finally the CIBIL will close your case saying "sorry, we cannot help you with that control number". KAPEESH!!
NOW THE GREATER ISSUES:
Did you know that this database with CIBIL has all your personal information and you are denied of it!!??
Did you know that CIBIL has no strong system in place to validate any of this information?
Did you know the RBI's complaint form is soo not user friendly!!??
Did you know RBI takes atleast 3 months to investigate such issues if a complaint was posted?
Did you know that CIBIL is not even a public authority!!!??
THEN WHAT ON EARTH MAKES CIBIL SOO DAMN POWERFUL WHEN IT HAS A DATABASE FULL OF UNRELIABLE PERSONAL INFORMATION ABOUT EVERY TAX PAYER IN THE COUNTRY!!
32 comments:
File a RTI for information from CIBIL ... its not a public body but they will respond ... wrong information sue them ... for damages ... defamation ... and stress ...
Thanks for your suggestion.. I am already file a complaint against CIBIL for hoarding my information against me and also the banks...
what is their motive behind telling me that i am defaulter and shud remain a defaulter as long as they wish.. when they are not giving me the details of whom i owe on wat account, they are indirectly telling me i cannot go for a settlement!!
So it is a case!!
hi Kanya,
I was curious to know the outcome of your complaint. I am also stuck with my car loan application for problems at CIBIL / Banks side. I have never taken a consumer loan and the report suggest 4 loans on my account. The banks refuse to give me the details of these loans, so how in the world I would not also know the lenders.
thanks
Vishal
Wow, its really scary. What have we got ourselves into? Why didnt the government think it through properly before allowing CIBIL to come into being. It is comepletly one sided affair. It is denying us our basic civil right to defend ourselves and it is utterly ridiculous to bar us from our own information. I am suffering at the hands of HSBC who did not close my credit card account when I had requested it's closure before leaving for abroad. Now, they have branded me a 'defaulter' at CIBIL. Despite numerous requests HSBC has not been able to provide me with any detail of this alleged trasaction that has accumulated ths huge 'finance' charges. Disgusting. Can someone help out? Can someone point out a way forward? I am now contemplating writing to the RBI Banking Ombudsman about this.
I am a Bangalore advocate and one rich client of mine had taken a car loan from a Bank and closed it in time and sold it after getting the hypothication entry cleared. Now his name is found to figure in CIBIL defaulters` list. I have issued a notice to CIBIL for defamation and other damages. I can give you the address, other details. email prabhakar_real@yahoo.com
I hope you would have come out of your CIBIL problem I am also a victi of this.
Read my details
http://anuradhakumarv.blogspot.com/2009/12/aur-bhi-gum-hai-jamane-mein-credit-card.html
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Please allow me to introduce myself my name is Michael Mason-Mahon and I am a shareholder of HSBC Plc. I am based in London yet I am a very regular visitor to India.
At HSBC Annual General Meeting of Shareholders 2010 I did address my concerns with the Board of Directors concerning what HSBC has been doing and is doing in India to our customers.
I may be able to help you. I can assure you that I will do all that I can to help you. I have been very successful in the people that I have taken up their cases with HSBC.
So if you would like to contact me, please send me your complaint in full.
Kind regards
Michael
Mobile: 0044 7834763544
E-mail: ckmdm@aol.com
Hello Sir,
I am facing a lot of problem regarding which i need some expert guidance.
I Ravinder Kumar Budhiraja and my DOB is 09-10-1981 . I have never take credit card from any bank but when apply a loan from bank bank told me that ur name is in CIBIL .and your a/m is 96270 is pending . But I know that I have never ever receive credit card from any bank .So kindly please let me know that how to know the name of the bank it is and to whome should i contact for ..? I have contacted the CIBIl by sending them lots of Email but I don’t think so that they people are in the mood for giving me any support, they just asking me the money and when I raised the issue at Consumer Court http://www.consumercourt.in/personal-loan/12006-defaulter-list-cibil.html they just told that I have a strong reason to drag the Bank to the Consumer Forum .If any one have any idea or faced such issue in past or facing such issue please contact me I need some help in Removing my name from defaulter list and form a group to fight against such agency who are forcefully taking our hard earned money.
Regards
Ravinder
The RBI Notification said,
the provisions of sub section (1) of Section 21 of the Credit Information Companies (Regulation) Act, 2005, which provides “any person, who applies for grant or sanction of credit facility, from any credit institution, may request such institution to furnish him a copy of the credit information obtained by such institution from the credit information company”. Further, sub-section (2) of the said Section also specifies that every credit institution shall on receipt of request, as indicated in sub-section (1), shall furnish to such person a copy of the credit information subject to payment of charges specified by the Reserve Bank under the Regulations.
the Reserve Bank of India via notification - DBOD.No.DL.BC. 138/20.16.042/2008-09 has granted access to Consumer Credit Report which banks obtain from CIBIL at a nominal charge of Rs 50 Max.
So it means when ever you are denied a credit in terms of credit card or loan you are eligible for the credit report accessed by your banker. Just send them a copy of this circular and they will send you your report.
I also feel all the bankers are using CIBIL to cover up their balance sheet and giving wrong information dumping their losses on unaware consumers.
“”The Reserve Bank of India (RBI) constituted a Working Group in December 2001 to examine the possibility of CIBIL performing the role of collecting and disseminating information on suit-filed accounts and list of defaulters, being reported to RBI by banks and notified Financial Institutions (FIs).
RBI then decided to implement some of the recommendations of the Working Group, which satisfied the existing legal framework of the time. In their letter no: DL.BC.111/20.16.001/2001-02 dated June 4, 2002; RBI apprised banks, FIs and state financial corporations of the formation of CIBIL and directed them to send, to CIBIL as well as to RBI, data on:
* Suit-filed accounts of Rs. 1 Crore and above, and
* Suit-filed accounts (willful defaulters) of Rs. 25 Lacs and above””
Consumer, like us who apply for loans and their applications are rejected always, don’t know the reasons . I myself, was not knowing this, and my application was rejected, so many times. When I received a report showing a loan balance of 30+ lakhs from 1995 on credit cards. As it is well known that the banks never allow credit above a credit limit as specified in the statement. I never had a credit card which allowed me a credit limit of above Rs. 30000. I am wondering how a credit card loan of 30+lakhs is possible in my name?
This really requires investigation . Hope anybody will take the challenge and help the consumer
folks join me in the fight against CIBIL and the harassment caused by banks 'coz of CIBIL through Facebook.
Join me and voice your concerns, experiences.
Search for fightcibil on facebook and vote for it or mail me at fightcibil.fightforyourrights@gmail.com and I will send you add you.
This is not looking like a practical implementation. And can be misused very well. There might be our name with bad credits without our knowledge.
For example, I applied for a credit card and received from the company that my minimum criteria with CIBIL not met. No More details. If I need to know, I need to pay CIBIL to get the report. Looks more like money making business.
I am not worried about not getting the Credit Card. But this kind of stupidity shouldn't encouraged. Some guys visit the other countries and half study the system and get the power to implement in this country without knowing the practicality.
BEWARE !! PLEASE DO NOT PROVIDE YOUR DETAILS TO THIS GUY, who has commented above
Michael
Mobile: 0044 7834763544
E-mail: ckmdm@aol.com
He is a fraud and commits identity thefts. If you have sent him any details immediately take precautionary measures because he might have already committed fraud in your name
I am also one of the person got denied the personnel loan due to CIBIL score.
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What a crap organization it is, seriously. They have reported someone else's credit card default in my report, due to which I had to go through a lot of pain, loan application denials and very much of a loss by taking loans elsewhere with higher interest rates.
The details are provided here, with email exchanges between CIBIL and I.
http://blog.thitherwards.com/cibil/
Please go through this and share it with all public, however & wherever possible.
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