Yes, there is lot of chaos created because of CIBIL being operational before it was mature enough. Many consumers have been falsely reported and the creditors refusing to share the information. What is more necessary is a "Debt Management Program" at this time of recession when the repayment capacity of a borrower has drastically reduced. Banks need to show their concern that the care for the consumers, but they are using CIBIL as a tool to threaten the consumers.
In my opinion, if a bank has reported me to CIBIL in my bad times, I would not want to do business with them ever again.
Somewhere in the article it was mentioned that CIBIL is following American System. In America, every creditor will have to give the option of “Credit or Debt Management” to the borrower in case they are not able to pay for genuine reasons.
Banks should be heavily punished for filing incorrect report to CIBIL, whether they withdraw it later or not.
In the year 2002 i purchased a two wheeler. After paying 50% amount i took loan from TVS finance for the rest. For 24 months tenure EMIS used to get debited from my account every month with out fail. After deducting around 18 emis from my account. Due to some problem they have not deducted 4 emis from my account inspite of the availability of the fund. Inspite of my repeated calls to the company, there was no reply from the co. Again they resumed the emi deduction leaving 4 emis. IN the end of 24 month they asked me to pay the unpaid emis with interest, which i said no and proved them that it is their mistake of not deducting from my account. They have accepted the same and gave me the NOC and settlement letter. This happened in the year 2004. Now recently when i applied for the homeloan, my cibil report shows the above as cheque bounce and payment due. Because of this my home loan with hdfc got rejected. Now where will i go? Is it not, unfair on the part of CIBIL to reflect such wrong information? Because of this genune loan repayers are getting affected.
Well...banks still are making fools out of people.....no-way can skip any re-payements.....and then to add to the agony, this bloody credit system......i wonder how will the consumer survive..and the biggest defualters are the banks themselves....
While its good for banks to know ones credit worthiness, it has to be fair to both the parties involved. Many a times we see that due to some error or issues at the bank side wrong charges are levied or charges are under dispute.This gets reported to CIBIL even though the customer is no defaulter.This is simply not fair to the customers. Also, the loans that are closed are not informed to CIBIL, showing it as still outstanding. ( This has happened to me) Government should take notice of this and see to that both parties are involved in the process and some ombudsman is appointed for fair justice to both parties.
i have been making my full payments on my Citibank credit card regularly ,they renewed my card with a new card after 3 years with a new number and card.unfortunately after 6 months they old card details were filled in the payment cheque which cleared on time but not credited to my account.
now citibank has levied late payment interest penalty to my this month's card for the only mistake of making payment on my old card number which they have details of.IS IT FAIR TO PAY THE INTEREST CHARGES
Re: need to know please
by A D on Aug 03, 2009 02:28 PM
legally yes. but you can negotiate with citibank. depending on your credit history, they may waive the charges, but it's not binding on them.
Whether CIBIL will take a step towards consolidating the data of Loanees in all the Banks in a website through which the Financial institutions who want to give further finance can trace the history and also avoid multiple finances against same property or stocks.
This is good news for the general people of India,since BanKs employees DSAs and other associated with them, many a times blackmailed and exhorted money from borowers and credit card holder and others who applied for a loan having no borrowing at all,in this categories,even if the payments were made completely to the banks or institutions, tainted their credit reports and thereafter approached their prey who could not get loans or financial help or aid to help them clear their credit reporting for a price. Now once the reports are available the general public will not fall prey to this dirty groups or if they are clear take up the matter with the concerned banks or need be the RBI to clear their tainted credit reporting.
Re: One could buy One's credit report from CIBIL
by AMIT SAXENAA on Jul 31, 2009 06:06 PM
way to go Niranjan...this is what has been happening. Even if somehow you do accept that you have to pay (even though you don't owe them any money) and you do pay back, these banks never remove your name from the CIBIL defaulter list
Re: Re: One could buy One's credit report from CIBIL
by NIRANJAN GANJAWALLA on Jul 31, 2009 06:20 PM
But now if one can buy the report there is hope that the issue of a clean person's report could be addressed at various levels say,RBi or the Finance Ministry.
Everybody is intrested sqeezing the common man who taken 1lakh personal loan and paying intrest 22% per anum.An agency should be formed to monitor all the PSU and private banks and rank according the risk and cuide the depositor into that bank otherwise all the agencies will be on oneside with the bank and the consumers were not protected.One fine morning the bank will file bankruptcy and the depositer will sleep inside the ATM of that bank...
