Re: Credit Rating
by kumar deshpande on Feb 09, 2010 04:10 PM
Yes...go to CIBIL website and download form. All you need to do is print it fill it attach a DD and send it to the address mentioned.
Re: Credit Rating
by kumar deshpande on Feb 09, 2010 04:10 PM
Yes...go to CIBIL website and download form. All you need to do is print it fill it attach a DD and send it to the address mentioned.
Its good to have a rating system which enables the worthy people getting financial assistance easily, this if applied properly can also bring down lending rates, as the bad debts are also considered when fixing the LR. But the agency should before levelling a negative marking on somebody shall ask the person concerned to clarify, giving all the details it might have received from any bank. In this way it can be cross checked, Once my friend got a 2 wheeler loan from ICICI, he paid all the dues, cheques were cleared as well as some cash paid when some cheque bounced because of no fault of him, banks were on strike for a long time, his payment date fell in that period. Bank statement confirms that even the ICICI people acknowledge that but their system till date shows a due payment. He even sent a legal notice which came back unaccepted, still he is harassed on phone. NOW THIS WILL REFLECT AS A NEGATIVE MARKING ON HIS CREDIT BUT IN REAL HE HAVE PAID ALL DUES.
Re: verify credit rating
by Mukesh Panchal on Feb 09, 2010 04:09 PM
i agree with u. even v paid all the loan & took no due certificate from bank BUT in CIBIL still its outstanding due and shown negative reating. so i think CIBIL have to inform customer for varification and also cibil have to right to directly update custome status if customer sending no due certificate to cibi. otherwise NOT UPDATE CIBIL REPORT BY BANK SO ALWAYS CUSTOMER REPORT SHWN NEGATIVE.ITS NOT GOOD.
Re: verify credit rating
by Mukesh Panchal on Feb 09, 2010 04:10 PM
i agree with u. even v paid all the loan & took no due certificate from bank BUT in CIBIL still its outstanding due and shown negative reating. so i think CIBIL have to inform customer for varification and also cibil have to right to directly update custome status if customer sending no due certificate to cibi. otherwise NOT UPDATE CIBIL REPORT BY BANK SO ALWAYS CUSTOMER REPORT SHWN NEGATIVE.ITS NOT GOOD.
THIS CREDIT RATING IS BASED ON FALSE PREMISES.......NO BODY BELIEVES THAT......IT IS THE RATING AGENCY WHO NEEDS TO RELOOK UPON THEMSELVES AND MODALITIES.......they are found to be in conivence with people who have vested interest.......
Re: THIS CREDIT RATING IS BASED ON FALSE PREMISES.......
by kiran kumar on Feb 09, 2010 01:52 PM
survival of rating agency and its rating solely depends on the correlation between the ratings the agency gives and the performance of the borrower.
In long term, biased/corrupt/incorrect credit ratings will haunt the agency itself and flop the whole concept.
As you allege, if the basis itself is on a false premise, none of the lending agencies will give weightage to the rating, therefore the concept will collapse
Re: Re: THIS CREDIT RATING IS BASED ON FALSE PREMISES.......
by Ramandeep Judge on Feb 09, 2010 03:49 PM
But what about the time in between???? Why should people suffer???
Re: THIS CREDIT RATING IS BASED ON FALSE PREMISES.......
by kiran kumar on Feb 09, 2010 01:52 PM
survival of rating agency and its rating solely depends on the correlation between the ratings the agency gives and the performance of the borrower.
In long term, biased/corrupt/incorrect credit ratings will haunt the agency itself and flop the whole concept.
As you allege, if the basis itself is on a false premise, none of the lending agencies will give weightage to the rating, therefore the concept will collapse
Systems in India are skewed in favour of organised institutions. Individuals are mostly in a situation of take or leave. Banks have cartelled now to generate individual’s credit worthiness. Will there be any client worthiness rating for banks based on their client friendly procedures? All of us now have read in newspaper or know that how the banks initially lure the individuals to their products (read debt trap) and than use undemocratic ways to extract money.
Re: Credit Rating
by kiran kumar on Feb 09, 2010 02:14 PM
It is individuals choice when it comes to choosing a banker, so it is individuals responsibility to make a right choice.
You said 'undemocratic ways to extract money', banks are not political agencies to be democratic. They are financial agencies, they are here to make profits, they are crossing the line of ethics, that is when the individuals should be extra bit careful.
Recent ad of bajaj allianz shield plus is one such thing. he says it guaruntees 170% of returns, 5 times insurance which he claims a term deposit cannot guaruntee. But the fact that it is of 10 years term is not mentioned. If you have financial knowledge instead of investing 10000 in this plan you would go for a SBI term insurance which costs about 200 Rs for insurance of 10000 for 10 years and a deposit of remaining 9800 in SBI term deposit will return 20603. This mechanism, however does not give you a chance of any further returns which shield plus 'provides'. But again what is the extent of etra return you can expect is not known. So the risk you are taking in losing out of a guarunteed return of 3603, will give you potentially more returns.
So, instead of getting cheated by jazzy and provocative ad's think smart, take professional advise and act diligently.
And if you are looking for 'democratic'/ethically better banks look no beyond nationalized banks. Service levels are bad, but atleast they dont put a hole in your pocket
Re: Re: Credit Rating
by Ramandeep Judge on Feb 09, 2010 03:52 PM
Strange!!!!! WHY SHOULD BANKS USE UNETHICAL MEANS TO INCREASE PROFIT????? Are they irresponsible???? Pl dont make such immature comments.
Re: Credit Rating
by kiran kumar on Feb 09, 2010 02:12 PM
It is individuals choice when it comes to choosing a banker, so it is individuals responsibility to make a right choice.
You said 'undemocratic ways to extract money', banks are not political agencies to be democratic. They are financial agencies, they are here to make profits, they are crossing the line of ethics, that is when the individuals should be extra bit careful.
Recent ad of bajaj allianz shield plus is one such thing. he says it guaruntees 170% of returns, 5 times insurance which he claims a term deposit cannot guaruntee. But the fact that it is of 10 years term is not mentioned. If you have financial knowledge instead of investing 10000 in this plan you would go for a SBI term insurance which costs about 200 Rs for insurance of 10000 for 10 years and a deposit of remaining 9800 in SBI term deposit will return 20603. This mechanism, however does not give you a chance of any further returns which shield plus 'provides'. But again what is the extent of etra return you can expect is not known. So the risk you are taking in losing out of a guarunteed return of 3603, will give you potentially more returns.
So, instead of getting cheated by jazzy and provocative ad's think smart, take professional advise and act diligently
Systems in India are skewed in favour of organised institutions. Individuals are mostly in a situation of take or leave. Banks have cartelled now to generate individual’s credit worthiness. Will there be any client worthiness rating for banks based on their client friendly procedures? All of us now have read in newspaper or know that how the banks initially lure the individuals to their products (read debt trap) and than use undemocratic ways to extract money.
