THE CREDIT SCORE RATING BUSINESS IS NOT TUNED WITH REALITY. THE CUSTOMER SUFFERS IF HIS BANKS FAIL TO HONOUR ECS MANDATES DUE TO SOME BUNGLING AT THE BANK LEVEL. IN SPITE OF THE CUSTOMER NOT HAVING GIVEN A STOP PAYMENT ORDER AND EVEN WHEN SUFFICIENT FUNDS ARE IN THE ACCOUNT IF THE BANK STOPS HONOURING THE MANDATE DUE TO SOME ERROR IN COMMUNICATION BETWEEN THE BANK AND CLEARING HOUSE OR SIMPLY A CLERICAL MISTAKE, THE CREDIT RATING GOES FOR A TOSS AND THE HELPLESS CUSTOMER SUFFERS. THIS HAS HAPPENED IN MY CASE AND NOW I AM FIGHTING WITH THE BANK TO RECTIFY THE FAULT BUT NO BANK LENDER IS WILLING TO TO ACCEPT THAT THE CUSTOMER IS NOT AT FAULT. SO WHERE IS ALL THE CREDIT RATING BUSINESS ?
THE CREDIT SCORE RATING BUSINESS IS NOT TUNED WITH REALITY. THE CUSTOMER SUFFERS IF HIS BANKS FAIL TO HONOUR ECS MANDATES DUE TO SOME BUNGLING AT THE BANK LEVEL. IN SPITE OF THE CUSTOMER NOT HAVING GIVEN A STOP PAYMENT ORDER AND EVEN WHEN SUFFICIENT FUNDS ARE IN THE ACCOUNT IF THE BANK STOPS HONOURING THE MANDATE DUE TO SOME ERROR IN COMMUNICATION BETWEEN THE BANK AND CLEARING HOUSE OR SIMPLY A CLERICAL MISTAKE, THE CREDIT RATING GOES FOR A TOSS AND THE HELPLESS CUSTOMER SUFFERS. THIS HAS HAPPENED IN MY CASE AND NOW I AM FIGHTING WITH THE BANK TO RECTIFY THE FAULT BUT NO BANK LENDER IS WILLING TO TO ACCEPT THAT THE CUSTOMER IS NOT AT FAULT. SO WHERE IS ALL THE CREDIT RATING BUSINESS ?