There are all reasons why RBI should increase the intereset rates as highly as possible probably to 20% because these CIBIL like institutions I had a problem for a small missed in my credit card payment for 2000 rs which was accumulated as a late payment fees, CICBIL is a negative trend watcher and it is not a positive trend watcher, what about 30 credit cards which I had offered from the banks and used them and was paying them all in time. Ban CIBIL in INDIA, The whole base of foundation of banking system is not all persons needs the money at a given point of time, then the money of the general public can be diverted for the needy, then CIBIL such institutions do not have any basis to function to bottle neck in that process to target individuals credit report as the same individual who has defaulted Rs 2000 without his or her knowledge and the same individuals 1 crore money is getting used by the banking system in a fixed deposit account, so the conclusion is BAN CIBIL otherwise CIBIL needs a strong communication with the customer before generating his/ her report by giving him a chance to close the mistakes by banks.
i am looking for a personal loan. my credit score is important to be good. i had some problem in the past. at least 3 yrs ago in regards to my credit card payments with SBI and ICICI bank. i did settle the amount three years ago. today will it impact me if i require a personal loan. i want to take care and have a good credit score from now in the future,
i have a personal loan started from july 2008 and till oct'2009 there are total 8 bounces due to some financial crisis,now i will pay regularly so can i will be able to get my home loan after 4 years
Many private banks for personal loans charge exhorbitant rate of interest some time go upto even 50%. If you are closing your personal loan in the first year, the interest will be charged for the entire period during closings...then these banks loot in the name of "late payment" late payment intersets, bounce charges etc..its all a gimmick from CIBIL etc to make the sitution worse for the middle class as the bankers simply black list any one who has missed just 1 emi. We do not have any proper channel of personal loans from banks as there is in some countries where the loans are given at a very low rate of interest and there is no late payment for citizens from govt operated banks.
Re: Horror of the Personal loans from pvt banks
by SANKET P on May 15, 2009 03:34 PM
CIBIL is not a bank. When you donot knw abt something raise ur doubts or questions. DO not spread incorrect knowledge. CIBIL will be just maintaining our payment histories and banks will pay for their info to appear in the report. We as individuals can dispute wrong info.
Missing 1 EMI is not a cause of worry for a bank. U pay regularly and that will not be a negative mark. But if you continue to miss payments then the best is to report a negative mark for those months. People are happy to default. But they donot like someone telling them that they have defaulted.
new technique of govt to make poor people to approach private money lenders who will charge heavy intrest and kiil people if they dont pay up.. more suisides because a person who is capable of recovery from debt will not get any financial help due to bad score...i heard cibilkdoes not update their information...even for single cheque bounce may get u bad credit score what if the reason is beyond control of a person....what if the cibil report is faulty..Loans are normally taken by middle class people.they will be hit most as usual.because they are unorganised..rich people dont bother too much even if they are defaulters..agreed one should live with in his income but what incase of emergency..cibil should be banned.....it will be a big blow to needy and honest middle class
Re: New way of forign banks to twist arms of middle class...
by SANKET P on May 15, 2009 03:29 PM
Think both sides. People default without care. They get multiple loans or credit cards and do not payback. In this case, a credt reporting agency is a respite. They maintain the credit history of people. And its not tha ta cheque bounces and you get a negetive score. But creditors generally consider human errors and problems. But if they do not see any other option they will report a negetive mark. If I doneot pay for a few mnths, obviously my score will be bad. And any errors, we can dispute them. I knw this because I have worked for a US based credit reporting agency named TransUnion.
More clarity will come as time goes and Cibil becomes main stream.
In India all the department from Customs,Military,Banks,police throughly checks the poor common man and correctly gives Creditcard for Terrorist ,passage of Antisocial elements by Police and all these law were to get the money from antisocial elements .First where this CIBIL like agencies gone when depositors and investers lost million of Rupees in Oriental Bank ,First a agency is to be formed to monitor all the Private and PSU banks credit rating along with their to management movement and if any Banks shows risk then depositors should be given more intrest for taking this risk always the poor middle class will be crushed ,God please help this people...
Re: check your personal loan (Bank)score
by SANKET P on May 15, 2009 03:36 PM
Credit reporting agencies have been in existance for years in US,UK and many other countries. THey have poor people there too.
A credit reporting agency is not to crush poor people but to keep a check on defaulters.
Re: Re: check your personal loan (Bank)score
by shafiuddin mohammed on May 15, 2009 05:09 PM
Looks like CIBIL and banks appointed you to reply on this FORUM...
