Topic: CIBIL - It can be your worst nightmare! Posted: 25/Feb/2009 at 10:40am
We know that the big guys get away scot-free.
But for the poor aam aadmi, there's a special treat called CIBIL.
Remember that credit card you refused to accept? Or a dispute you had and terminated a card?
Well, with a little (bad) luck you may find that you figure in the CIBIL database as a defaulter.
This just happened to a friend. He applied for a housing loan from HDFC only to be told that there's a remark against him in CIBIL over a dispute dating from the late 'nineties!
HDFC also told him that the issuer has filed a civil case against him. He claims he hasn't been notified even though he's staying at the same address for the period in question.
If anyone has any knowledge about the functioning of CIBIL, do post!
My vague understanding is that you and I as individuals can't query the database.
A work around maybe to apply for a loan just like that and then you'll come to know where you stand in terms of credit-worthiness!
Joined: 19/Sep/2006
Location: United States
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Posts: 2296
Posted: 26/Feb/2009 at 4:32pm
Search the Net and you will get many painful stories like this. Try out yourself. I have been throught that painful exercise once for clering my name for nonpayment of Rs 350 or something (which I never knew that I have to pay- since I was staying abroad for long period of time and stopped using all Indian Credit cards !!) . CIBIL makes you run from pillar to post and I felt my crime is more severe and serios than that of Satyam Raju....
Joined: 29/Mar/2007
Location: India
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Posts: 4243
Posted: 26/Feb/2009 at 11:30am
oh.. and I thought CIBIL would help "good" customers get lower interest home and car loans. I have had disputes with Reliance Communications over internet bill and a big list of credit card providers so far.
The best option is to get in touch with the credit card company and see what the non payment is due for and after settling it by paying or disputing the charges they will have your name cleared in CIBIL. You also need to follow up with the bank(rather fight with them as they will ask CIBIL to clear your score). Hope this helps.
Success in not final and failure is not fatal, it is the courage to continue that counts.
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