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VERY IMPORTANT - CIBIL: Nightmare for Credit Card Holders

 
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Dr. N. Subramanian
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Joined: 21 Feb 2008
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PostPosted: Fri Apr 23, 2010 3:05 am    Post subject: VERY IMPORTANT - CIBIL: Nightmare for Credit Card Holders Reply with quote

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I just read an article from the latest issue of INSIGHT (a periodical
published by the Consumer Education Research Centre (CERC) Ahmedabad)
about how CIBIL (Credit Information Bureau (India) Limited) tracks
your credit worthiness and how banks are flouting the rules laid down
by RBI such that your credit is stake.

The scanned copy of the article is attached herewith for your reading. (1.45 MB)

Let me point out the main issues:

1. The data of all 'liability product customers' - those who 'buy'
(procure) credit cards, home loans, bank accounts, personal loans,
other loans, etc are submitted to the CIBIL if there is any
delinquency (cheque bounce, default, etc)
2. This data is correlated with other data about yourself -such as
PAN, Date of Birth, Mobile/Residence/Office phone nos, etc. so that
your data is identified as unique/irrefutable.
3. This data is acquired from CIBIL (and now new credit info companies
are coming) by companies in the financial sector - banks, NBFCs,
insurance companies, etc when you approach them to buy any new product
4. If the CIBIL (or others) report is negative your application would
be rejected or you would be offered the product at special conditions
- higher rates, shorter terms, etc
5. Whenever a financial service provider intimates CIBIL or others
about you, as per RBI rules, they should inform you and give you a
copy of the report.
6. However this is not done and they do this by changing the agreement
with you. (Example given in the article)
7. Even when there is any dispute and the dispute is settled /
negotiated the company may not give the updated data to CIBIL thereby
severely compromising your credit worthiness.

If you are a regular user of credit cards and have other loan
products, and are interested in knowing your credit report from CIBIL,
kindly use the information given in the forwarded e-mail.

Hope this information will be useful to you.

Thanks.
KLN



Subject: GET YOUR CIBIL REPORT @ 142 (CREDIT RELATIONSHIP WITH YOUR BANKS)



Get your Cibil Report @Rs.142

Today, everyone is aware of the word CIBIL. The Credit Information
Bureau India Ltd. keeps the track on the creditworthiness of an
individual. They have information about a person’s creditability.
Cibil rates a person according to his/her payment track; this is
commonly known as Cibil Score. There are various slabs on which credit
score is given to the customer and with the help of credit score,
Banks check a customer’s creditability of paying anything that he/she
is taking from them on credit either it’s a loan or a credit card. The
credit score made it really tough for a customer to take anything from
Bank on credit, as banks are checking credit score of a person before
sanctioning a loan.

When a person was applying for a loan/ credit cards their application
gets rejected and Banks give them the reason that your credit score
was less that is why your application has been rejected. But what is a
Credit Score that no body understood so far.

But now one can check there cibil score easily and after checking it
can apply for a loan or for a card. Before this customer never had any
idea about his/her cibil score.

Three ways to get your Cibil Score

1) Get it Online

• To know your Cibil Score you just need to send a DD of Rs.142. Fill
the form that you can download through this link

http://www.cibil.com/pdf/Consumer_Disclosure_Form.pdf
Send the scan copy of the form at myreport@cibil.com.

• Along with that you also need to send an attachment that will
contain your latest identity proof and address proof.

• Once Cibil receives your documents and fees, your request will be
processed and copy of your CIR (credit information report) will be
dispatched to you.

2) Get it via Post

• Fill the form that you can download through this link

http://pub.deal4loans.com/lt/t_go.php?i=1924&e=NzM0NTM0MA==&l=-http--www.cibil.com/pdf/Consumer_Disclosure_Form.pdf.
With a DD of Rs.142 and send it at P.O.BOX 17, Millennium Business
Park, Navi Mumbai- 400710.

• You also need to send your self attested documents i.e. your
identity proof and latest address proof.

• Once Cibil receives your documents and fees, your request will be
processed and copy of your CIR (credit information report) will be
dispatched to you.

Phone Number - 022-61404300

3) Through Fax

• Fill the form that you can download through this link
http://www.cibil.com/pdf/Consumer_Disclosure_Form.pdf mail self
attested hardcopies of your Identity Proof and latest Address Proof
documents with a DD of Rs. 142.

• Fax number 022-40789007.

• Once CIBIL receives the documents and Fees, your request will be
processed and a copy of your CIR will be dispatched to you.

The Demand Draft is to be made in name Credit Information Bureau
(India) Limited payable at Mumbai.

The introduction of Cibil Score will definitely help you in
understanding your credit relation with Banks. Spend Wisely!!!


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