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CIBIL Credit Score – A Tool to Blackmail / Harass Borrowers

Credit Score is nothing but the creditworthiness of a person i.e. his/her ability to repay the loan/debt or we can say that higher the credit score, lower the risk of default by borrower & vice versa  As i have mentioned many times in my previous posts that we Indians are very good in copying the alien concepts without understanding the core concept (No offence to anyone). India’s CIBIL Transunion score is one such example, its a copy of American Credit Score concept i.e. FICO (Most widely used credit score model in USA). FICO provide two credit scores because America has two national credit bureaus i.e. Equifax and Transunion.

CIBIL has tied up with Transunion to provide Credit scores in India. CIBIL Credit score was launched in India but not in true spirit. Universally there are 2 objectives of a credit score

1. To provide cheaper credit i.e. at Low interest rate to customers with High credit score (Low Risk)

2. To fix credit eligibility depending on Credit Score. Higher the credit score, higher the credit availability i.e. higher loan eligibility

In India none of above mentioned objectives are followed by Financial Institutions. Indian Financial Sector works on principal that one size fits all. Customer A with CIBIL score of 750 is also paying same Interest rate as Customer B with CIBIL Score of 850. Secondly Loan eligibility is fixed depending on Income of a person. Though income is most critical criterion to fix loan eligibility but should not be the sole criterion.

Now question arises, why we have credit scores in India? Answer is very simple to Blackmail/Harass Borrowers. The fate of a Borrower is only hanging on 1 string which is called CIBIL Credit Score. 90% loans approved in India are disbursed to Borrowers with Credit Score of 750 or more.

In majority of cases (Low CIBIL Score), Borrower is not at fault. Some of the Best (Read “Worst”) practices followed by Financial Institutions/Banks to spoil, rather i will say destroy individual’s credit score are

1.  Non-Updation of CIBIL database in case of Loan / Credit Card Closure:

This is the most common reason for low credit score. Financial institutions are proactive to report default but lazier then tortoise to report closure of Loan/Credit Card account. It is important to note that you might have cleared all your dues but till the time Financial Institution/Bank close your account in CIBIL database, it might keep impacting your Credit Score Adversely. In my case, i had ICICI credit card and closed the same after clearing all dues. When i was planning to take Home Loan then i decided to pull my CIBIL score to avoid any surprises. I found that ICICI has not updated CIBIL regarding closure of my credit card. I complained to CIBIL and they requested me to contact ICICI directly. I registered my complaint with ICICI and also requested to issue No Due Certificate against my credit card. ICICI customer care assured me to update the CIBIL database within 15 days. After couple of follow ups, my CIBIL database was updated by ICICI. The key point is that it is the responsibility of a borrower to follow up and get the details updated.

2. Unsolicited Credit Score Queries for Credit Cards:

I am the sufferer of this malpractice. According to me biggest culprits are ICICI & SBI (GE Money). These 2 great institutions have pulled out my credit score 5 times from CIBIL database in last 5 years whereas i never applied for any Credit Card with ICICI and SBI in last 5 years & 4 years respectively. ICICI has checked my CIBIL score for amount (enquiry amount) as low as 100 Rs & 500 Rs, which is adversely impacting my credit score. Though i requested numerous times in this regard but without any success. 

3. Mis-selling:

Best example is credit card, If customer dispute on any charge not discussed with him before issuing the card. The best tool with Financial Institution is to report default in CIBIL Database.

4. Wrong Entries:

Many cases are reported wherein wrong entries are made specially if the name is same for 2 individuals. One of my reader applied for an Auto Loan and his loan was rejected due to poor CIBIL score..When he checked in detail then he found that credit card default of some other person with same name was updated in his credit report. It took him 8 months to get it corrected..You can imagine the mental agony faced by him.

Now all said and done, if there is an Error in your report then it is your responsibility to get it corrected through Bank or Financial Institution. No one will come to your rescue. CIBIL does not take any responsibility or onus for correctness of data provided. It means that Banks or Financial Institutions have free hand to design ur report as per their wish.

In ideal scenario, there should be proper mechanism in place to address the Borrowers grievance in case of any error in CIBIL report & there should be penalty clause, if Banks or Financial Institutions report wrong data to CIBIL plus they should compensate customer for Financial Loss & Mental Agony. If we don’t take proper steps at this stage then CIBIL credit score will soon become monster for borrowers.

Lastly, in my personal opinion CIBIL score should be used only for unsecured loans like Credit Card or Personal Loan whereas for secured loans like Home Loan, it is not required becoz Banks or HFC’s keep the original documents with them as a guarantee or surety. In simple terms, Bank is providing Loan at same interest rate to all customers and loan eligibility is fixed based on Income criterion. Bank is also having a custody of all original documents as a surety then what is the need of CIBIL Score, If borrower will default then Bank can easily recover its money. Unfortunately it might not happen becoz CIBIL Score is a tool in hand of Banks & Financial Institutions to Blackmail Borrowers.

Copyright © 2011-2012 Nitin Bhatia. All Rights Reserved.

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ICICI Bank Care
ICICI Bank Care
11 years ago

Hi Nitin,

Please write to us to care@icicibank.com with your contact details and we’ll get in touch with you at the earliest. Kindly refer ‘3571634’ in the subject.

Regards,
ICICI Bank Customer Service Team

Nitin Bhatia
Nitin Bhatia
11 years ago

Dear Sir/Madam,

Thanks for your revert, i would like add that on 2 occasions ICICI has pulled out my CIBIL score for enquiry amount of 500 Rs and 100 Rs respectively. Enquiry purpose on both occasion was Credit Card only whereas i didn’t applied for ICICI Credit card during that period. I don’t think so that till date bank has issued a single credit card with credit limit of 100 Rs/500 Rs which clearly shows that these are wrong entries. When i checked with your customer care, i was told that it is not feasible to remove those entries.

With this background, i request an assurance from your end regarding correction of wrong entries in CIBIL database. Post assurance, i will share the details with you

Thanks and BR
Nitin

abhishek
abhishek
11 years ago
Reply to  Nitin Bhatia

Dear Nitin,
I am also facing a problem in which sbi card has reported me as defaulter in credit card for Rs. 100000 in which my dob is not correct but pan is matching with my pan cibil report, I have complained in sbi cards and after 3 month they replied me that your records is matching with us.. What is my defence i have never applied for sbi card donot know how pan is updated

Nitin Bhatia
Nitin Bhatia
11 years ago
Reply to  abhishek

You may register your complaint with RBI Ombudsman with all supporting documents. Its a case of mistaken identity.

jooker
jooker
11 years ago
Reply to  Nitin Bhatia

Hi Nitin Sir, how can I know what is my CIBIL score? Actually I am noob at this area. so need your guidance..

Rahul Singh
Rahul Singh
11 years ago

what does a credit manager of a bank look for in your loan application (home/mortgage loan during his appraisal specially in balance sheet and P&L account and CIBIL application

Nitin Bhatia
Nitin Bhatia
11 years ago
Reply to  Rahul Singh

He looks for total credit score (It shud be more than 750), any credit default in past (All payments should be 000 or STD in ur credit report), Credit Hungriness i.e. if u have too many loans or credit cards then it show u r credit hungry and proportion of secured loan & unsecured loans availed by u (Home Loan is secured whereas personal loan is unsecured. Secured loans are taken positively and unsecured loans are taken negatively)

Agdeshpande09
Agdeshpande09
11 years ago

i m hoping good, as i just applied for car loan. i m getting result tomorrow

Nitin Bhatia
Nitin Bhatia
11 years ago
Reply to  Agdeshpande09

All the best. You can also get your detailed report online on CIBIL website

Kiran Kumar
Kiran Kumar
11 years ago

I recently had applied for a car loan and got rejected due to bad credit score at CIBIL. But the credit card number they showed in report does not belong to me & when I called ICICI bank, they said it is in my name and has over 60,000 of due. But date of birth is incorrect and I have never received any statement of any over dues at my address where I am residing since 25 years and that card is not mine. So ICICI has taken complaint to investigate the matter and I will know the results after 14 working days. I am sure my data has been misused and ICICI is responsible. My question is should I go for a consumer complaint or expect some kind of compensation due to frustration caused by loan rejection?

Nitin Bhatia
Nitin Bhatia
11 years ago
Reply to  Kiran Kumar

Dear Kiran, It seems to be the case of wrong entry due to mistaken identity as i mentioned as point 4 in my post i.e. entry of some other person sharing same name with u is being made in ur CIBIL database. Firstly u register a written complaint with ICICI regrading same and enclose your CIBIL report. Pls tell them to prove their case or correct your CIBIL entry. Don’t forget to take acknowledgement of same. Secondly same complaint, you can register with RBI’s Bank Ombudsmen of your area against ICICI through registered post or email.

If u don’t get any response within 15 days of filing complaint then u can hire a local lawyer and send a legal notice to ICICI bank asking them to correct your CIBIL entry within 30 days of receipt of this notice else you will file a case of mental harassment & causing financial loss and will seek a compensation from ICICI bank.

As you are not a customer of ICICI bank therefore you cannot go to consumer court.

Ravi
Ravi
11 years ago

I had taken a Personal Loan from Barclays Bank in 2007, As i had lost my job i could not pay for some time and later opted for a settlement. As per the settlement i have paid the entire amount. I was told by the collections person (Sparsh BPO) that the loan will be closed. But Now after almost 5-6 years i am getting call by some people who donot reveal their official identity and threaten saying that the loan is still not closed. I have managed to find the settlement letter and the payments receipts, but unfortunately i am not able to find a receipt for one thousand rupees to prove the closure of my loan. Some one kindly help, the settlement amount was Rs 81000(Eighty one Thousand).. I have managed to find the receipts for 80000 (Eighty Thousand) but unable to find the receipt for 1000 that was given to me.. This has very badly affected my credit score and i am not able to avail a car loan or a personal loan.. i have contacted cibil but they are asking me to contact Barclays who are no longer there in my city.. Some one please advise to get rid of this distress.

Nitin Bhatia
Nitin Bhatia
11 years ago
Reply to  Ravi

Hi, any amount paid towards settlement is reported in CIBIL as default case, which implies amount paid is less then demanded by the bank. It seems you settled principal outstanding but interest component is waived/written off by bank.

If you have don’t have settlement or closure letter from bank, in that case you must have paid 1000 Rs though cheque, you take a statement of bank account from which you paid 1000 Rs to Barclay’s. This entry in bank statement will prove your case that you have paid off your complete settlement amount.

Till the time, you have settlement entry in your CIBIL report, its next to impossible to get any other loan. Unfortunately, settlement entry once made in CIBIL cannot be reversed because bank enter the same amount towards settlement in its books of account, which is partial written off amount.

Yogesh Pandit
Yogesh Pandit
11 years ago

Dear sir. Thanks a lot for this wonderful information and your views. SIBIL score has created a problem in my life when I took my first home loan. Thanks to ICICI, my credit history was showing written off. (I didn’t want to pay for the so called FREE health insurance which was offered to me against my will which later beefed up the credit amount. I had to settle it for twice the amount of the original). They took 3 years to change it which effected very badly on my credit history. I had 3 credit cards in total which I never used and closed down. Also, like you have mentioned in the second point, ICICI has been instrumental in pulling out my credit history from CIBIL for 100 rs twice in seven days for god knows what reason.

But since I have been paying my loans religiously and making part payments aggressively, my CIBIL score turned out to be 810. Recently, I wanted to travel abroad and hence thought of applying for a credit card. So I applied for a credit card in couple of banks. But to my surprise, both have rejected my application by mentioning CIBIL credit problem. Now I am really clue less as to what to do.

Can you please put some light on what happens in such cases? Will be immensely helpful.

Thanks and regards,
Yogesh Pandit

Nitin Bhatia
Nitin Bhatia
11 years ago
Reply to  Yogesh Pandit

Though your CIBIL score is good but due to written off entry in your score, your application got rejected..CIBIL records contain data of last 7 years so you need to wait for 7 years from date your written off entry is registered in CIBIL database. After 7 years, you can apply for credit card

Nitin Bhatia
Nitin Bhatia
11 years ago

Hi, You can submit either online or offline request. You may visit http://www.cibil.com/ to know more.

Sukhvindar Singh
Sukhvindar Singh
11 years ago

I had no idea my credit was
bad. The guys at Credit Sudhaar analysed my report. The process took some time
but my credit was restored, enhanced and protected. I have no reason for
complaints.

vivek
vivek
10 years ago

Hi,
I have 2 problem in My CIBIL score.
1- I was having ABN Amro credit card in 2005 and I made the request for B/T for another credit card. this the time I receive chq from bank I got required Money from other sources and paid the due. also I return the ABN amro chq to the bank.
but when I received the statement they have charge near about of Rs 4900 against this transfer. I have many times communicate the bank officials but nothing was happen. recently I have checked My CIBIL where this card is showing written off. how can I ractify the same as I know I am not on default at this stage.
2- I have taken PL in same duration in Delhi but tranfered to other location after an yr. there I was not having option to pay EMIs easily because nonavailability of bank and this trafr facility was available 400km far from my location. I requested bank to change my payment facility to other bank but to deny the same and suggested me to pay in full or send DD in installment were they offer me discount I avail the option and complete the payment in same process.
but the CIBIL is showing the settle status of this loan.
My Current score is coming 666. How can I ractify the same and improve the CIBILscore.

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  vivek

1. Written off or Settled status cannot be corrected in CIBIL database as banks have made an entry in their accounts book regarding same. Still you can approach bank but probability is almost negligible. If B/T was done then bank levy certain charges for processing or return. Any default on these charges is considered as payment default and reported in CIBIL.

2. It seems you have not cleared some amount may be interest penalty or penalty for delayed payment. You can check with bank regarding same but as i mentioned if status in CIBIL is “Settled” then it is not feasible to correct now

Ved Prakash
Ved Prakash
10 years ago

Dear Sir,

The CIBIL report with is stating my PAN card number, my date of birth and similar name to me(not my name). My name is Ved Prakash, and the report states Ved Prakash Narang. I have never taken any loan and have never become guarantor to any loan. Though, the report shows that i had
CONSUMER LOAN(Rs. 80000) in 2001(my age was 10 years),
OTHER(Rs. 40000) in 2001(my age was 10 years),
AUTO LOAN GUARANTOR(Rs. 145000) in 2002(my age was 11 years)
and
AUTO LOAN(Rs. 145000) in 2002(my age was 11 years).
These statements are itself a contradict with RBI guidelines. It is out of banks limit to give me loan at that age. My PAN Card was issued on 06 May 2009, then how this PAN got used in 2001 and 2002. Name at PAN Card is Ved Prakash not Ved Prakash Narang. This report is somehow mistaken and creating a lot of problems to my financial and future plans.

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  Ved Prakash

Pls pull out your CIBIL report and approach the respective banks through Banks Grievance Redressal Mechanism. You can request banks to correct the entries in CIBIL Database as loan is not availed by you. If bank insist that loan is yours then request banks to provide copy of documents signed by you for availaing loan.

If bank don’t listen then you can complain to RBI bank Ombudsman of your area with supporting documents like loan documents, your PAN etc. Don’t worry, it will get sorted but may take time.

Ved Prakash
Ved Prakash
10 years ago
Reply to  Nitin Bhatia

Thanks a lot sir. I will keep you posted whatever process goes on and request you to guide me further.

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  Ved Prakash

Sure :)

Rtt
Rtt
10 years ago

My simple loan for a furniture purchased – through a 8 months EMI scheme from Bajaj, got rejected due to a CIBIL rating…who knows what the F**** it is… I have no issue with my other loan accounts at all, neither my cards..and am cent sure. How do I raise this issue and sue CIBIL itself. I remember they wanted to make money by asking me to register with CIBIL paying a yearly amount…considerably large, a way of making money by this institution. Neither RBI nor the FM has rolled out such regularities. This is a case of HARASSMENT. Please advice.

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  Rtt

I would suggest to pull your CIBIL report and also seek written clarification from Bajaj FinServ regarding reasons for loan rejection.

Based on these 2 inputs we can decide future course of action. If there is no valid reason you can sue Bajaj FinServ and claim compensation.

Syed rahil
Syed rahil
10 years ago

If there is any issue with your CIBIL report like clearance or updation if the CIBIL score is less than 750 we will improve where there would not be any problem in future to apply, any Loans, & Credit cards and if you still looking for loan after having cibil issue will help you, please do call me or leave a MSG Syed 8095355329 ALL over India

Byresh
Byresh
10 years ago

Hi,
Sir, I am salaried person, taking 15000 salary pm, two months back i just tried to purchase sony mobile through bajaj finanz emi & provided necessary documents, but they informed my cibil score is -1 and will not get emi, so kindly help/suggest to improve my cibil score……..

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  Byresh

Its seems you don’t have any credit history therefore your score is -1. I am assuming you already have PAN. You should apply for credit card. It will help you to initiate credit history than you will get CIBIL credit score.

MG
MG
10 years ago

Hi Nitin, I have a cibil score of 801. Got a car loan and 2 credit cards. For 1 credit card i have 3 EMIs running all of which is paid on time and no default. I recently applied for a personal loan with Kotak it got rejected. Interestingly, my car loan is from Kotak. I applied again for a Personal Loan from Bajaj Finserve, it got rejected. In both the cases, the reason for decline was my credit history in CIBIL report was not satisfactory. I dont know what to do. Despite having a good CIBIL score this is quite strange.

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  MG

EMI’s on Credit Card does not impact CIBIL Score. Just to add that only good CIBIL score is not sufficient to avail Personal Loan. There are other factors in CIBIL Report like if your credit profile has high proportion of unsecured loans than your loan application might get rejected. In your case you have Car Loan and Credit Cards which are unsecured Loans as Car is depreciating asset. I request you to approach Kotak and Bajaj FinServe to know the reasons for rejecting Personal Loan in writing though orally they are attributing to CIBIL Score. It is your right to know..Another reason can be mistaken identity which is very common…I also suggest you to apply for online CIBIL score/report through following link

https://www.cibil.com/online/credit-score-check.do

MG
MG
10 years ago

Thanks for the reply Nitin. I took out my CIBIL score yesterday. Still it shows 801. And the loans and credit card details are correctly mentioned. You are right. I think for PL, the criteria’s are different. Is there a change in which the consumer name is displayed nowadays. Last year, when i took out my CIBIL report in the consumer name only my name was being displayed. Yesterday i saw my name along with my mother’s name like “MG s/o AG”.

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  MG

As i mentioned, Mistaken Identity was major issue with CIBIL i.e. CIBIL entries / score got exchanged for 2 people with same name. To avoid this now Father / Mother’s Name is also included so that identity is not mistaken.

MG
MG
10 years ago

An update. I was wondering why my personal loan got rejected by banks. So i asked my friend who works as a credit manager in a bank to take out my CIBIL report from the bank’s side. In the meantime i also took out fresh CIBIL report on the same day. To my shock, the scores did not match. The report i bought from CIBIL website showed a score of 801 whereas the one taken out by friend was 688. It is a major scam.Reports taken out in the same day showed 2 different scores. CIBIL is still in the process of evolution. I suggest CIBIL report should not be the main criterion for loan approval

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  MG

It is highly unlikely. You may register official complain with CIBIL regarding same.

gcdinesh
gcdinesh
10 years ago

I recently recieved the Edu Loan transaction statement from the SBI bank, i was surprised to see the debt was written off last month( bank didnt give information about writting off the debt).But i was the regular payer for the past 3 years, i was not able to pay the debts in the early period which is during the start of my course and grace period, however i was able to pay the debts after the above mentioned periods which is in 2011 (2005-2009 -Course period)

Will that effect my CIBIL score, if it gets affected, is there anyway to cancel tat from my credit score report by repaying the written off money?

I heard this write off report will automatically get erode after certain period of years?(can you let me know tat if possible)

Finally, am now going to apply for Higher education loan next month, can you just give me advice on this?

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  gcdinesh

Recently Govt of India has waived off Interest Component on all Education Loans taken before March 2009. Please check with SBI whether your Loan fits into this criterion thus waived off. If the Education Loan is waived off under Govt scheme than it will not impact you at all so relax. After you checked this, please let me know than i will suggest future action.

The link is as follows
http://news.outlookindia.com/items.aspx?artid=829310

gcdinesh
gcdinesh
10 years ago
Reply to  Nitin Bhatia

Sure sir..! Thank you… But when i checked with SBI, they claimed that they didnt recieve any approval circular on the same, so they cannot waive off the interset. Moreover SBI claims my account was wrote off, so pay the write off amount possibly soon..

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  gcdinesh

Bank write off in case of payment default. It will be entered in your CIBIL database and you might face problem in availing any kind of loan in future. Please discuss this bank.

Shadab
Shadab
10 years ago

Hi Nitin,
After getting Pre home loan sanction letter from one bank and due to some reason if I wish to avail home loan from other bank, will it affect my CIBIL score?

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  Shadab

Yes, it will impact CIBIL score. Suppose you receive Pre-Sanction letter from Bank A and then apply with Bank B. Now it depends when Bank A enter your Home Loan detail in CIBIL and when Bank B hit CIBIL to check your score. As you received Pre-Sanction letter therefore in all probability entry is made in your CIBIL database regarding Home Loan.

Dinesh
Dinesh
10 years ago

Hi Nitin,
I had 1 written off and 2 settled status against my credit cards shown in cibil report few month back. I contacted all of them and paid all the dues and received No dues. I dont have any other loan or credit cards. Can you pls explain me how my score will improve. I dont have any other option to increase my score. Pls help.
Regards
Dinesh

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  Dinesh

Just check your current CIBIL Score and share details with me than only i will be able to suggest.

Sameer
Sameer
10 years ago

Hi Nithin,

I have purchased the CIBIL score the authentication was successful, but however after purchasing the score the sent me a report to the email id stating that my details does not match with their database. Now what should I do I have given correct PAN number and email id. could you please suggest me. Thank you Sameer

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  Sameer

Don’t worry. In case of unsuccessful authentication you may apply for offline KYC. Click in following link to upload KYC documents and you will receive your report through courier/speed post
https://www.cibil.com/submit-kyc-online/

The list of accepted KYC documents is available at following link. Please read all instructions carefully before uploading the KYC documents
https://www.cibil.com/kyc-document-checklist

Srinivas Kamath
Srinivas Kamath
10 years ago

Hi Nithin,
I am having a home loan with Syndicate bank since 2006. All EMI payments were made on time and no defaults. On Feb 2014, we placed a request to bank to slash the interest rate from 11.75 to 10.25%. The bank did the same. However after this they had changed my home loan account number without any sort of initimation.
I came to know this when i noticed that the home loan EMIs were not deducted from my SB account, for the months of March and April 2014(as standing instruction for EMI deduction was pointing to previous account number). Due to this , my cibil scores have declined hugely.
Please guide on how to regain my cibil score, as this was a clear mistake from Bank.
Thanks, S G Kamath

Nitin Bhatia
Nitin Bhatia
10 years ago

As i have not seen your CIBIL report therefore i am not sure what exactly happened. I suggest you to file written complaint with Bank and seek clarification on same. Also request bank to correct any wrong reporting in CIBIL by bank as bank only can correct the same.

V P
V P
10 years ago

Hi Nithin,
i Hve a query, my Cibil score shows 753. i dont know whether its a good or a bad score. but my credit card application has got rejected, without giving any reason. once in past i had closed my credit card and hav paid the entire amount in a form of an EMI (which the bank offered) i dint ask for any settlement etc. can you please suggest what i can do to get my credit card application approved and does that mean that i wont get a credit card ever?

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  V P

Score of 750 or more is considered OK. Credit card is not offered only on basis of CIBIL score. Bank also check your credit and risk profile. If you have any other unsecured loans like personal loan or if you were irregular in your EMI payments than also credit card application can be cancelled. You should check your CIBIL Report thoroughly and also you may ask bank for reasons of rejection.

To get credit card, you need to fix the reason of rejection. Now your application is rejected by one bank, same will be entered in your CIBIL database. If you will apply with other bank than there is very high probability that your credit card application will be rejected by 2nd bank also. Moreover if there is compelling reason to reject credit card than all banks will figure out the same so it is critical to fix the reason of rejection.

V P
V P
10 years ago

Thanks nitin

RADHIKA
RADHIKA
10 years ago

Hi Mr. Nitin

Actually I am using SBI Credit card and Iam paying my Interest correctly without any default. I had a reward point of four thousand plus so I liked to convert that into cash and adjust in my last month minimum balance what i have to pay. Then I called sbi credit card customer care and asked them is there any possibility to do like that they said yes you can do. so last month my due was about Rs. 3071 and I confirmed to that particular executive again and again that vll this be adjusted in same bill amount she said it vll be adjusted in same minimum amount, I asked so 1000 rs will be adjusted in minimum balance so i can pay only remaining 2100 is enough right i asked her again and again she to said the same thing believing her words i paid the 2100 only as my minimum due then I received msg that we received ur payment but due 1000 rs balance is still remaining so I was shocked then again I called them and enquired about that another executive attended and she said it is not possible to do like that ur reward point cash will be adjusted in your main balance only not in Ur minimum balance I shouted on them and asked them to check my previous call and check my discussion with that girl and I said I wont pay the default penalty your side did the mistake you reverse the penalty and I got the reference number for that. Then voluntarily I asked them and paid the remaining balance 1000 rs on the very next of my issues. so it is also credited within next 3 to 4 days of working days. every month of 9th is billing date. and my last date of paying my bill is every month of 29th so last month I payed the first due amount on 26th so it is credited on 28th of that month then that 1000 rs balance started issue on 30th of that month so i contacted on them on same date and got reference number to solve the problem then 31st they called me accepted their mistake and said to resolve and reverse the penalty then I payed my amount on same date 31st so it got credited on 4th June, Then my Fiancé said due to my silly mistake my CBIL Score will be affected and started to shout at me and I dont know where he checked my CBIL Socre and said due to my Negligence 25 points have reduced from my main score itseems. Even before checking with CBIL Socre I contacted that coustomer care twice and confirmed with them they said no ur CBIL Score wont affect we are very sure about that and even gave reference number for that all these thinks dint satisfied him but he checked and he statrted to shout at me, I dont know what to do in this matter and how to solve this. Please provide me a answer whether 4 days of a delay will affect my CBIL Score.

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  RADHIKA

Let me assure you that your CIBIL sore will not be impacted. If you have paid minimum amount due before due date then no need to worry at all. Just chill and relax.

Your fiance is just hitting in dark. No one can access your CIBIL report without complete knowledge of your credit history or KYC documents.

RADHIKA
RADHIKA
10 years ago
Reply to  Nitin Bhatia

Thx Nitin Ji,
My problem is I paid that remaining 1000 Rs after due date only. cox of the confusion made by the customer care executive. 29th of may is last date for my payment I paid only 2100 as my minimum on 26th which got credited before my due date sir. so I dint paid that 1000 on due date right so that is the issue running.
any way thx Mr. NITIN JI for sending ur valuable reply to me. only last month i missed my part payment with the word given by the executive officers. so I have learnt a lesson that we should not believe these customer care persons for one time clarification. at least we have to get three to four confirmation from them then only we have to proceed

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  RADHIKA

I agree but if you paid min amount due before due date then you need not worry at all.

Girish
Girish
10 years ago

Hi Nithin,

I have missed a credit card payment which was due on 7th Jun. I paid immediately after realizing this today 17th Jun. My credit card statement will get generated tomorrow 18th. For a delay of 10 days for an amount of Rs 4000 which was due, I think I am on the verge of losing my credit score.
Unfortunate thing is I have been busy last couple of weeks and have not received any sms alerts which I normally do every month before due date.

I have sent the payment confirmation details to the credit card company and requested them not to report this to CIBIL as this was not intentional. I have also assured them that I will go for ECS in future.

My last CIBIL score was 825 and I have applied for a home loan. Not sure if this silly thing will affec t my home loan sanction.

Kindly comment.

Thanks,
Girish

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  Girish

I don’t think so it will impact your CIBIL Score. In your next statement, Late payment fees might be charged for delayed payment. Pay the late payment fees (if charged) and matter is closed. Don’t worry, it will not impact your CIBIL score.

anil arora
anil arora
10 years ago

one man taken a loan from icici credit card and the pan card he use to fraud the bank is duplicate of mine but photo on that was his now icici bank is effecting my cibil report for that what to do

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  anil arora

If it is proved beyond doubt that it was fraud then you may complain to CIBIL directly and also register complaint with RBI Bank Ombudsmen of your city. Besides this you may register police FIR for theft of identity and fraud. You can include bank in police FIR as bank approved loan without proper verification .

manav
manav
10 years ago

Hi Nitin,

i was having some bad credit history in 2008-2009 and did the settlement of my credit card that time. one PL was also there which i have paid in full and completed my tenure in 2010, except some bounce of ECS which i paid later with late fees. Since then i did pay my all dues (like credit card) on time and not having any loan but now my CIBIL score is some 622, pls. help me how can i improved it to get eligible some loan in future??

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  manav

Please let me know,
1. How many credit cards you own? and how many you use on regular basis.
2. Have you availed any OD (overdraft) facility from bank?
3. Any other existing loan?
4. In your CIBIL report, how many entries are there in “Enquiry Information” section and for what purpose.
5. Whether your personal loan account status DATE CLOSED is blank in CIBIL report
6. Any other account which is closed but Date Closed status is blank in CIBIL report.

manav
manav
9 years ago
Reply to  Nitin Bhatia

Hi Nitin,

i got my cibil report and following are the answer on your queries, pls. check and help what should i do to make my score better-

1. How many credit cards you own? and how many you use on regular basis. – all past 3 credit card has been closed, presently using a re-activated SBI Card only using regularly.
2. Have you availed any OD (overdraft) facility from bank?- NO
3. Any other existing loan? Not at present, All past loans are closed successfully.
4. In your CIBIL report, how many entries are there in “Enquiry Information” section and for what purpose. Total 21 Nos. (10 for Credit cards, 2 for Two Wheeler Loan, 3 for Personal loan, 6 for Car Loan.)
5. Whether your personal loan account status DATE CLOSED is blank in CIBIL report- NO
6. Any other account which is closed but Date Closed status is blank in CIBIL report.- Yes for 2 credit card, for one credit card and status is WRITTEN-OFF for another status is POST (WO) SETTLED.

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  manav

I need to go through your CIBIL report as there are too many entries. You may fill following form
https://www.nitinbhatia.in/cibil-score-query/

Jahaber Sathik
Jahaber Sathik
10 years ago

Hi Nitin,

I have applied for credit card/loan twice and my application was rejected due to cibil score ( they didnot disclose the reason) am so fed up and tried to get cibil score report by paying Rs.470/-, and got my report today but its ridiculous!! It says “We regret our inability to generate a score on your report due to the following reasons:1. Account Information not available 2. Your report has only enquiries and account info not available 3.The last date reported or date closed in your report is older than 24 months for all accounts 4.Consumer is Authorised user for all the accounts in the report.

Please tell how do I get score in cibil and why they have not giving me loan since I dont have bad records as such, please note I dont have a credit card/loan or anything. I want to take a credit how to get it?

Regards
Sathik

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  Jahaber Sathik

You may contact CIBIL through following link
https://www.cibil.com/contact-us

Sunil
Sunil
10 years ago

Hi Nitin,

I have applied for Home Loan through Axis Bank. But got rejected due to CIBIL score.
I paid Rs.470/- to get my CIBIL score where in my score is 585. i was having some bad credit history in 2008-2009 and did the settlement of my credit card that time.

Now is there any chance where in i can get a home loan. I am not asking for personal loan or credit card just a home loan where in the bank will have my original documents with them as guarantee.if in case i will default bank can easily recover its money. I am totally tensed. can you please tell me is there any bank who don’t look in CIBIL score and provide me loan or any other way.

Thanks,
Sunil

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  Sunil

Unfortunately all Banks and HFC check CIBIL score. You may check with India Bulls, Bajaj Finserv or Tata Capital for Home Loan. Before processing, you may clarify reg CIBIL score. Either of these HFC may provide Home Loan but at higher rate then prevailing Home Loan Rate due to low credit score.

Sundeep
Sundeep
10 years ago

Hi Nitin,

i have downloaded my score today and it is 751. Is this CIBIL2.0 version or old? if its new will it good score?

Nitin Bhatia
Nitin Bhatia
10 years ago
Reply to  Sundeep

Score of 750 or more is decent for loan approval. A score of more then 800 is considered to be good.

Nagendra K
Nagendra K
9 years ago

I have had SBI, ABN Amro and ICICI Credit card. I closed all these cards some time in 2007 and as per my CIBIL report ICICI is just closed. ABN Amro shows write off and SBI shows settled.

I approached ABN Amro and they asked me to pay remaining amount to close the account which I pad in the last year. SBI I still have no Idea how to go ahead. Now my CIBIL report shows SBI card as settled.

I am in need of personal loan now, could you please suggest me the bank which can give me a PL?

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Nagendra K

I doubt any bank will approve personal loan. Please let me know your CIBIL Score.

Amit
Amit
9 years ago

Hi Nitin,

I had a credit card which I got settled two years and now I realised that post written off settled is not a good status and contacted an institute called shaha finlease to which bank has sold the account. To get my status as blank, what is the amount I need to pay; is it the waived off amount that is there in my CIBIL for that card or more than that as the institute is asking for more.
please advise.

Thanks.

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Amit

Once account is settled or written off, it cannot be changed. The bank will charge more and still the status will remain same in CIBIL database, i suggest you to not to pay.

Manisha
Manisha
9 years ago

Hi Nitin,

I just applied for car loan my CIBIL Score is 749. however there is one account of citi banck credit card which was closed by me after charged wrongly there is some 5152/- amount which is still coming due on my account and status is written off. please let me know will this impact on getting my loan approved?

Thanks

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Manisha

It will impact your Car Loan but you may get Car Loan as your CIBIL score looks reasonable.

tarun
tarun
9 years ago

Hi Nitin,

If i apply for HL/ PL and i don’t take disbursement, will it affect my cibil ratings/ scores. I got to know from my friend i.e. if we take pre-sanction letter of Home loan, it affects the ratings of cibil

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  tarun

It will impact your CIBIL score as the query will be posted in your CIBIL databse

Dev
Dev
9 years ago

Hi Nitin

Your blog looks like a credible source of information. I have 2 queries:

1. My CIBIL Score is 583 and my home loan application has been rejected by multiple banks including IndiaBulls (relevant to your response for a similar query earlier). I’m surprised that it’s so difficult to get even a secured loan. It would be really distressing to not get a home loan. Where can I get the loan?

2. I don’t use credit cards anymore due to previous bad experiences. I have a strong paying capacity now and am financially responsible. How can I improve my credit score when I don’t use credit cards and no bank is giving a loan?

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Dev

1. India Bulls, DHFL or Tata Housing Finance consider application till CIBIL score of 650+. Unfortunately you have to improve your CIBIL score before applying for Home Loan.
2. To improve CIBIL score, i suggest you to opt for secured Credit Card. Secured credit card is backed by linked FD of equivalent amount i.e. if your FD is of 1 lac then your credit card limit will also be 1 Lac. Secondly, pls go through your CIBIL report and check out all the open accounts and other unsecured loans like personal loan, appliance loan, overdraft facility, being guarantor etc. You need to clear CIBIL report to improve CIBIL score. Lastly, after adopting good credit practice, you have to wait for sometime as CIBIL score cannot be improved overnight. It will take time.

Dev
Dev
9 years ago
Reply to  Nitin Bhatia

Thanks Nitin, that’s extremely helpful!
– I had bought my CIBIL report last month. I have an open credit account from 2008-09 period which only had INR 5500 outstanding to begin with. They’ve inflated it to roughly 1.5 Lacs in this period and the account status is Written Off. A lot of people have mentioned to me that Settled does more damage than Written-Off. Is Settled any better than Written-off?
– I have been waiting for over 5 years hoping my credit history will improve not using any credit at all. Clearly, hope or waiting out is not a good strategy. As I said, I Can you elaborate (or share a few links about the secured credit card) and whether its usage with good credit practices will improve the score or bring it down further?

– I’ve already paid 20% to the builder and the remainder of 20% payment is due within August. Is there truly no other way to get a home loan? I’m willing to pay a higher rate of interest, given the circumstances.

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Dev

1. Both “settled” and “written off” impact CIBIL score negatively
2. You may approach your bank for secured credit card. In public domain you will not find this product
3. You may check with cooperative banks for Home Loan.

Raju
Raju
9 years ago

Hi Nitin,

I have closed my credit cards in the year 2007 and 2010 and my CIBIL report reflects them as POST WO SETTLED. Now, my Credit score is improved and when I checked it was 817. But when I apply for the Home Loan last month, it got rejected. Please let me know the solution to obtain a Home Loan.

Grao
Grao
9 years ago
Reply to  Raju

Hello, you have a good score so you need not worry about building it further. first stop making loan enquires , then write an letter to the bank with who you have settled the card , they WILL reply to you with amount to pay , after which they will update your cibil as NULL , the updating will take 45 to 60 days. GoodLuck

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Raju

I don’t think that your Home Loan is rejected because of CIBIL Score. There are other factors also like Repayment capacity, Job Stability, existing liabilities etc which are equally important. You may check with bank, reason for Home Loan rejection. To check home loan process, pls check following link

https://www.nitinbhatia.in/home-loan/home-loan-process/

Sudipta Das
Sudipta Das
9 years ago

Hi Nitin,

I took an educational loan of 15 lac in April 2012 for my MBA. Before that i had a very clean credit history. Since April 2012 i am not carrying any credit card or other loan. My course duration was 1 year (i.e. till March 2013) and i was given 1 year of moratorium from the day i complete my MBA (i.e. till March 2014). I started paying EMI since February 2014. Recently i got my CIBIL report, To my surprise score is very low i.e. 654. Two bad aspects i noticed in my report. Need your advice on the same.

1) From April 2012 to October 2013, DPD is showing ‘xxx’ instead of ‘000’. Is not it a mistake from bank’s side to expect EMI from me during my MBA course time? Is it regular to all educational loans in India? Does it affect credit score?

2) Although i was given 1 year of moratorium from the day i complete my MBA (i.e. April 2014), bank started the EMI process after 6 months from the day i complete my MBA (i.e. October 2013) without informing me. Since i started paying EMI since February 2014, it showed my loan as SMA asset for 5 months (i.e. October 2013 to Feb 2014). Can bank change its historical record if requested? I want to know it because i don’t want bank to tell me that it can not change my asset class in historical record even if mistake was done by bank?

Looking forward to hear from you.
Thanks
Sudipta

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Sudipta Das

1. XXX means data is not reported by bank therefore it is not concern at all. XXX entry will not impact your CIBIL Score.
2. You need to check your loan agreement. If it mention that moatorium period is 1 year then you should approach bank to correct the details in CIBIL databse. If there is error from bank’s end, bank can correct the record in CIBIL database but the onus of proving the same rests with the individual.

Tanmay
Tanmay
9 years ago

Hi Nitin,
My CIBIL score is 826. I have no loan for last 2 year. there is no outstanding in any of CC. but there is some XXX mark as I missed to pay some CC bill but I had regularize after that. there is no settlement/Out standing or reaming bill in any of my CC. but have more Inquiry ( Not recent 8-9 are almost 2 to 7 years old) ,. recently I have applied for a CC but It rejected. I am planning for a house loan.
1. what was the resn tht my cc got rejected?
2. Can I get house loan?

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Tanmay

Your CIBIL score is very good. Before applying for Home Loan you need to check why your credit card was rejected by the bank. XXX means the data is not reported for that particular month which should not be the cause of concern.
1. Only bank can tell
2. I don’t foresee any issue but Home Loan eligibility also depend on other factors like repayment capacity, no of dependents, current liabilities etc. CIBIL score is only one of the criterion for Home Loan but not the sole criterion.

Sam
Sam
9 years ago

Hi Nitin, My CIBIL score is 860. I do not have any other remarks on my report except a written-off status as “settled” ( 1000 rupees ) for one of the credit cards, which is closed 7 years back ( 2006 ). I need to apply for a Home loan. Please let me know if this would impact my loan approval. Thank you.

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Sam

I don’t think so. 860 is superb CIBIL Score. You may go ahead. All the best.

Winnie
Winnie
9 years ago

Hi Nitin,

My credit score is 629 and my CIBIL Report has quite a few settlements. Is there any way I can get a Personal Loan?

Regards,
Winnie

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Winnie

With a score of less than 750 its bit difficult but you may check with cooperative banks or from NBFC like Muthoot Finance. Rate of interest will be high in this case.

Amit
Amit
9 years ago

HI, I have one question. I took one 25000 INR loan in 2006 and only paid few installments. Now my credit score shows 650. So can i improve my credit score without paying that dues. Because if i pay then bank will ask me to pay so much. And it’s not possible for me. And if they say that they will clear then there is no guarantee that they will remove my name from that blacklist. What should i do now. Can you please help me.

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Amit

It is advisable to pay and clear all the dues else it will hurt your CIBIL score badly.

vinay
vinay
9 years ago

Dear nitin ji

I had taken consumer loan to baja in 2010..after 3 emi. I couldnt pay.now in 12.10.2014 I had pay only principal amount. 7100 which was due except to interest and bounce charge. When i did chek my cebil report. There is showing CURRENT BALANCE-0; and STATUS-NO SUIT FEILD.

Pls tel me this word can be hurt my cebil score in future.

Vinay

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  vinay

Basically your account is declared as NPA (Non Performing Asset) and is reported as Willful default. It will impact your CIBIL Score.

Unluckyguy
Unluckyguy
9 years ago

Hi Nitin,
My case is something peculiar. Someone back in 2007 borrowed a credit card thru fradulent ways on my name using my passport copy, salary slip. I guess it was one of the agents that used to visit our office ( they might have got it when I applied for a postpaid connection). They had put some fake address and mobile number and misused the card for 1 lac. Now bank is calling me in 2014 and threatening me to pay th bill of 2 lacs. I was not aware all these days that something of this sort happend on my name. I could not convince the bank recovery agents because they are saying that they have my proofs. Also they are threatening me to touch my CIBIL score. I really don’t understand what do and how to prove that I am not the one who took the card. please advise.

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Unluckyguy

You may request bank to pull out your credit card application and match signature & other details. Secondly, you may ask bank to provide proof that credit card was delivered at your address. If the address in credit card is not your address then you simply need to prove that you never satyed at that address

Lastly you may file a FIR against unknown person of fraud and cheating.

Unluckyguy
Unluckyguy
9 years ago
Reply to  Nitin Bhatia

Thanks Nitin. I will speak to the bank firmly when I get a call next time.

Sajeev Nair
Sajeev Nair
9 years ago

Hi Nitin,

I never availed any auto-loan from Bajaj Finance. Because of some clerical error on the part of Baja Finance and an auto dealer, they have sanctioned a load using my personal information totan unidentified person. The loan is not paid regularly and Bajaj Finance has registered a default in may name in CIBIL. I have taken this up with Bajaj Finance local office but they have taken no step to rectify the issue. I am still impacted by this fault of not mine. i have requested CIBIL report online and I will get it in a few days from now. I would like to know what are my legal recourse to get this problem solved. I want take the Bajaj Finance and all involved to court for mental harassment I am going through because of this. Please advice

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Sajeev Nair

It seems that it is not a clerical error but delibrate attempt of fraud and cheating. You may file a FIR against unknown person and Bajaj Finance for cheating and fraud. Based on FIR, you may file civil suit for cheating and misuse of documents. You can also send legal notice to Bajaj Finance through lawyer.

mahesha
mahesha
9 years ago

Hi nitin,

I took a Tata Docomo connection by paying 3 months bill in advance, but started getting bill from 1st month , I reported the same docom initially they told that’s there mistake but 2 and month also I got same bill, and again I asked they told they will correct, but 3 rd month I got a bill of Rs. 6000. I frustared and told them to close the connection.. They closed the connection .. Now they harassing me to pay 8000.. With interest if not they go na report to CIBIL .. I have bill and mail conversation everything .. There is nothing wrong with my side..
My question if Docomo people report to CIBIL they won’t validate the repot ?
And will this report in CIBIL affects me ? if so could you give example how it will affect?
Wat can I do regarding this , I am planning to raise an complaint against Docomo for wrong bill generation and mental harassment?

Kindly reply me ..

Regards
Mahesh

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  mahesha

Currently telecom companies cannot report any data to CIBIL. If you have made all the payments on time and you have payment receipts then you need not to worry. You may file a case in consumer forum for harassment and claim compensation.

mahesh
mahesh
9 years ago
Reply to  Nitin Bhatia

Thanks nitin..

Kuldeep
Kuldeep
9 years ago

Hello Nitin,
I have a Ready Credit account with Citi bank, due to some reasons I was unable to make payments (now totaling around Rs 55,000), now the bank is saying it will update my record at Cibil as Write-Off if I don’t make the payment by today. As of now I cannot clear the due, but in near future I intend to clear that due. How does this effect my Cibil? Can I get the Write-Off removed from Cibil?

Best Wishes,
Kuldeep

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Kuldeep

You may discuss with bank and request for re-structructing of amount due. Any write off or settlement will impact CIBIL score badly. Only solution is re-structuring as there is no intent from your end to deafult.

narendra
narendra
9 years ago

Dear Mr. Nitin,
I have applied for the personal loan of 1lac and they disbused 1.5lac on the 17% interest rate, and after my complaint they said me to re-book loan in 15 % , I said ok , but they are not ready to solve my problem and taking installments on same interest rate. and they said me if i will rebook loan then it will effect my cibil score. Now what shoul i do ? shoul i stop payments. and go to the consumer court.

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  narendra

I will not suggest to stop payment. Any payment deafult will impact CIBIL score. You may complain to Banking Ombudsman of RBI as loan disbursed is high then applied for. You may also approach consumer court.

Any change in loan amount or interest rate change will not impact your CIBIL score till you default on EMI payment. Bank is misleading you.

Karthik Kolavennu
Karthik Kolavennu
9 years ago

Hello nithin,

This is karthik from Banagalore. I had a personal loan of 70,000 from HDFC in feb 2013 for 3 years EMI ,the money is usually auto-deducted from my once salaried account after 1 year of regular payments of EMI suddenly one day I got an email saying that since I had resigned from that company they converted the account in to savings and took the EMI as fine.The point is that the customer is supposed to know that the account is being converted in to savings and bank is supposed to let the customer know by either intimating him by email or post.HDFC did neither of them.they have already bounced my checks twice.when asked customer support they sent an email saying that HDFC has a right to change the account into savings without intimating the customer/me.what shall I do now?please advise.

Nitin Bhatia
Nitin Bhatia
9 years ago

Salary accounts are priviledged accounts with special benefits. Salary Account opening form do mention in terms and conditions that bank reserve right to convert a salary account to savings account if salary is not credited for 3 months / 6 months. Unfortunately we do not read T&C while signing.

Secondly, it seems you availed personal loan under corporate tie up at special terms. Normally in these kind of personal loans with special corporate tie up, a penalty is levied if the person leave organization,

You may check the Terms and Conditions of your personal loan and salary account opening form. If there is any disconnect then you may complain to RBI Bank ombudsman. If all the T&C were specified and you signed and agreed upon then unfortunately nothing can be done.

Sankar
Sankar
9 years ago

CIBIL is a monster. I totally agree. I feel sorry for myself… I do not know what to do about it? :(

Sankar
Sankar
9 years ago

Nitin, I somehow missed closing one of my Standard credit card with 1800 due in Jan 2005 (which was not on my radar). Now I got a call from Shaha Finance which say they purchased debit from Standard Charter and asking me to pay Rs. 20000 to report this off my CIBIL report. I purchased cibil report but it is not delivered ever after 10 days I am following up with them. Not sure what is my scroe. My query is… Is there any cut off day for cibil to consider older transaction (as it is 9 years older). What should i do in this case. I cannot pay 20000 for a miss out of 1800. Other all my loan payments and credit card payments are clear

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Sankar

I suggest you to pull out and check your CIBIL report whether there is an entry of this credit card in CIBIL report or not. If bank has not closed this card in CIBIL database then entry will definitely be there and bank can demand amount defaulted. Though payment due is 9 year old but it will be reported as default as on date. CIBIL is not customer friendly and there is no re-appeal mechanism for customer. You need to handle with care. Pull out your CIBIL report then depending on report we will decide next steps.

If there is no existing entry in CIBIL databse related to this credit card then you need not to worry. Simply ignore as it cannot be reported now in CIBIL databse.

Sankar
Sankar
9 years ago
Reply to  Nitin Bhatia

I applied for report 10 days back. I have not received the report. Their self service portal is not working (throws page not found error). Call customer care they just give scripted responses “we have technical issue… concerned team is looking into it… wait for 3 days and reopen the tickets… no closure” I am completely lost

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Sankar

I pulled out my report few days back and it was working fine. Technical issue is common excuse.

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