Its a sad beginning to say the least. Each and every individual will be at the mercy of these bureau's. The reports from these agencies will be used to charge high interest rates from the individuals for any loan or credits. And if one needs to be in the good books of these agencies then they need to take more loans or credits and repay on time. Thus more income for the financial institutions. Now isn't that killing two birds with one stone? Just look at CIBIL's share holding pattern. It says all. How the banks and institutions have ganged up against the individuals. Moreover they cannot be under the RTI act as they do not fall under public authority.
So many questions tend to arise when you have such agencies directly impacting the individuals.
1) How do we ensure that the credit report on individual given by these agencies are correct? Just do a google search and you will find plenty of false reports by which the individuals were affected. http://www.consumercomplaints.in/complaints/cibil-c41553.html is one such link.
2) Why not have such rating agencies for banks and financial institutions?
3) How about rating them on Fraudulent transactions, negligent services, unfair practises? Unsolicited credit cards, sky high and illegal interests on the credit card amount, bogus schemes are the order of the day. And to top up they have "Recovery Agents" as well.
4) Isn't it a fact that so many banks and financial institutions have done a vanishing act leaving the depositors high and dry?
In fact I did try to get few of my doubts clarified hoping that my fears will prove to be untrue. But alas that was not the case. I was shocked at the CIBIL chief's interview in Indian Express Newspaper dated February 6th 2005. As per the chief's interview in the Indian Express, if a credit card is sent unsolicited to an individual, then the responsibility falls on the concerned individual to get it inactivated/cancelled. :-(
So I did email CIBIL for clarifying this and few other doubts. I got reply from one Ms. Bhakti Sanklecha, Manager - Management Services & Operations asking for more details on the interview. I replied and am still waiting for their response!!
I certainly do not want myself to be rated on my credit worthiness especially by such agencies with doubtful credentials. But will I be able to? No way. No way.
My loan was rejected. Credit Sudhaar was my choice. Initially they were slow. But their counsellors were able to handle all my queries. I will give Credit Sudhaar a positive review
ReplyDeleteI 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.
ReplyDeleteMy application was rejected. Credit Sudhaar was my choice. Initially they were slow. But their counsellors were able to handle all my queries. I will give Credit Sudhaar a positive review.
ReplyDelete