Can Borrowers Dispute Credit Rank or Credit Scores? It is a million dollar question as nobody knows the technical permutation and combination of arriving at magic Credit Score by any Credit Bureau in India, which can make you eligible or ineligible for Bank Loans, Credit Cards, Personal Loans, Visas, Take Part in Government E-Tenders and sometimes in getting employment.
It is considered that all the Credit Bureaus have Veto Power to downgrade or upgrade anyone’s Credit Rating without providing any logic about the Magic Credit Rank or Credit Scores allotted to any individual.
As a renowned Credit Report Consultant and Credit Reports Guru, I am making research on the working of all the Credit Bureaus working in India viz CIBIL, Equifax, Experian, and CRIF High Mark. Sometimes I get perturbed when I find that young boys and girls, below the age of 30, who have never taken any loan or Credit Card from any Bank are denied the right to avail loans only because of Faulty Credit Reports. In one such live case, the boy and girl were to tie the wedding knot and they were both determined to purchase a New Flat through Bank Loan to kick-start their married life. Both of them were very honest and they had never taken any loan from any bank or lending institution. Both of them had a regular source of income making them eligible for the Home Loan of Rs.40 Lacs. But their Credit Report included one Credit Card issued by ICICI Bank and the same was in huge default. While I will discuss the whole Live Story through separate article, I had to work very hard to convince the ICICI Bank that somebody else had impersonated the young boy. Finally the ICICI Bank apologized from the young boy by saying that it was just an exception as due to some technological reasons – the Credit Card was mapped to the account of the young boy wrongly. It is another question if “Apology” can make good the loss of Credit Reputation and mental agony faced by the young boy at the hands of his would be wife, who at one stage threatened to break the engagement merely on the ground that he was a Bank Defaulter.
If you are facing similar problem or you have any question regarding your Financial Problem, Credit Report and Credit Score related Problem, Please do not hesitate to Ask Mr Goyal on his Whats App Nos.+919814915812 or +918849950799.