Has your name wrongly included in the List of CIBIL Defaulters?
CIBIL and Lending Bankers and Financial Institutions are doing blunders and injustice to honest Loan Payers when they find that their CIBIL, Experian, Equifax or CRIF High Mark Credit Report brands them as a defaulter. Such is the anguish among the general public that they want to spend lacs of rupees to get justice by getting either CIBIL and other Credit Rating Agencies penalized by the Courts or by getting compensation from the Banks and Finance Companies, who have wrongly branded them as a Defaulter and thus damaging their Credit Reputation which is difficult to be restored in short run.
When we at CIBIL Consultants, contacted CIBIL authorities on behalf of one of our clients about the wrong CIBIL Report, the CIBIL washed off its hands from the controversy by saying:
“In this regard, we would like to inform you that TransUnion CIBIL collects and maintains the credit history of consumers. We obtain this information from Credit Institutions. TU CIBIL matches the data submitted by different credit institutions basis personal information like Name, Date of Birth, PAN, City, State, Pin Code, telephone numbers to generate an individual’s Credit Information Report (CIR). We use complex match logic to help ensure that the errors do not occur. This is an automated process and involves no manual intervention. However, if the personal information of an individual is common/ similar to another individual, that data of two individuals get merged due to lack of unique identifier. This may lead to inaccuracies in the CIR.”
CIBIL, when contacted, informed that they just collect the data from the Banks and Based on CIBIL Data submitted by all the Banks and Finance Companies, who are members of the CIBIL, the TransUnion CIBIL prepares the CIBIL Credit Report and they can neither add nor remove anything from CIBIL Report without the approval of the reporting Bankers and Finance Companies.
Now the question is “Who is the Real Culprit?”. Obviously the Bankers and Finance Companies who have submited the inadequate or wrong CIBIL Data to the TransUnion CIBIL.
So far there is no law in India that consumers can sue any of the Credit Rating Agencies like CIBIL, Experian, Equifax and CRIF High Mark. The consumers can raise only manual or online disputes with Credit Rating Agencies. On receipt of the DISPUTES the CIBIL contacts the Nodal CIBIL Teams (which can not be contacted by the consumers directly) of the reporting Banker or Finance Company. CIBIL promises dispute resolution within a period of 30 days but in case the reporting Bankers do not reply to the CIBIL, the CIBIL authorities feel helpless and just keep on apologising their consumers. Apology can never be accepted as a Compensation for the Loss of Credit Reputation and mental agony faced by the honest loan payer, who has never defaulted.
Landmark Judgement against Wrong Branding as CIBIL Defaulter:
As per News Item published in The Tribune dated 14-10-2018, in a recent judgemnt, the consumer forum in Chandigarh came down heavily on Bajaj Finance Limited and fined it Rs 65,000 for having wrongly included the name in the list of CIBIL defaulters as the 30-year-old consumer had also to face criminal proceedings because of the firm’s mistake. The forum allowed a compensation of Rs.50000 and litigation costs of Rs.15000-00.
This Landmark Judgement is a ray of hope for millions of honest loan payers who are branded either by the Banks or the CIBIL as defaulters. In my opinion the Government of India should enact a law to protect the honest loan payers by asking the CIBIL and the Lending Bankers to set their records straight in such a way that none of the honest loan payer is branded as defaulter in CIBIL Reports. In case of mistakes either by CIBIL or Lending Bankers, there should be minimum punishment in the shape of Compensation payable to the effected Loan Payer for having suffered due to wrong reporting. Howver in case CIBIL and the concerned Banks do not rectify their mistakes in stipulated time under the proposed act – the quantum of compensation should go on increasing in geometric progression till the error is rectified. In the absence of any such law the honest loan payers feel harrassed by irresponsible attitude of the Transunion CIBIL, Lending Bankers and Finance Companies – who keeping on doing blunders with impunity.
Having restored the Credit Reputation of thousands of clients, we at CIBIL Consultants also provide inputs and suggessions, of course by charging the applicable professional fees, if their case can win them Compensation from Consumer Forums or not.