I recently applied for a car loan and to my surprise i was blacklisted by CIBIL. I just want to make the following points sound and clear to the banks as well as CIBIL as well as to our government which first needs to act upon such organisations....
1) what has CIBIL done to educate the masses of determining each individuals credit rating? There is no way that CIBIL can blindly believe banks ( especially Credit cards) since the amount of agony a credit card creates its not worth ever looking at a persons history in repaying them.
2) CIBIL does not consider any loan repayment record and blindly only goes by credit card repayment. Credit card is not a gift from anyone that we are bound to pay whatever the bank charges. If they charge exorbitant rates of interest, it does not mean that a foolish indian citizen has to pay it. It works for fools of other countries that only live on credit cards.
3) Banks like ICICI are creating a blunder just by going into CIBIL records cause I am a customer of ICICI for the past 10 years and have cleared 3 loans without any hassles but recently when i applied for another loan i was surprised they do not go by my track record on loans but only CIBIL report. No wonder they are running under loss but do not want to show it. I am sure they are heading to another Leahman Brothers. Dont be surprised if you hear that this bank is closed down!!!!! so investors start removing your funds if you have invested here......
4) Lastly i was sufferer of Credit cards and i made it a point not to own any credit cards in future. But the irony is that our country has started depending on Credit Cards which is bad sign to our economy. Is our government promoting such things...... what a shame!!!!!
An apeal to the government is to stop such organisations which are promoting credit cards ..... very soon we will start hearing news that people commit sucide due to wrong credit ratings in CIBIL which would be the worst to happen to a country like ours.
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