Posted by Sandeep Shelke on September 15th, 2013
Credit Information Bureau (India) Limited collects the information about your financial transactions like loans, credit-cards, repayments etc… So that this can be used by financial institutions while processing your credit requests. Which essentially means to screw you if you have defaulted in any of the re-payments.
Most unethical practice these financial institutions follow is they would request your credit score and then if it has any problems they will decline your credit request without any clear reasoning. You’re then left with no option but to approach the CIBIL for the credit score/report.
Now, since you need your own credit report which is collected without your notice you will have to pay for it. Why? What purpose does this data collections serves a consumer? It doesn’t matter to me at all. By the way there is no correctness check on the information provided the financial institutions.
You are not even given an opportunity to register protest against the wrong reporting. The whole CIBIL system is the bloody anarchist/fascist in its functioning.