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Old 21st June 2013, 14:51   #46
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Default Re: The Devil in CIBIL (reports)

This thread really helped me as it prompted me to obtain my CIBIL report.

I got a shock wherein the report shows me as having taken a loan from Karnataka Bank for 1 lakh sometime in 2003 which was (luckily) closed, whereas I never dealt with Karnataka Bank for anything.

Since the CIBIL report states that the erring institution has to change the record, I called up Karnataka Bank and was passed on to one of the personnel there, Mr. Ramachandra. I was more shocked when this person tried to wash his hands off the matter and said that anyway the loan is closed. I then strongly told him , either way, that the record HAS to be corrected. He has now promised to look in detail and provide me a contact in the branch responsible (luckily it was in Bangalore) to resolve the issue.
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Old 22nd June 2013, 19:42   #47
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Originally Posted by Vishbull_6157 View Post
Hello Friends,
If you have any long due credit card outstanding, that will haunt you for a longtime.
That is some interesting info you have given. I have a question - I know someone who had a savings a/c in a private bank. This was well over 10 years ago. The story roughly goes like this - being fed up of the high charges, etc., he wanted stopped using the account after withdrawing all funds. After such a long time, he is not terribly sure how he closed the a/c. But one he remembers for sure - he did write a registered letter to the Bank asking for the account to be closed. After that, for several years there was no communication from the bank, and he assumed that he did not have anything to do with the bank and forgot about the issue. Then some 2-3 years ago, he received a letter from the bank with the account details showing a negative balance of some fancy figure... something like 70 - 80k. The letter asked him to normalize the account immediately. Due to health and other reasons, he did not visit the bank, though he did intend to settle the matter. After that letter some 3 years ago, again there has been no communication with the bank.

Please remember that this 70 - 80k that the bank is showing as -ve balance is purely made up of their penalties for not maintaining minimum balance, etc, and maybe interest on that (not sure of that). The a/c had no -ve balance nor did he have any dues to the bank when he washed off his hands off the a/c.

Upon taking some advice, he received varied advice - said he should go to the bank and settle it if they agree to a substantially lower sum. Some said don't pay a single Rupee, and fight it out legally if the bank pursues the matter, as the charges are made up entirely of fines/penalties... he never owed anything to the bank to begin with; so what the bank is asking for is entirely "notional".

Now my question is, just in case one fine day the bank does decide to follow it up, what are the possibilities? Or would the bank have written off the notional dues as bad debt, as it has been a lot more than 7 years?
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Old 24th June 2013, 21:35   #48
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Now my question is, just in case one fine day the bank does decide to follow it up, what are the possibilities? Or would the bank have written off the notional dues as bad debt, as it has been a lot more than 7 years?
Hi Racoon, glad you found what I wrote interesting. Am also happy to share that savings accounts and other assets are not reported in your credit report.

Hope is helps , sharing a link for more information http://www.cibil.com/faq/general/general-faqs#t68n104
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Old 24th June 2013, 22:21   #49
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Default Re: The Devil in CIBIL (reports)

Will to thru that soon. Thanks a lot.

However, he isn't much interested in the CIBIL report. The concern is if one fine day, the bank decides legally try and recover the so-called dues which have piled up over the years. Any ideas?
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Old 24th June 2013, 22:29   #50
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Will to thru that soon. Thanks a lot.

However, he isn't much interested in the CIBIL report. The concern is if one fine day, the bank decides legally try and recover the so-called dues which have piled up over the years. Any ideas?
I am not sure, but I don't think so. It will be most probably written off.
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Old 25th June 2013, 01:00   #51
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Default Re: The Devil in CIBIL (reports)

Hopefully... Thanks anyway.
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Old 5th September 2013, 17:16   #52
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Default Re: The Devil in CIBIL (reports)

It is time to conclude my CIBIL experience. After all the follow-up with the customer service departments of five different banks (sometimes all the way till the Nodal managers), I managed to convince the banks to correct the erroneous data that had crept up onto my CIBIL report and only because the banks did not bother to provide CIBIL with additional data ; and CIBIL took the liberty of doing minimum cross verification while preparing the Credit report.
After four months, many emails and many more calls later, my Credit report has been updated and is now showing a respectable 800+ score. But it is of little consolation, as the deal that I was looking for at the time of loan application is long gone now. Also disgraceful is that the whole mechanism of credit reporting gets away scot-free (sending apologetic emails that are probably auto-generated does not constitute repentance) and really there are no lessons learnt nor any beneficiaries all along the process.
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Old 6th June 2017, 16:29   #53
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Default Re: The Devil in CIBIL (reports)

Sorry to wake up an old thread, but this is the thread that best matches my question.

I recently applied for a housing loan with SBI. The loan sanctioning executive mentioned by CIBIL score to be somewhere around 770. He showed a section in the report where there were multiple inquiries done (some for even Rs 1000). There were around 6-7 such unauthorised inquires which impacted my credit score badly.

Is there any way to revert this bad rating? Is there a way to know who actually made those inquiries without my authorisation?

Note: This is the first time I'm applying for a loan. I never had any defaults, late payments, or unpaid credit card dues.
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Old 6th June 2017, 17:28   #54
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Originally Posted by scorpion_blore View Post
Sorry to wake up an old thread, but this is the thread that best matches my question.

I recently applied for a housing loan with SBI. The loan sanctioning executive mentioned by CIBIL score to be somewhere around 770. He showed a section in the report where there were multiple inquiries done (some for even Rs 1000). There were around 6-7 such unauthorised inquires which impacted my credit score badly.

Is there any way to revert this bad rating? Is there a way to know who actually made those inquiries without my authorisation?

Note: This is the first time I'm applying for a loan. I never had any defaults, late payments, or unpaid credit card dues.
770 score is good enough for a loan.
Don't worry about it .
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Old 6th June 2017, 18:25   #55
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770 score is good enough for a loan.
Don't worry about it .
Yes, applying for the loan was not a problem. But I want to revert the damage already done on my CIBIL rating. Hence trying to find out if there is any way to know who made those unauthorised inquiries.
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Old 6th June 2017, 18:42   #56
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Default Re: The Devil in CIBIL (reports)

I think the detailed report has some kind of information on who made the query.

The damage of it cannot be undone. Companies claiming to improve to undo such damages are mostly selling snake oil.
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Old 21st June 2017, 18:58   #57
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770 is good enough. Also, you can now get your number yourself for free by registering on the CIBIL site. If you want detailed reports then you still gotta pay. However be careful in using this as it will count as one inquiry.
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Old 21st June 2017, 19:50   #58
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Default Re: The Devil in CIBIL (reports)

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However be careful in using this as it will count as one inquiry.
Sorry to be a bit basic, but why does an inquiry have to impact the credit score at all? In fact the inquiry helps them make money, right?
It does not have anything to do with my capability or willingness to take a loan or repay it, either partially or in full.

Well, I need to careful with raising this query here. Maybe CIBIL will hit my credit score if they read this post! I wonder who came up with the rules of this game and why they are still being followed. Darn, there goes my score again

Last edited by selfdrive : 21st June 2017 at 19:53.
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Old 22nd June 2017, 14:32   #59
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Default Re: The Devil in CIBIL (reports)

I have also heard this: each time a CIBIL inquiry is made, it lowers the score. Not sure by how much of a factor. So it is advised not to investigate too frequently. This logic really does not make sense to me.

Coming back:
Last year I had a huge fiasco with ICICI bank, where they disbursed a loan on my name without my final approval + tacked on a life insurance or something. The loan was cancelled by them and I was not charged any EMI. IE: the loan was not transacted in any format. Till date it shows as open on my CIBIL. Most banks (after this), just asked me for ICICI's loan cancellation final statement, and put this black mark on my CIBIL as "ignore". CIBIL seems fake here, in India.
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Old 23rd June 2017, 10:24   #60
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I too was concerned about the reason for reducing the score after enquiries. After asking a few questions, I was basically told that the algorithm which calculates the score is very confusing and not many people understand it. Sometimes it reduces the score after an enquiry and sometimes it doesn't. This is all very weird in my opinion. Matters of financial health shouldn't be such cavalierly handled.
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