[kingjulian]

It is using shortcuts such as these unscientific methods to screen applicants that are one of the reasons why banks are holding huge NPAs.

Credit reports have become a bit more like Bollywood scripts where the impossible is supposed to be taken with a huge dose of salt. But unless some big consumer cases land up at their doorstep or some one sues them for what they are worth, it is unlikely that things are going to change for the better in the near or long term future. And I am surprised that no one has posed a blanket legal challenge to these companies considering defamation suits are filed everyday by the dozens.

As a postnote, maybe the talented folk here will take up what John Oliver did in his show Last Week Tonight. For those who are curious to know what I am talking about, search "John Oliver Credit Scores" in youtube and enjoy the 20 minute piece about how rampant the credit score fraud is in USA and how the show hilariously gave those companies a taste of their own medicine (warning : clip may contain crude language)

[devarshi84]

For those in favour of CIBIL and CARE, I Have an excellent case in point.

Helios and Matheson. An IT company which was taking fixed deposits from people and under a huge debt. It went under. Care and CIBIL both had provided the company excellent credit ratings only a couple of months before.

Similar bloopers exist in North American nations too. They have three companies storing credit histories where people have to fight regularly.