[madhav]

I've had a very recent experience of my loan (car loan) being denied as CIBIL shows that I have an outstanding payment of Rs.1800. I had an outstanding with SBI which was duely cleared from my side and I also have an NOC from the Bank. But now I don't know to whom I owe this amount. I have other credit cards and loans where I have never defaulted payments.

Does this CIBIL report indicate to whom I owe money?

Does this report also tell about my payments pattern towards other loans/credit cards that I hold?

It seems pretty lame for a bank to only view an outstanding paltry sum of Rs.1800 as a reason to deny loan when my other payments have been extremely prompt. The way I see this, CIBIL should provide all information for a bank to decide whether or not to lend money to an individual. It cannot be a body to track only unpaid dues.

[coolbareilly]

Friends, I need urgent help.

I have applied for car loan through Axis bank and it has been denied by CIBIL. Reason: Outstanding amount on a credit card which is not owned by me. The worst part is, the person who owns this card has same name and DOB .
I use to get calls from recovery agent to repay the outstanding amount. After being escalated to the HSBC bank, they got that cleared. Now even bank doesnt have any details that claim I have outstanding amount. Now what should be my next step to get my name out from defaulters list of CIBIL.

[nkapoor777]

Originally Posted by coolbareilly

Friends, I need urgent help.

I have applied for car loan through Axis bank and it has been denied by CIBIL. Reason: Outstanding amount on a credit card which is not owned by me. The worst part is, the person who owns this card has same name and DOB .
I use to get calls from recovery agent to repay the outstanding amount. After being escalated to the HSBC bank, they got that cleared. Now even bank doesnt have any details that claim I have outstanding amount. Now what should be my next step to get my name out from defaulters list of CIBIL.

You need to contact HSBC and get them to ensure that your repayment record is cleaned up with CIBIL. CIBIL does not deny loans to anybody. It just gives out a repayment track record to interested lenders who fund/deny the loan amount to you based on this report.

And CIBIL would not clean up your record even if you submit all the necessary documentation. It is the responsibility of the respective lender to get your record cleaned up. Hope you have all the documentary evidence to push HSBC to get it done. If they don't, knock on the Banking Ombudsman's door.

[ntomer]

Originally Posted by NetfreakBombay

There are multiple factors that affect credit score.

E.g. if you never used a credit (never has a card, no loans etc) than your profile would have a default score.

Say you take 3 cards and total credit limit is 6 lakh across all cards. Then how much credit limit you actually use (and pay back on time) would determine your score.

If you don't pay in full, but do pay interest + some balance befroe due date your credit report would not have any negative remark.

But if you pay in full but pay 4 days late, that would go as late payment. If you don't pay anything for 90 days that would go as "default".

If you see a 200 Rs charge, and don't pay that as protest. After few months bank would "write-off" that amound since it would be too small to recover. It would be something like 8 - 9000 with interest + late fees.

That "write-off" would make you ineligible for any loan for 7 years.

I am suffering because of this. Recently I bought a home; and applied for a loan in IDBI bank. There some 10K are being shown as "Written Off" in my account and due to this banks has denied me the loan. And this despite the fact that in the past I have taken 4-5 auto-loans, 2 home-loans, couple of personal-loans, plenty of consumer goods loans, and regular payments for 10 years on my credit cards.

I am at my wits' end; don't know whom to approach. And if this loan doesn't get cleared in next two weeks, I stand to lose the advanced payment I had made on the home :-(

Nitin

[nkapoor777]

Originally Posted by ntomer

I am suffering because of this. Recently I bought a home; and applied for a loan in IDBI bank. There some 10K are being shown as "Written Off" in my account and due to this banks has denied me the loan. And this despite the fact that in the past I have taken 4-5 auto-loans, 2 home-loans, couple of personal-loans, plenty of consumer goods loans, and regular payments for 10 years on my credit cards.

I am at my wits' end; don't know whom to approach. And if this loan doesn't get cleared in next two weeks, I stand to lose the advanced payment I had made on the home :-(

Nitin

Firstly, ask any of the banks who have refused you a loan for a copy of the credit report. They would have got it from CIBIL while doing a credit check. Now you will see which is the lender who is responsible for this blot on your credit report. Approach them and in case this WO amount is there by mistake, you can ask them to give you a letter in writing to this regard. Take the letter to your home loan lender and tell him that your credit report will be corrected in due course (it can take anything between 1-2 quarters).

I am not sure what the procedure is if the WO amount is genuine. I don't think you can settle that with your lender in case the amount has been written off.

[ntomer]

I've asked IDBI to give me my CIR; but have got no response from them yet. I will also be applying to CIBIL tomorrow. But I guess that will take too long and will be useless for me.

There are only two cases of possible write-off which I can think of -

1. A CitiBank card: circa 2003 - CitiBank charged me for some insurance premium, which I had never given my consent to. I paid rest of the dues except about 2000. CitiBank kept on applying late fees and interest on this card and this amount reached 57K.
In Nov-09, I contacted them and offered to settle it. They agreed for 2K; I paid it and have the letter from them corroborating it.

While searching, I came across this - I have been marked as written off on CIBIL by HSBC credit card. - HSBC India Complaint. This is tooooo similar to my case. He has even applied to IDBI.

2. Tata AmEx card: circa 2002 - More details can be found here - http://www.team-bhp.com/forum/shifti...cici-bank.html

The banking ombudsman decided in my favor and ICICI had to return the amount. But I don't know whether they have given bad credit ratings to me; and I won't know it unless IDBI gives me my CIR.

I told you, I am in a bad situation :-(

Nitin

[GoldenParadox]

Originally Posted by ntomer

I've asked IDBI to give me my CIR; but have got no response from them yet. I will also be applying to CIBIL tomorrow. But I guess that will take too long and will be useless for me.

Nitin, I do not think this institution has the powers to grant or deny loans. This works like a central repository of credit information. Understandably, they will be advocating the banks' PoV.

1. It may be faster if you go directly to CIBIL, rather than through the bank.
2. The banks need to update CIBIL if mistakes have happened at their ends in the past, but, since this is apna India, it never happens unless you follow up, and there seem to be no norms to audit CIBIL transparently. (There should, since this agency is now beginning to directly affect whether someone gets a loan or not. Yourself, for example.)
3. The credit report takes from 10 to 15 days to reach you (direct from CIBIL). I don't know if this will help you, since you need this settled ASAP. Again, it is possible the application will move faster if you go directly. You might want to check with your bank.
4. Use only normal post or registered post. They use a post box number, and couriers will just return.

Hope this helps! All the best.

[ntomer]

Originally Posted by GoldenParadox

Nitin, I do not think this institution has the powers to grant or deny loans. This works like a central repository of credit information. Understandably, they will be advocating the banks' PoV.

Yes buddy, I know. When I said "applying"; I meant I'll be applying for the CIR.

Nitin

[Ranjan Sharma]

Originally Posted by coolbareilly

Friends, I need urgent help.

I have applied for car loan through Axis bank and it has been denied by CIBIL. Reason: Outstanding amount on a credit card which is not owned by me. The worst part is, the person who owns this card has same name and DOB .
I use to get calls from recovery agent to repay the outstanding amount. After being escalated to the HSBC bank, they got that cleared. Now even bank doesnt have any details that claim I have outstanding amount. Now what should be my next step to get my name out from defaulters list of CIBIL.

Hey what a co-incidence. Today I got a call from some Idiot asking me to pay 56K for a credit card I owned. I asked them to come at my residence and meet me. 2 heavy black guys came over and almost created a scene. They said that I owned a credit card in 2008 and strangely the bank is same as your's HSBC

It seems the CC amount is 56K and I have not paid it since 2008. I was like and asked them to prove it that it was me. They gave me the DOB, Name, Father's Name and also Office address. Everything is same as mine Somehow I convinced these morons that I would come to the bank and talk to them at the bank itself. Now I am too busy to go to the bank which is in Chamarajpet. I will have to take a day's leave to go which I don't think is worth.

Please suggest me some way to handle this menace. I don't want these illiterates to come at my house and create a scene in front of the whole society without my fault. Paying for the CC is the last thing I would like to do.

I have lodged a complaint against the bank with Banking Ombudsman's .

[ranjitp1]

Originally Posted by nkapoor777

I am not sure what the procedure is if the WO amount is genuine. I don't think you can settle that with your lender in case the amount has been written off.

In case its a genuine written off case(cases where cards have been settled etc),then the only option is get in touch with the credit dept of the bank and check with them what is the outstanding on the card,if there is an outstanding,then clear it with the bank and tell them to reply via email that they are having it updated in cibil as well.Updation of records in cibil is done only once in a month by most banks.

The part about able to access your credit report is good,but the downside is that the credit report does not contain a credit score.The CIR that is provided to the banks by CIBIL contains a credit score whereas the CIR provided to the public does not have a credit score.This is a huge negative as the banks would tell you that your score is so and so whereas you dont have any proof to counter it.

As on date any score above 800 is a good score and is a sure shot to getting loans.Anything less than 750 is looked upon with suspicion by the banks.

[AlokSriva]

Just spoke to the branch manager of Corporation Bank from where I got my auto loan and he mentioned that even individual branches do not have access to the applicant's CIR score. This is communicated to their centralized loan processing center which merely gives the branches a nod (whether vertical or horizontal ) to proceed with the loan application.

However, he did confirm that the score needs to be >= 800 for a loan application to be approved.

[kiku007]

Originally Posted by WhiteKnight

A badly managed credit rating agency which is heavily biased towards Financial Institutions with the individuals have neither access nor prior notice about their own credit rating. If an individual wants to correct wrong information, he'd need to find who filled it and go after that bank/FI to get it done. Have you ever tried chasing a bank? Suddenly you would find their branches don't have responsible people and their phones not working.

They even have a disclaimer that says they are not responsible for the authenticity of the information provided.

Now you have to pay to get the garbage some FI has thrown at you, without even telling you. Hights!!!!!

+10000!

I just had a bad experience with this crap called CIBIL.

My dad applied for a Car Loan at SBI. SBI came back saying that the CIBIL report says that my dad hasn't repayed 2 loans and also that for 2 loans for which my dad has gauranteed are defaulted. ALL these loans have been properly re-payed. NO DEFAULT whatsoever. We had to check with the respective banks and get the closure letter.

Then SBI came up with some other internal notification which I didn't understand. I had enough. Taking the car with full cash now.

Of what use is this system when Banks, Lending institutions and CIBIL are not sharing the right info?

I need to discuss with my dad on taking legal action on the people responsible for this crap!

[bblost]

You can now purchase your CIBIL TransUnion Score directly from CIBIL.

Details here: https://www.cibil.com/d2c/

[wheelspin1712]

Very bad experience with CIBIL !!! If they manage it well, it will be really good.

For no reason, i had couple of few crores showing outstanding on my account and my dad almost had a heart attack

It took me almost a month to get a response from them and to clear my account.

Pretty sad !

[mjothi]

Originally Posted by wheelspin1712

Very bad experience with CIBIL !!! If they manage it well, it will be really good.

For no reason, i had couple of few crores showing outstanding on my account and my dad almost had a heart attack

It took me almost a month to get a response from them and to clear my account.

Pretty sad !

Very scary to hear that.

My friend applied for a SBI loan, and came to know about a outstanding of a credit card which was closed years ago.

The stupid terms "waived-off" is very dangerous. Please be careful when credit card guys inform you that they waived off your annual fees etc.

Even after waiving-off and closing, the amount keeps accumulating with interest and that's how it reflects in CIBIL reports.

I think everyone should register and check their report constantly.

Anyone registered and used their service? Hows it? Any feedback?