CIBIL Scores - Just an Harassment
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Now a days generally every financial institution/lender refers to CIBIL score before a loan is sanctioned to you.
But, is the score shown by CIBIL report really correct. How is the correctness of data verified.
It is a good initiative and instead of making it a threatening record, we should make CIBIL records a responsibility.
Loan requests are declined by financial institutions without bothering the correctness of information in report. They do forget the fact that incorrect data is sent by many of such institutions only.
As experienced, the CIBIL report does not show accurate in many cases. The data published in report may not be actually related to you, but may be spoiling your credit history and score. Seems incomplete data pushed to CIBIL is not filtered by CIBIL but is randomly published in someones records and makes an individual suffer. Instead of questioning financial institutions to provide accurate information, CIBIL leave it on consumer to suffer and raise dispute.
Though there is option to raise a dispute, but the process is extremely slow and tedious. Disputed accounts/information should be kept out of Credit Score calculations.
Most likely loan requirements are immediate, else why would anyone apply for a loan if they had enough finance to support themselves. But by the time CIBIL scores get corrected an individual may loose an opportunity for which loan was applied in addition face an embarrassment of rejection.
CIBIL should show for each listed account the mechanism which are matched to qualify to be listed in any individuals/consumers report. Eg based on Name and PAN, etc
CIBIL should also make mandatory for financial institutions to provide some mandatory and some optional information without which data will not be accepted and not updated in CIBIL score. Examples can be
Atleast one of these -
Driving license number
There is also a need to secure consumers interest and put a penalty on financial institution who send incorrect/incomplete information
A consumer should be compensated whose score is impacted due to incorrect data.
Also, why should a consumer be restricted to view the CIBIL report and data on payment or only selected number of times in year. Scores which financial institutions are referring before lending should be made freely available to consumer to verify that his credibility is effected due to someone else mistake.
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