In today’s world, integrity and transparency are the need of the day since it influences a whole lot of people and situations around you. It is so important to maintain the highest level of transparency while communicating with someone or while doing a financial transaction or any other activity that may have some kind of an influence on the person other than you. In this changing world governments across the world are creating robust systems.

Systems that would help us build a good culture, infrastructure facilities for the future and a robust financial system on which the economy of a Nation is so dependent on. One such system is the Credit Rating, Individuals and Corporates try so hard to maintain a robust and sound financial system. To check the right practices we have internal and external auditors as well. Now, CIBIL is one such system which has been well established for the benefit of consumers of all types, sizes and kind. For them to check their financial health and to improve wherever they are weak. 

Now the system works well and there is no doubt about it, there was a time when it had its own pitfalls but over the years it looks more dependable and reliable for users of all types. Unfortunately if any application made by you is rejected by the Banker / Lender for some reason then it is very difficult for a consumer to understand the reason for rejection since it is not disclosed by the Banker citing internal banking policy as a reason for non-disclosure of reasons for rejection of a consumer’s Bank Loan / Auto Loan or Credit Card. 

If a consumer is not aware of the reason for rejection of his application for lending, then how would he / she improve the area where they have to improve in order to develop / build a healthy credit history. 

I have taken this initiative for the purpose of many Indians like me who wish to understand the exact reason for rejection of their application in case they apply for a Loan / Credit card from a Bank or any RBI recognized Financial institution, It would be of great help if the individual understands where he / she is committing repayment mistakes / financial blunders which may damage their reputation and reduce their chance of obtaining financial support from the Banking system. The positive outcome of the disclosure would only help individuals to make  the repayments in time and also not do such mistakes which  may damage their credit rating. It also improves the transparency system in banking, Bankers / Financial institutions cannot just give a generic statement saying “ Application rejected due to our internal banking Policy”. Bankers will be forced to disclose the exact reason for rejection which would give the consumer a fair opportunity to improve. 

Think about it , Support the cause.

Regards,

Saraswathi Rao Ganrothu