remedy against mistake made by cibil/bank


Hi friends,

I am new to "Lawyers Club". I have a query in mind. Hopefully you will be able to help me out.

Recently, I applied for a Housing Loan, which was declined by the Bank due to some incorrect information in my CIBIL report. The report says, I took two loans of Rs. 29191/- on 04-08-2000, one of which was written off on 15-03-2002 and another one on 10-02-2005. BUT THE FACT IS I NEVER TOOK SUCH LOANS.

The CIBIL website says, they will normally take 30 days to rectify the mistake. I have a deadline of 29-02-2012 to make payment ot the Builder, failing which, Builder will start applying interest @18% pa.

I think, either CIBIL or the Bank has made a mistake at their end. WHAT IS THE REMEDY AVAILABLE TO ME? HOW I CAN MAKE THESE TWO i.e. CIBIL & BANK MORE RESPONSIBLE TOWARDS DATA MANAGEMENT, SO THAT THEY DO NOT COMMIT SUCH MISTAKES? IS THERE ANY PROVISION FOR IMPOSING HEAVY PENALTY ON THESE ORGANIZATIONS BY RBI/CONSUMER COURT FOR SUCH MISTAKES?

Thanks & regards

Aditya Choudhary 

 
Reply   
 

Granting of loan is the own discretion of Bank and borrower is not a cosumer in terms of Consumer Protection Act,however you can send a complaint to the Banking Ombudsman and higher authority of the said Bank.

 
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Dear Mr. Bhadra,

I have nothing against the Bank, which has declined my loan proposal. They have done so as per thier own norms.

But I am looking for remedy against CIBIL, which is showing wrong data and against that Bank (Name unknown as of now) which has forwarded wrong data.

Thanks & regards

Aditya P Choudhary

 
Reply   
 
FIN

RBI has set some guidelines.

1.The bank which has declined your loan application is under obligation to supply you the reason for declining in writing. This bank has to supply you certified copy of your loan application also. If the BM denies you may remind him that you can approach RBI. Submit a letter with your demand and obtain acknowledgment. You can issue a notice/legal notice.

From this bank has you shall come to know the details of the bank which has declared you a defaulter.

2. You are within your rights to obtain your credit report maintained with credit rating agency (ies). RBI has allowed banks to charge a fee not exceeding Rs.50/. You may enquire the fee from bank, and pay by cheque along with a letter asking for credit report from CIBIL by registered post and obtain acknowledgment of letter and cheque from BM of the bank. In your credit report ask specifically from name of the member (bank/NBFC) to be declared which has declared you defaulter. This credit report shall become the basis of your complaint and correction if any.

3. If these banks are adamant you can report the matter to Nodal officer of the bank by email and demand reply with soft copy of the credit report within say 2 days.

You can also use your approach and resources and obtain your report from and finance/loan companies which also have access to credit reports.

4. You can submit a stern letter to local BM of the bank , with a copy to chairman, nodal officer of the bank, which has declared you defaulter to correct the error say within 2 days and supply you a letter admitting error and begging apology at once and corrected CIBIL report within say next 2 days. The offender bank is legal obligation to do so.

You can also approach these officials on phone for faster response. You can issue a notice/legal notice.

 

5. AS rightly pointed out by Mr. Bhadra you can sue the offender bank thru BO or Consumer Forum but you shall need credit report from CIBIL in which you are declared defaulter.

These  banks and concerned officials do not deserve to be pardoned, therefore lodge a complaint with chairman and demand to supply you the name, designation, department, address with pin code, email id, phone number with STD code, mobile number, permanent address of the erring officials.

6. If you apply to CIBIL you have to pay Rs. 450+ and it shall take more time.

RBI website has all circulars on guidelines to the banks.

 

 
Reply   
 

Dear Mr. Doab,

Your comments are very informative. Thank you very much indeed.

Thanks once again. 

Aditya Choudhary

 
Reply   
 
RTI & CONSUMER ACTIVIST

You can obtain your report directly from CIBIL by following guidelines posted on its website. They are charging nearly Rs.150 for such report. After you get the report, you can take up matter with reporting bank. Please also follow:

Bank problems:

http://www.box.net/shared/12ijyj35xivah5ft3tt8

 
Reply   
 

Dear Sir / Mam,

I have applied for home loan in LIC and my loan got rejected because when they pulled my report using my pan card and date of birth they could see a different consumer name and other loan information(Including Credit card info)  which does not belongs to me. It is showing around 30 lakhs and some auto loans. I have closed 2 of my personal loan and my auto loan. I have no dues in my credit card for which i have NOC from bank.  When I see the report I could see 3 persons loan details are merged  in CIR report. I have raised the dispute request immediately on 20.4.2011 and CIBIL told that they have updated the correct data. But still the other person data is reflecting and the data in not accurate. on 26.4.2012 I have requested for CIR report and paid Rs.470  via online and as per  CIBIL it will take 10 business days to provide the report. I have sent my id proof and address proof via courier to CIBIL and they acknowledged and till date I haven't got my CIR report and no proper response from CIBIL on the same. Bottom line is - Still my name is not reflected in CIBIL report and LIC need my name to reflect and all the false data to be removed in my report then only my loan will be approved. I have all the NOC for my loans. Could you pleaes help me on resolving my issue. If it is going to get more delay then I need to pay penalty to my builder. Please help!!

Thansk,

Pandiyarajan.J

+91-9003076137

raja_mca04@yahoo.com

 
Reply   
 
FIN

You have posted that:

--"I have requested for CIR report and paid Rs.470"

Customer can avail the credit report by paying a fee of Rs.50+taxes from the institution. The bank has access to credit report and report can be supplied much faster also.

While you ask for the report demand name of the member to be displayed which has reported you to the CIBIL.

Thus you shall come to know who has reported false details. You can proceed against these members.

Banks have their compensation policy and are expected to compensate the customer thus avoiding the burden of litigation. Once bank accepts its fault and offers to compensate it is customer's discretion to accept or reject the amount of compensation.

--The CIBIL shall ask the member to update the details. The member e.g. bank has to correct or update the detail. Till that time CIBIL may remain silent.CIBIL shall supply updated report.

Customer shall loose the right to know which institution has updated false information. Customer should agitate to the defaulter institution and make them pay thru their nose.

You may find the attachments useful.



Attached File : 199467878 cibil report charges mainmenuenglishlevel-3 cibil.pdf, 199467878 right-to-cibil-credit-report-india.pdf, 199467878 rbi circular bank to obtain consent for sharing data with cibil.pdf downloaded 936 times
 
Reply   
 
FIN

You may find the attachments useful.

 

--The status is usually updtaed as:Status: Options include: Suit filed, Willful default, Suit filed (Willful Default), Written off, Suit filed and written off, Willful default and written off, and Suit filed (willful default) and written off.

These are taken as adverse by the institutions.

---Rectifying Information in your CIR


Q.14. How does an individual rectify information in his/her CIBIL Credit Report?

You should follow the below process for rectification of credit information in your CIBIL Credit Report.

  • Step 1: Access your Credit Report from CIBIL. Link to the section- 'Access Your CIBIL Credit Report' Please refer to the section on 'Access Your CIBIL Credit Report'
  • Step 2: Identify the error in your report and write to consumerqueries@cibil.com with your queries.
  • Step 3: Contact the related credit grantor(s) immediately and inform them of the error by providing them with the necessary proof of having cleared your dues
  • Step 4: Once the credit grantor validates the error (s), they will re-submit the updated information to CIBIL.

Please remember that CIBIL does not make changes to any information on its own. It is only a custodian of information received from credit institutions. CIBIL is permitted to make changes to your credit information only when it is confirmed by the credit institution(s).

 

Since CIBIL shall not correct the report you need to know the defaulter institution and chase them.



Attached File : 199467878 welcome to cibil.htm, 199467878 welcome to cibil 1.htm downloaded 419 times
 
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