Skumar (Executive) 30 January 2011

Future at risk - advise

Dear Sir,

I am applying for a education loan for overseas studies. I understood that my credit details in cibil shows written off for sbi credit account and overdue for icici account.

i was using these cards 3 years back and was forced to close because of lot of issues. the banks didnot send me the statements regularly because of which my intrest /late payment fee was charged. i told the bank officials that it was not my mistake. I didn't get the statements on time and hence the late payment. i told them i will only pay the principal amount and not the interest and late payment. After seveal requests they agreed and i paid as per their deadline.

i also have no due letters from both the banks. however in cibil database, sbi has said "written off" and icici has said "overdue"

My future depends on this education loan approval. The bank is not ready to approve my loan because my cibil data. Please suggest me how do i take up this matter with respective bank officials. Will they agree to correct my data in cibil.

Please advise.

Thanks

Reply Follow

4 Replies

Siddharth Kulkarni (Legal Advisor) 31 January 2011

Dear Sir,

You can contact the credit grantor from whom you have availed the loan and request the necessary changes. The credit grantor will then report the change to CIBIL.

However, in case of default in the said procedure on the part of credit grantor, you can move a complaient to the concern banking ombudsmen. kindly take care that your have written records of the said proceeding.

Kumar Doab (FIN) 03 February 2011

CIBIl report has various options as you can see from their sample at their website.

The report is recorded/updated by CIBIL as per the data and information supplied by the member bank to CIBIL.

At the time of making payment you should have pressed for issuing you a copy of your CIBIL report by apying a fee which is set at a maximum of Rs.50/- only and the bank has to supply it to you.The bank has to confirm what is their fee.You should have negotited for a clean CIBIL report before making the payment.

If you had done that you can claim unfair practice by the bank.

For correction you may ask the banks and do not fotget to obtain the copy of your credit report of CIBIL and it should be as it suits you.