CIBIL not adhering to Credit Information Companies Regulations Act

As per the Credit Information Companies Regulations Act, under Chapter VI: Information Privacy Principles and Furnishing of Credit Information

"If a credit information company or specified user or credit institution in possession or control of the credit information, has not updated the information maintained by it, a borrower or client MAY REQUEST ALL or ANY OF THEM TO UPDATE THE INFORMATION; whether by making an appropriate correction, or addition or otherwise, and ON SUCH REQUEST the CREDIT INFORMATION COMPANY or the specified user or the credit institution, as the case may be, SHALL TAKE APPROPRIATE STEPS TO UPDATE THE CREDIT INFORMATION WITHIN THIRTY DAYS AFTER BEING REQUESTED TO DO SO"

But when i called CIBIL and informed them that there is an inaccurate information appearing on my credit report and i want them to correct the same, instead of registering my complaint and initiating an investigation with the data provider they refused to take up the complaint saying that "we are only information reporting company and we report the information which is provided by banks. In case of any dispute or incorrect reporting i need to contact bank directly as they are the one who are reporting wrong information".

In this way they have clearly breach the Credit Information Companies Regulations Act and i want the concern authorities to take up this issue seriously to safeguard the consumer’s interest.

Now i have been denied credit by other credit institutions on the basis of CIBIL report which is inaccurate.

In such scenarios where bank denies accepting their mistake and update the information with CIBIL and on other hand CIBIL denies to register the consumer dispute poor consumer has nowhere to go.

Hence I request RBI to come up with strict procedures to safeguard the consumer’s interest similar to Credit Disputing procedures in developed countries like U.S, U.K and South Africa.

Comment On This

I have gone through the whole post with great interest.There are lot of victims out here who have similar salutation like yours.

As a expert ; Its quite advisable to escalate your matter to RBI BANKING OMBUDSMAN to get the proper resolution.

OMBUDSMAN team takes up these kind of matter on priority and check the complain with the concerned bank based on the details provided.

If the complain found satisfactory in the favor of yours; it directs the bank for such rectification with their record.

It may direct such institution ( bank ) for compensation also.

So it is quite advisable to lodge a complain to banking ombudsman.

One can catch me directly for any further assistance on my email id.

Regards

K Rajneesh

( Expert in Grievances & Escalations )

visit us : www.indianconsultantgroup.com

" Please don't print these information unless you really need to. Save Trees - Save Environment "

Comment On This

Its very true that CIBIL database is not being updated properly. There should be an option to the consumer to raise their concerns, also to pull record against their name. Banks which has funded is not doing their job even when a customer has closed the loan. This is really SICK and RBI is sleeping on this!!!...

Comment On This

What hs is saying is absouletely Correct.

I have loan closer letter from HDFC & CITIBANK, but they still reported the same to CIBIL.

Because of providing this my new loan has been denied.

There should be option inthe CIBIL they

should rectify the records when the Consumer produce the necessery proof.

If bank is lazy in sending correct information who is suffering.

RBI / CIBIL should ACT on this.