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Deaf ear in the digital era, and no one is talking about it.

  • Imagine a situation where the bank denied a small loan and that too against 100% collateral because of a poor CIBIL score. Whereas the same bank who denied the loan - itself is responsible for a poor score, as it didn't update the old paid and closed loans in CIBIL data.

  • Imagine a situation when you have completely paid the entire loan amount to a private NBFC, but it is shown as written off in CIBIL report.

  • Imagine a situation, wherein you have paid your entire home loan, six months ago, but yet being shown as active and pending in CIBIL report.

  • Imagine a situation wherein you intend to establish contact with CIBIL to correct the mistakes, search google for email and phone numbers. Finally you get it and try both. It's next to impossible to connect them and fills you with anger and frustration.

These are not imaginations but facts and have occurred with me. A few more situations are written as imaginations but are true and factual with current state of affairs.

  • Imagine a student who is looking for an education loan and his father has applied for an education loan, but the bank is not ready to give the loan because there is no Credit history ?

  • Imagine a family has made the down payment for their dream home and have applied for home loan , but it gets rejected because their CIBIL report has an entry for a credit card due which they have closed 8 yrs back and now neither they are getting loan , nor the builder is co-operating with them

  • Imagine a guy who is in need of personal loan, and if fully eligible for it, but could not get it just because his report has data of someone else whose name is close enough and the system has made the error ?

  • Imagine a guy following up with banks to update his data with CIBIL, then going back to CIBIL to know the status, asking 100 times about it, still not getting any clue on what is the status and finally he feels helpless and sorry for the whole system

Why in the digital era, the CIBIL record repaid loan updation takes more than a couple of months to be updated whereas the bounced EMI is immediately reflected in records. This is because of a gap in communication with banks . The whole system is not efficient enough for speedy updates. Given the huge banking system and widespread network, it's bound to have communication gaps. But when Loan can be granted in 45 minutes then why the CIBIL update takes ages and no questions asked.

What about the CIBIL score of defaulters like Malya, Mehul and Neerav.

Somehow this lethargy of financial institutions and CIBIL is hitting hard to Small and Medium enterprises and middle class who have gone through crises during this pandemic and now intend to reestablish then or wish to restart or expand their businesses with the help of financial institutions.

My story : Arun Rawat

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