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| Posted On :- 20/03/2008 | |
| Question Asked :- | |
| Citibank has imposed on me a credit card without asking me and they billed for all sorts of insurance without my consent. When I did not pay, they sent my name to Credit Information Bureau (India) Ltd. After negotiations with Citibank, I cleared all the dues, and Citibank also gave me a certificate that no dues are pending and my credit card is also cancelled. Now, after going through your answers in HT (Saturday, Delhi edition), I have requested Credit Information Bureau (India) Ltd to reveal the credit status of mine. They refused to part with the information saying that they reveal the details only to the banks/financial institutions. I reminded them that according to Credit Information companies Regulations Act, 2005 they have to reveal the status on request. They declined to do so. When I wrote to Citibank, asking them to clarify if they wrote back to Credit Bureau after clearing the dues, there was no reply from their side also. (Dr. Prasad) | |
| Answer :- | |
| The Credit Bureau records all your transactions with the bank and not just when you are in default. So even if you pay on time it will record the fact that you pay your bills on time. So the fact that you had defaulted on the credit card as also the fact that you paid up the amount in full will remain a part of the credit bureau records. The records are only changed or removed if there has been a mistake in the original entry itself (in your case if the bank had agreed that the default was due to a mistake on their part).The record of the default will be available to all users of the credit bureau and hence even the fact that you eventually paid up the entire defaulted amount may not necessarily improve your access to loans or credit cards in the future (since lenders in the future will always be aware that you had defaulted in the past with Citibank though they will also be aware that you paid up your dues eventually). Apnaloan urges all consumers to take any disputes with the bank extremely seriously as it can ruin your chances of getting loan in the future. The problem faced by you is not uncommon. The reason is that (probably) the licenses under the Credit Information Companies Regulation Act has not yet been issued. Hence, the Credit Bureau is still not bound by the provisions of the Act. Even under CIBIL’s own rules if a bank refuses to give you credit based on the credit report that they get from CIBIL they (the bank) have to provide a copy of the credit report to you. You can apply for a credit card and if the concerned bank declines to issue the credit card to you then you will be within your rights to demand a copy of the credit report received by them from CIBIL. On the other hand,if the concerned bank issues the credit card to you then you know that your credit history is clean and the (alleged) default has not been reported to the credit bureau or had been removed from your records.You can also file a complaint with the RBI (www.rbi.org.in). | |
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