In the instance of a consumer loan which has not been repaid for 3-4 years, which shows up in the CIBIL database. The issue is that the bank sent the details of only the principal amount instead of the total outstanding amount. Why is the bank not sending details of the total outstanding amount including the late fees and interest components to CIBIL?
LRC’s Reply: First, it is necessary to understand that CIBIL is not your lender; it only displays an individual’s credit-worthiness depending on his/her financial transactions. Therefore, to know your liabilities and outstanding at any given time, you need to approach your lender and not CIBIL. Secondly, all lenders send their respective data to CIBIL or any other credit bureau, on a periodic-cycle basis and not in real time. Therefore, it is not possible for the lenders and credit bureaus to show the ‘late fee and interest’ components in real time as
these keep changing with the time/ tenure.
Have a legal question? Try Moneylife Foundation’s Legal Resource Centre. Check out
http://lrc.moneylife.in and register at http://moneylife.in/lrc.html
NOTE: If you are facing similar issue, you may want to get help from Moneylife Foundation's free Credit Helpline http://www.freecredithelp.in/
Expansion without dilution makes this market leader in Hydrogen Peroxide production an...
PNB Metlife's Met Family Income Protector Plus is an expensive term plan
PNB MetLife has...