Credit Sudhaar asking Rs16,000 a year for restoring 'credit'?

Credit Sudhaar, a non-specified user entity is sending mails to people whose loans have been rejected. It not only claims to enhance and protect but also 'restore' credit of individuals for a yearly fee of Rs16,000. However, the firm has no answer about how it could do the job

Is Credit Sudhaar, a firm set up by former bankers Gaurav Wadhwani and Arun Ramamurthy,  again misleading people through tall claims in a mail campaign? (http://www.creditsudhaar.com/welcome_3.php ) Its inability to answer Moneylife’s queries about its claims would suggest it is the case. Earlier too the firm had claimed to have a tie up with Credit Information Bureau (India) or CIBIL and was offering credit advisory services at CIBIL Market Place. Till today, both Credit Sudhaar and CIBIL have kept mum about their ‘strange’ collaboration. But more about it later.

 

Meanwhile, at an open house with Dr KC Chakrabarty, deputy governor of the Reserve Bank of India (RBI) an inmate claimed that when CIBIL sends a defaulter report, that person also gets an SMS from Credit Sudhaar, suggesting a partnership. 

 

In the recent email campaign, Credit Sudhaar is asking people to become its members by paying an annual fee of Rs16,000 (earlier it used to ask Rs10,000 for the same job at CIBIL Market Place). It claims with this kind of membership fees, one can “restore, enhance and protect” one’s credit! Here is what Credit Sudhaar claims to provide in lieu of the Rs16,000...


When we asked Mr Wadhwani and Mr Ramamurthy to explain, how exactly this works, they avoided providing answers. Instead, Mr Ramamurthy, forwarded our mail to their PR agency, which, sought a week to reply. When we requested the agency for answers, T (Talari) Anand Mahesh, managing director of Mavcomm Consulting Pvt Ltd (the PR agency) cautioned us against publishing any content pertaining to Credit Sudhaar without receiving a suitable response by the authorised persons or directors.

 

“If you choose to go ahead, you and your company shall do so at your own peril and costs,” Mr Talari said.

 

Here are the questions we asked to Credit Sudhaar...

 

1.   As mentioned in our stories (Credit scores are a big zero and http://foundation.moneylife.in/?th_galleries=experian-credit-score-camp ), not all credit bureaus in India are providing detailed CIR or credit scores to individuals (due to lack of data). So how "Multibureau Analysis of CIBIL, EQUIFAX, EXPERIAN Credit Reports" works?

2.   As per our information and understanding, there is no training facility or institute for credit counsellors in India. How and from where your counsellors are trained and received certification?

3.   Is the National Association of Certified Credit Counsellors (NACCC) accreditation recognised or accepted in India? If yes, then can you please tell us names of the entities who recognise or accept this accreditation in India?

4.   Your mailer claims to provide "error tracking and reconciliation". Can you please explain what exactly does one (and how) reconcile a credit report?

 

Till writing the story, neither Mr Wadhwani and Mr Ramamurthy nor Mr Talari has provided any answers. We will incorporate their answers as and when we receive it.

 

Coming back to Credit Sudhaar's earlier tall claims, there is still no word from CIBIL on this strange partnership. Earlier, in an email, CIBIL had said, “It is important to note that to access CIBIL Market Place, consumers access their own credit report and score. The service is available to the consumer if he chooses to avail of it and not otherwise. This approach works well for consumers who have good credit health but is not effective for consumers who do not. Consumers who are in a debt trap and not financially literate are not able to identify assistance easily if they need it.”

 

Surprisingly, at that time Credit Sudhaar sent us a screen grab of the CIBIL Market Place . The images showed Credit Sudhaar as the only entity providing any service to customers at CIBIL Market Place.

 

Moneylife then pointed out to CIBIL that Credit Sudhaar was neither registered with the Reserve Bank of India (RBI) as a non-banking finance company (NBFC) nor it was a specified user entity of the credit bureau and was still accessing credit records of crores of individuals.

 

Credit Sudhaar is just a specific services provider. CIBIL was allowing credit institutions and others to sell their loan products or other services on its Market Place. Credit Sudhaar was only registered on Market Place to offer “credit advisory” service for which the charges were Rs10,000 (it was mentioned as processing fees).

 

In an email reply, the firm had said, “Credit Sudhaar is associated with both Safe Capital and Dipran. Both Safe Capital and Dipran are members of CIBIL”. This also means, Credit Sudhaar may be using either Safe Capital or Dipran’s login credentials to access the CIBIL database, especially the portfolio review, which gives complete details of an individual.

 

CIBIL replied, saying, "With specific reference to the suggested misuse of benefits by certain of our Members, we are investigating the same and will take appropriate action." There is still no word from CIBIL on the investigation.

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    COMMENTS

    Mahendra

    2 months ago

    PATHETIC SERVICE RESPONSE FROM CREDIT SUDHAAR (CREDIT BIGAAD) TEAM.

    From my personal experience i would suggest not to enroll for their services. Refer details below you will get an idea how they work.

    I didn't expect this kind of service from you and your team.

    Incase of your absence the account needs to be taken care off by someone else from your team or atleast your Supervisor can have a look into the account for query response. But there is no revert from your supervisor as well.

    This was the reason earlier i had put the payment on hold as i was not getting the proper services / response from your team despite of enrolling for services. When whenever i had called for any assistance i have been told that we will get back to you but there is no timely revert.

    If your team provides such kind of services then, how come you expect a person to make the payment to you. Despite of making payments 2 months back the data on the wall is not yet updated

    As per my last discussion with you and your team, I have been told that once i make the outstanding payment ( balance 2 EMI ), we will provide you the extension of services for 2 months, however there is no response from your side. Also, there is no update on the wall with regards to the balance payment and score update.

    People come to you for assistance regarding their credit score improvement and get rid of the outstanding loan / credit card amount. But your team creates more problem for the people, by getting the services enrolled. They loose their money and also they get frustrated in following up with you as well for the support, which hardly happens from your team. I have personally experienced this since 2015. Your team had not provided a proper support despite of paying more than Rs. 25,000/- for the services which was part of my agreed plan.

    All members from your team are same. No one takes the ownership to get the issue resolved.

    Below are the people whom i had been following up with.

    1. Fatima N
    2. Venkatesh Asir Nadar
    3. [email protected]
    4. [email protected]

    Also, i have personally visited their office but still you guys are not taking a ownership to resolve the issue.

    I have not seen such a pathetic service from any agency. You should change the company name from CREDIT SUDHAAR to CREDIT BIGAD which is suitable as per the way guys work.

    V Kumar

    6 months ago

    I personally say one thing, Credit Sudhaar has nothing to do with Cibil. They are just fraudsters who are collecting money from people who are trying to make their Cibil good.

    REPLY

    Miteysh H Shah

    In Reply to V Kumar 6 months ago

    Why don't we file complain together?

    venkateshwar rao

    9 months ago

    I faced same situation where I interacted Mr. Nikhil a manager and Suchitra who used to tell to clear my CIBIL score. I paid nearly Rs 70000 to the banks as per their advice and there is no improvement in score and updation in CIBIL. When I contacted them suchitra says she has resigned and Nikhil says that is not his duty to see to update in CIBIL. These fellows simply cheating people saying one thing before the payment and do nothing after payment.

    Miteysh H Shah

    1 year ago

    Yes this article has point. Me too has been cheated. credit sudhar person Dipesh Gawas promises to resolve my problems & for ₹39000 & also improve my scores.
    After payment done, he stopped replying my calls & emails. Than priyanka came till call confirmation stage & than she also disappeared.
    Now 3 months passed, nothing moved further so I asked for refund. New person mr. Amol talking to me, said money is non refundable, we are just advisory company.
    I sent lots of emails to Dipesh because he promised me after long discussion, but not a single reply from him.

    Victims here, interested in gathering & going to there office?

    REPLY

    V Kumar

    In Reply to Miteysh H Shah 6 months ago

    I personally say, Directly approach nearest police station and file an FIR, then the So-called Company Directors, and MD, CEO will come to you and let the world know what the hell the Credit Sudhaar is.

    pavan kusu

    In Reply to Miteysh H Shah 9 months ago

    Yes I am interested to come

    Miteysh H Shah

    In Reply to pavan kusu 6 months ago

    Ps call 9099808960 ,

    sourabh panigrahi

    1 year ago

    they have asked and i have deposited 17000 rupess for plus loan to repair my cibil but now they are not picking up the calls not disburseing the plus loan i think i have been cheated and my hard earned 17000 is gone please help me what should i do

    REPLY

    Miteysh H Shah

    In Reply to sourabh panigrahi 1 year ago

    We all victims should go together at credit sudhar office for this.

    Sucheta Dalal

    In Reply to sourabh panigrahi 1 year ago

    You can waste money or look for other options that are free. Why dont you check out https://www.facebook.com/moneylifedailyclinics/photos/pcb.1898713876839981/1898713050173397/?type=3&theater
    or http://www.freecredithelp.in

    Ajaya Kumar vaidyan

    1 year ago

    it is waste of money and do not go for it is nothing but waisting time
    pl instead go directly to negotiate and close the issue. the company cheeting

    cyril jobs

    2 years ago

    Personal experience and how i got to solve it with his help .....Bad credit?was it possible to buy a house with bad credit?This was the Question i keep asking myself for years before i finally came across someone who enlightened me.I didn't really get the trick of attaining minimum credit score to buy a house and getting away from bankruptcy,clearing credit card debts and buying a house which is precisely the situation I am in. I had to declare bankruptcy 3 years ago and am working to build back my credit, but it's a very slow process. I need to move for a job and therefore need to buy a new home.Y'all shouldn't pray for such of mess i'm into.The enlightenment by a friend who worked with a repair company taught me how to seek assistance from credit repair expert who knows exactly what your credit score needs and how to get collections removed,get credit card free of debts and and getting off bankruptcy.Get in touch with Hackmania_9 (outlook.com) for any hack job you so desire.

    REPLY

    Sucheta Dalal

    In Reply to cyril jobs 1 year ago

    please make the effort to check this http://www.freecredithelp.in it is free

    CR Banzarey

    2 years ago

    Creditsudhaar.com has been asking continuously for Rs 19-20 thousand to repair my credit information report, which has negative score according to akshay.[email protected] What is the fact?
    Mr Akshay has been saying that he will repair my CIR and credit score, and get my BT resolved. But he wants thousands of rupees to do it.

    REPLY

    Sucheta Dalal

    In Reply to CR Banzarey 1 year ago

    As far as we know, there is no FREE lunch. The process of repairing credit is slow and requires you to work at it. check out http://www.freecredithelp.in

    GMK

    2 years ago

    i am agree, with above information. Credit sudhaar simply making fool others. i also paid amount 14000/- but no result even they spoiled my certain track record. even the staff also misguiding . my counseller is Mr.amoul and the sales person Mr.Yesh Parik they never respond or never picked up calls.lots of things. request to the others please don't waste your time and money .

    Shashi Mishra

    2 years ago

    Worst service. Don’t ever trust on them as they will give fake promises and later on turn out. Initially they will tell you that they will improve your cibil and get the black marked things out from your record, but once you will pay them huge amount their promises get vanished. Don’t trust them they are fraud.

    Vinay Kadalagi

    3 years ago

    Credit sudhar is a purely a scam. Do not believe the credit scores they show on their website. My current score is 783 but on their website it is still 550. They mislead people to earn money. Better rectify your issues on your own, it will take time but not impossible.

    Harjeet Matharu

    3 years ago

    Hi,

    I might be the most disappointed customer of the Credit Sudhaar services and certainly would not recommend this to anybody. I had doubt about your company and its services even prior to the subscription per the reviews available on multiple webpages and blogs. I still took a leap of faith and went ahead with services but Credit Sudhaar proved me wrong. Every time I experienced disappointment from a new person at Credit Sudhaar.

    Let me tell you my story of grievance now. On May 27th, 2016 Usha was the first lady to call and convinced me for the subscription. That was the day when I made a blunder of joining with Credit Sudhaar services.

    As soon I paid for the services my case was assigned to Pooja Raut, unexpectedly she left the case only just after 3-4 days. Nobody followed up on the case up-to a week and when I called myself at the customer care and asked for her, I was surprised to know that she had left the organization. I was promised the case will be taken care of and a new counsellor will be assigned to my case soon.

    Then waiting for about 3-4 days, I received a call from Veena on 5th June, 2016. I already had enough dissatisfying experience from Credit Sudhaar that I told her just to drop the case and requested for a full refund. She then assured me that it won’t happen again and urged to give a last chance to Credit Sudhaar to convert the bad experience to a good one. She had been good in following up on regular basis but the resolution outcome was least.

    On Aug 5th, 2016 I received the last response from her and she also left the case in between.

    Again, in shock I called the helpline and got to know that she has been moved to a different dept. and a new counsellor will be assigned to the case soon.

    Now, at this point you can understand the level of frustration I had. Then after 44 days on Sep 19th, 2016 I received an email from Gilbert Benjamin, who introduced himself as a new counselor for my case. In deep pain, I told him my whole concern that how I have been struggling to find a solution for my problem and every month the case is passed on to a new person. I was assured by him that the case will now be taken care on a personal note and this will not be repeated. I know that man as the most dedicated and helpful to understand and empathize my concern. He put himself into my shoes and understood the pain. He genuinely followed up on the case. I received last response from him on Oct 12th, 2016 and then all of a sudden he disappeared. I wrote him a few emails to contact me but got no response. Waited for more than a month but nobody from Credit Sudhaar followed up.

    Then once again a new email comes Credit Sudhaar on Nov 21st, 2016. Rahul Sharma expressed himself as a newly appointed person for my case and again the same reason was given to me that last person has been moved to a different dept. and no longer available to follow up on the case. I upfront refused him to follow up since I can’t bear this anymore. His manager Kaynat called me today and asked to write an email to withdraw the case and get the refund.

    Currently, I am so pissed off with your services. I earn by doing hard work and paid Rs. 5724/- towards my CIBIL score improvement and not for this mental harassment. I have been experiencing nothing but disappointment from Credit Sudhaar and you have hardly contributed to improve my score. This is a setback for me and I feel like cheated by every person of yours. I don’t need any further support from Credit Sudhaar. Since it was promised to me by Veena if we fail to provide a solution you are worthy of a full refund. Now, because all of this pain I ask Credit Sudhaar to refund full amount paid towards the services back to my account ASAP.

    Harjeet

    REPLY

    Miteysh H Shah

    In Reply to Harjeet Matharu 1 year ago

    Victims are going together at credit sudhar office, anyone here would like to join ?

    Yash Batra

    In Reply to Miteysh H Shah 6 months ago

    I m ready

    Miteysh H Shah

    In Reply to Yash Batra 6 months ago

    Call me 9099808960

    Sucheta Dalal

    In Reply to Harjeet Matharu 3 years ago

    We request you to check out the work at Moneylife Foundation, a not for profit organisation. http://foundation.moneylife.in At our Daily Clinics on Friday, between 5 pm and 7 pm we have a senior banker devoting time to help individuals like you sort our their problems. This guidance is provided FREE. There are no strings attached. Nor is there any attempt to sell you any product or service. We are surprised that more people do not take advantage of this instead of spending money on paid services.
    You must however remember that our counsellors will offer advice, guidance and hand-holding. You will have to do the work yourself. But then, it is your life, your credit history and your financial life at stake. You must invest the time in sorting it out.
    While you are on the website, do look under EVENTS and watch some videos on credit scores and credit related issues. Those are also FREE and will help you make your future financial life problem free.

    Kishan Makwana

    In Reply to Sucheta Dalal 1 year ago

    MAM I NEED TO TALK FOR CREDIT CARD DUES. WHICH DATE I CAN COME FOR THAT ?

    R.Mekala

    4 years ago

    shall i get personal loan from
    credit suddhar

    REPLY

    Ishika

    In Reply to R.Mekala 3 years ago

    Dear Sir/Madam,

    Credit Sudhaar will first help you to check your credit score and if its healthy only then they will recommend you to go for a loan. If the score is low below the minimum required limit they will help you to increase it and make you eligible for a loan. I would advise you to go for a loan via credit sudhaar.

    Ishika

    In Reply to R.Mekala 3 years ago

    Dear Sir/Madam,

    Credit Sudhaar will first help you to check your credit score and if its healthy only then they will recommend you to go for a loan. If the score is low below the minimum required limit they will help you to increase it and make you eligible for a loan. I would advise you to go for a loan via credit sudhaar.

    KKABIRR

    4 years ago

    hi all ,


    i have got best service from credit sudhaar
    My Cibil score has been rectified really appreciating and highly recommended

    Anand Pagare

    4 years ago

    Yes, it seems all they are cheater they.. How can they ask for money payment to increase the credit- sudhar, this is not the correct way. There is something need to by New Government..

    Where is Acche Din? for the peoples who are suffering due to low credit score?

    This policy should be in Aam Adamin favor only.

    Who can able to take responsibility?

    How CIBIL goofs up credit records, resulting in denial of loan

    A consumer was denied home loan because CIBIL mixed up his credit history or record with someone else. Another was denied a loan due to gender mismatch. This could happen to you as well

    Moneylife and Moneylife Foundation have been continuously raising question on the quality of credit reports and data in India. Here is a shocking case of Umesh Dhawan, who was denied a home loan of Rs5 lakh because his credit history or record data was mixed up with someone else, who was a defaulter. Mr Dhawan has been wrongly blaming ICICI Bank for the problem, while Credit Information Bureau (India) (CIBIL) was at fault.

     

    CIBIL, the credit bureau while accepting its mistake in merging the credit record of Mr Dhawan with another person, has issued an apology and sent a fresh credit report to him, after a mail from Moneylife and strong intervention by ICICI Bank to which we forwarded the customer’s complaint. Even then, CIBIL provided ICICI Bank with an apology meant for the customer and not directly to Mr Dhawan. An explanation was forthcoming only when Moneylife wrote to CIBIL.

     

    While Mr Dhawan’s record would be cleared, there may be several such cases where a person's credit record or data is mixed up with someone else. In a similar case, a senior financial consultant, DM Mahalaxmi also had to go through the same trauma. The question therefore is who will compensate for the loss of repute and trauma experienced by Mr Dhawan and Ms Mahalaxmi.

     

    “Credit information submitted to CIBIL pertained to Umesh Uhawan who had taken a joint loan with Rahul Biswas. Since information pertaining to Umesh Uhawan and Umesh Dhawan were similar, the system matched the details pertaining to Umesh Uhawan with Umesh Dhawan,” CIBIL said in an email to Moneylife.

     

    However, this raises bigger question on the credibility of credit bureaus, their data and ability to crunch the data. Matching data fields like name, date of birth, address, telephone numbers and identifiers like PAN, passport number and voter ID card is a challenge, especially in a country like India. However, over the years credit bureaus like CIBIL have developed an algorithm that is supposed to consider several fields before making a match.

     

    When information in relation to a person whose credit information report (CIR) is to be obtained is fed into the system, a best possible CIR is generated based on the match rules with the available data. When sufficient data elements between two sets of personal data overlap, the information of two different accounts are merged in the CIR, CIBIL said.

     

    In the case of Mr Dhawan, CIBIL said, “Based on the dispute raised by the consumer, we had done an in-depth analysis, it was observed based on the data submitted to us and our match riles, the CIR generated for the consumer had details of another individual mixed in the consumer’s report. We have immediately taken corrective action to separate the information.”

     

    This is a verbatim of the reply received by Ms Mahalaxmi from CIBIL. There may be several such cases, but the credit bureau has refused to divulge the numbers. It said, "The rate at which incorrect merges occur at CIBIL is very low, and is competitive with bureaus of similar size and maturity globally.” Strangely, CIBIL is not answerable to the public as it continues to have a near monopoly on customer credit data or records.

     

    CIBIL is also silent on the exact number of fields that are matched before deciding to merge data of two persons and creating a single CIR. “When enough data elements between two sets of personal data overlap, the information for the two subjects is merged together. The rules, which decide when enough data has overlapped to trigger a merge have evolved over the lifetime of CIBIL, based on annual analysis of the overall consumer dataset. In order to present the consolidated credit history of a person in a credit information report there are a few sets of match rules. The CIR is generated only when such rules are satisfied,” it said.

     

    In the case of Mr Dhawan, were the fields like date of birth, address, PAN number, matched? Looks unlikely. This also means there is something wrong in the process itself.

     

    Moneylife has been raising the issue of credit tracking system, which the above mentioned incidents show, is still in a mess and crippling financial life for no fault of the consumer.

     

    According to sources, following the letter from Moneylife Foundation to Reserve Bank of India (RBI) governor D Subbarao on 13 December 2012, there has been quite some progress on the issues. The RBI has also set up a task force address some of the data parity problems between credit bureaus and lenders, the sources said.

     

    Earlier, following the complaint letter, the RBI has asked banks and financial institutions (FIs) to share historical data with new credit bureaus, of which they had become members.

     

    The financial literacy initiative of Moneylife Foundation, has led to the discovery that credit-tracking remains faulty in several ways. The Foundation also discovered that licensing of four credit bureaus without a level playing field, in terms of access to credit information and historical data, has created a system that is not functioning as it was supposed to.

     

    Moneylife Foundation, through a day-long workshop and counselling on credit reports and issues and through few case studies, also discovered that most of the lenders only look at CIBIL data while others do not even bother to look at a credit report at all before making lending decisions.

     

    There has been much discussion over the accuracy of the data in consumer reports. In general, industry participants maintain that the data in credit reports is very accurate. The credit bureaus point to their own study of 52 million credit reports to highlight that the data in reports is very accurate. The Consumer Data Industry Association testified before the US Congress that less than 2% of those reports that resulted in a consumer dispute had data deleted because it was in error. Nonetheless, there is widespread concern that information in credit reports is prone to error. Thus, the Congress has enacted a series of laws aimed to resolve both the errors and the perception of errors.

     

    However, the goof up in the above mentioned two examples of Mr Dhawan and Ms Mahalaxmi, clearly highlights the need for audits and scrutiny of credit bureaus as well.

     

    NOTE: If you are facing similar issue, you may want to get help from Moneylife Foundation's free Credit Helpline http://www.freecredithelp.in/

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    COMMENTS

    KRISHNA KUMAR GUPTA

    1 year ago

    I am also a recent victim of this. In my Credit Report, I found that a home loan from a United Bank of India has been issued against my name and on the other hand, I have never visited any branch of United Bank of India (UBI) This loan does not belong to me.
    However, I am still confused that if somebody fraudulently has used my name and identity to avail the loan. I have also emailed to Experian, one of the credit information company regarding the issue. As per Experian's investigation and confirmation received from United Bank of India, I was asked to follow up with UBI.
    I have also raised this dispute with CIBIL Transunion and awaiting for their reply.
    Without any reason, I am facing unnecessary hazards. Can anyone suggest me how proceed?

    REPLY

    Sucheta Dalal

    In Reply to KRISHNA KUMAR GUPTA 1 year ago

    Mr Gupta. This is a serious issue. You will have to deal with it on an emergency basis and with full attention. You may want seek free help from Moneylife Foundation's and our credit help line. Please go to foundation.moneylife.in and search for details. If you google moneylife also you will get some ideas. If you are in Mumbai, call 49205000 -- but only after you have made the effort to read what we do . You can get free counselling from experts here

    Kumar Sambhav

    2 years ago

    I think CIBIL is enjoying monopoly and other it should be made mandatory to banks to look at other credit agencies and look for average.

    REPLY

    Sucheta Dalal

    In Reply to Kumar Sambhav 2 years ago

    suggest you attend our financial literacy seminar this week. Register for our newsletters. There are 4 credit bureaus in India. You must understand how it works. Moneylife Foundation also offers FREE guidance on credit issues. It is a pity that NOBODY wants to use it and understand issues -- in general , or their own case!

    Amit Sharma

    2 years ago

    Hi, great article. I read recently that cibil identity theft has become common these days. This scares me a lot, is there a way to avoid them?

    Ravindra Hulsure

    2 years ago

    Hi , i had settlement of my crdit card in 2007 of ABN AMRO bank,hsbcbank & detushce also detusche bank convert in Indusind bank may in 2007 i already settled with detusche bank after that again same settled with indusind bank,that reflected in my cibil report pl. request you to my cibil report at liberty to withdraw, pl. give us contact number and contact person name

    Ravindra Hulsure

    2 years ago

    Hi , i had settlement of my crdit card in 2007 of ABN AMRO bank,hsbcbank & detushce also detusche bank convert in Indusind bank may in 2007 i already settled with detusche bank after that again same settled with indusind bank,that reflected in my cibil report pl. request you to my cibil report at liberty to withdraw, pl. give us contact number and contact person name

    creditloan

    3 years ago

    Hi friends if you want to improved your cibil score or if you have any issues about your cibil score then call to prisha 7208205581, She is a expert from Credit 4 Loan who helped me too improve my score very well or visit them at credit4loan.com

    Mahesh

    4 years ago

    I have been a victim of CIBIL, standard chartered and shaha finlease. i had closed my loans way back in 2001 but scb showed an overdue 0f 1.99 lac & shaha finlease showed 17.8 lac for the same account. finally i closed the account with shaha for 37k out of which 12k went to credit sudhar.i dont know what to do inspite of clearing it my score has not been updated. common people like me are suffering bcoz of these people and Rs. 1.14 Lakh Crore Of Bad Debts Written Off Using Public Money statement was given by these banks.v r small people & v need small loans which v pay promptly but still v r the ones whop r suffering whereas big people can take big loan and live happily

    Suresh Naik

    5 years ago

    On receiving CIBIL report shocked to see so my entries in my name

    Date of Birth mentioned in the report as “11-02-1965” whereas my date of birth is “17-03-1967”.



    1 Out of 33 loan accounts listed in CIBIL report , after Cross checking with 11 banks to get this verified, only 8 belongs to me and which don't have any outstanding , remaining all the accounts belongs to P. Satyanarayana of Hyderabad which has large outstanding and written off entries.




    Don't understand on why the entries of other customer is appearing against my name who is no way related to me.What kind of IT systems are used by CIBIL. can we highlight this case of RBI

    Suresh S Naik

    REPLY

    Santosh

    In Reply to Suresh Naik 4 years ago

    Hello Suresh,

    I am also in similar situation when i received my CIBIL report as you had. did you get any resolution on the disputed account.
    Please provide me you contact email so i could get some suggestions on this.

    MDT

    In Reply to Suresh Naik 5 years ago

    Thanks for your comment Mr Naik.
    We suggest you to immediately send your query to Moneylife Foundation's Free Credit Helpline so that our experts can advise you properly.
    http://www.freecredithelp.in/
    Thanks,
    MDT

    SHASHANK UPASANI

    5 years ago

    Last year I too faced a similar situation wherein I was made to run between ICICI Bank and CIBIL.
    I discovered that CIBIL can commit a crime and get away Scot free for it as rightly pointed out by you they are not accountable to anybody!!
    I fail to understand why RBI cannot intervene and make them accountable for the serious lapses made by them.
    My query to them has remained unanswered :
    How is a OD account against securities a liability ? How and when does the same become a default if you are meeting the regular interest payments ? I am still seeking answers, both the financial institutes never bothered to reply. Complaining to the banking ombudsman also drew a blank. Hope the RBI governor takes up this very serious issue or will they address it only when a cabinet minister falls victim to a defective CIBIL report?

    Tapas Bhaduri

    5 years ago

    Quality of CIBIL report in INDIA is very bad.False or wrong credit score from CIBIL destroying hopes of common people in many cases.Banks and other financial institutions should avoid these wrong reports to help common people.

    Ashish Mishra

    5 years ago

    I recently found that my CIBIL report contains 9 credit accounts of which I actually own only one.

    Due to bad 9 accounts, my request for car loan has been denied by two banks.

    I am not whether this is also one of the data merge issues. Also if moneylife could help me resolve this.

    Amit Kothari

    5 years ago

    I remember since the year 2007 by gods grace I have not contacted any banks for any kinds of loan still i see 8 enquirers starting from some HARI INVESTMENTS to RANK (Are they even financial insitutes?) mounting for 72 lakhs!!!! If these guys are getting paid salaries then this is the worst phase of humanity!!!!!

    Amit Kothari

    5 years ago

    I happened to check my cibil report today and see that in the year 2006 Standard Chartered bank has an enquiry for an auto loan in my account for 5.25 crores! Are you serious! I am an ordinary salaried guy and it seems like 56923610 (exact loan amount) is my old office landline number. What a joke!

    REPLY

    Sucheta Dalal

    In Reply to Amit Kothari 5 years ago

    Please do not take this lightly. If you account is compromised with wrong information, get it rectified. write to CIBIL, demand details and get it corrected. Challenge them about the source.

    It could mean that y our account has been mixed up with another person of the same name. God forbid if that person defaults! best

    Manoj Kumar

    In Reply to Sucheta Dalal 5 years ago

    Dear Ma'am,

    My record has also been mixed up with some other person with same name. I got the shocker when i applied for the home loan. This person has already sanctioned loan amounting to 17 lakhs. I have already deposited 10 lacs to builder and now i am being denied for the loan. I have raised the dispute with CIBIL on 31st October 2014 and still there is no word from them. They just say they are in process of getting the confirmation from banks.
    I am very much tensed and don't know what to do as there is no one who could help me out.

    Please guide.
    Manoj Kumar
    [email protected]

    Rakesh Choudhary

    In Reply to Sucheta Dalal 5 years ago

    When all the banks refused me Credit Card without assigning any reason, a banker friend suggested me to check my CIBIL score.
    It was completely goofed up. It took me 5 rounds of corrections and pointing out even clerical mistakes (like DOB, in last round), that I finally have a clean score.
    Only God knows their algorithm and data source. I had some bike loan, some loan from individual, some credit cards all reported and captured by CIBIL, which in my real life never existed.
    Lot of transparency is required in their functioning.

    santosh pathak

    5 years ago

    wrong information

    A Srinivas Rao

    6 years ago

    My Self Srinivas from Hyderabad. Last week when i applied to Axis Bank for personal loan, they rejected my loan application saying that i have defaulted loan & the CIBIL score is low. When i purchased the CIBIL & saw the account loan account number is not at all related to me. Only name is matching. With the same loan account number it was happened to me 2011 also. That time also i have put lot of efforts to prove my innocence. That time Indian Bank & CIBIL issued communication that the loan is not belongs to me. Now with the same loan account number the data is added to my CIBIL data in Nov'13.
    I don't know in what parameters CIBIL is deciding common man data.
    The severely damaged my credit history.
    Please help me how to tackle these people.
    I have already spoke with Indian Bank people as well as CIBIL. Yesterday i got a letter from Indian Bank branch where the loan is defaulted that the loan is not belongs to me. I have already wrote a mail to nodal officer of Indian bank with a copy marked to Chairman of Indian Bank & CIBIL with attachment of the letter issued by Indian Bank

    REPLY

    Vishrut Patel

    In Reply to A Srinivas Rao 6 years ago

    You can solve this issue by concerning your bank as, CIBIL does not make any changes directly to your Credit Information Report (CIR). Only once the change is authorized and provided by the concerned Bank or financial institute, then CIBIL update your CIR. You already got letter from Indian Bank regarding the loan which defaulted is not belongs to you, you can visit your bank and ask them further to update your credit record with CIBIL. All you need to do is, to fill-in details in ON-LINE DISPUTE FORM (https://www.cibil.com/online/file-consumer-dispute.do) and submit your dispute to CIBIL. You can access more information on the Dispute Resolution Process on CIBIL site : https://www.cibil.com/credit-connect/how...

    HDFC Bank cuts base rate by 10 basis points to 9.6% from 30th March

    HDFC Bank's new base rate of 9.6% is the lowest among all lenders including SBI, which has a base rate of 9.7%

    HDFC Bank, India's second largest private sector lender said it would cut its base rate by 10 basis points to 9.6% from 30th March. HDFC Bank is the first lender to cut base rate following a 25 bps cut in repo rate by the Reserve Bank of India (RBI).

     

    At the same time, the benchmark prime lending rate (BPLR) of HDFC Bank is expected to be slashed by similar margin to 18.10%.

     

    Post this reduction HDFC Bank’s base rate will be the lowest among major banks. Among other private banks, ICICI Bank’s base rate is 9.75% since April 2012, while that of Axis Bank is 10%. At present, State Bank of India (SBI), the country's largest lender offers a base rate of 9.7%.

  • User

    COMMENTS

    vivek sharma

    6 years ago

    I think headline should be ,' HDFC Bank' cuts rate and not HDFC cuts rates, because HDFC is not supposed to follow base rate.

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