CIBIL Report – What If CIBIL Do Not Able To Locate Your Records

CIBIL – Credit Information Bureau (India) Limited maintains Credit Data of individuals as submitted by Credit institutions.

Banks & other financial institutions seek financial history of applicant based on credit reports provided by bureaus like CIBIL & decide whether applicant is eligible for loan or not.

Applicant who is seeking for credit score need to pay a fee of Rs.470/- to access the score.

Its OK if CIBIL provide the score but what is CIBIL can’t locate any information about applicant & what happens to fees paid by applicant for credit score?

Lets look at the story:

Rajesh (name changed) do not have credit history & decided to have credit score so that he should able to improve it if there is any problem in credit score.So he apply online & paid Rs.470/- as well he send required documents by speed post having expenses of Rs.39/-.So total he made expenses of Rs.509/- to have a credit score.

Within few days Rajesh received communication from CIBIL.But it was disappointment for him to know that CIBIL was not able to locate his records & as well they return him less than 20% money from originally charged for the report.

Important Question – how much money CIBIL refunded?

All expenses were in vain for Rajesh.It was real disguise for him to know that CIBIL refunded only Rs.68/- & billed him for Rs.402/- for the entire process having zero result for him.

What do you think?

What do you think was CIBIL right charging as much high for Rs.402/- for the letter which mentions that they don’t find any history of applicant?Does CIBIL needs to be more specific while demanding the applicants information?Should CIBIL have a transparent refund policy?What do you think about the same?