another example of the Credit Card industry's deceptive advertising targeting children
cartoon of the month

Wednesday, July 27, 2005

CIBIL and the Law

"Do not intimidate credit card holders"

Special Correspondent

Reserve Bank issues draft guidelines to banks, NBFCs

MUMBAI: The Reserve Bank of India has stated that banks and finance companies issuing credit cards should not resort to intimidation or harassment to recover dues.

"The banks or non-banking finance companies (NBFCs) and their agents should not resort to intimidation or harassment of any kind either verbal or physical against any person in their debt collection efforts, including acts intended to humiliate publicly or intrude the privacy of the credit card holders' family members, referees and friends, making threatening and anonymous calls or making false and misleading representations," the RBI said in its draft guidelines on Credit Card Operations issued here on Tuesday.

When banks outsource credit card operations, they had to be extremely careful that the appointment of such service providers did not compromise with the quality of the customer service and the bank's ability to manage credit liquidity and operational risk.

In the choice of the service provider banks had to be guided by the need to ensure confidentiality of the customer's records, respect customer privacy and adhere to fair practices in debt collection.

`Follow procedures'

Before reporting default status of a credit card holder to the Credit Information Bureau of India Ltd (CIBIL) or any other credit information company authorised by the RBI, the banks might ensure that they adhered to a procedure, duly approved by their board, including issuing of sufficient notice to such card holder about the intention to report him/her as defaulter to the Credit Information Company.

19 Comments:

Blogger vicky said...

hi sarab,
adi malhotra , ho wcan i kno wbat my ratings .l
iam defaulter going 4 next loan how can it efeect me
,



will if go 4 big projects it effects me ./

8:16 PM  
Blogger sarbajit said...

Use section 21 of the Credit Information Companies Rgulation Act 2005 to get copies of all your Credit Info Reports from your lenders. They will scream like hell before giving it to you - so be persistent.

Then apply to CIBIL and the others to get your CIRs corrected.

12:11 PM  
Blogger Ravi said...

Hi
suppose i am a defaulter of perticular credit card and the same has been updaetd in CIBIL.
how long it will be maintained?

Suppose if i go to full & final settlement with a bank by getting some waiver. will it be a negative credit history recorded at CIBIL


Thanks & regards,
Ravi

2:09 PM  
Blogger Money Man said...

Hi
Iam had a loan from 2 banks when i had a a/c with X Bank. Now i switched to new Y Bank. now the ECS is getting returned every month from X Bank, also iam not able to make the manual payment for my loan's before the ECS gets executed, the banks allow only to make payment after the ecs is returned. Because of that my profile is updated in CIBIL. if i give a New ECS and make the payment on time. how long my data will be there in CIBIL.

11:51 AM  
Blogger santosh said...

Santosh m
I have cleared all my dues as far as credit card of icici and american express bank is concerened but i have information that they have negative remark in cibil can i sue cibil (agency) and the banks responsible for defaming me .

11:47 PM  
Blogger Rajesh said...

Hi Sarab

I settled my credit card payments with HSBC, HDFC. Plz help me how I can check my score in CIBIL bcoz recently I applied for loan from a bank but it is rejected due to CIBIL interference.

Rajesh Agnihotri

3:36 PM  
Blogger santosh said...

I Had visited Cibil office in nariman point and met their officer he after giving me a patient hearing told me the cibil as such cannot help me but requested me to get the credit generator number from the banks if possible and then write to cibil which no banks are ready to give but thanks to the writer that under section 21 act i will ask the ICICI Bank and the American Express Bank to furnish the details and sue them for the damages they have caused to me as far as my credit ratings are concerned.
santosh menon

5:14 PM  
Blogger murali said...

CIBIL is governed by Credit information companies act 2005, it is looked after by Reserve Bank of india.Cibil should provide once Credit information for the payment of Rs.100. this is th egovt of inida act. CIBIL cannot deny individuals information by the CIBIL, compain to RBI, DBOD division. a case can be filed in the court by the RBI. the cibil can be punished for a fine of rs. one lakh and the officers of the CIBIL can be jailed for one year.

come on use the opprtunity provided by the law and get out of the CIBIL

TIRANGA DE

11:42 PM  
Blogger murali said...

CIBIL A TADA LAW
by on Apr 27, 2008 12:34 AM | Hide replies

CIBIL is governed by Credit information companies act 2005, it is looked after by Reserve Bank of india.Cibil should provide once Credit information for the payment of Rs.100. this is th egovt of inida act. CIBIL cannot deny individuals information by the CIBIL, compain to RBI, DBOD division. a case can be filed in the court by the RBI. the cibil can be punished for a fine of rs. one lakh and the officers of the CIBIL can be jailed for one year.

come on use the opprtunity provided by the law and get out of the CIBIL

credit information companies regulation act is akin t TADA law.
it does not have the rules to enter the data into CIBIL or rules to delete the name from the CIBIL. once your name is put into the data base you are jailed for 7 years. no enquiry no appeal
this will benefit banks they can charge interst upto 100 percent per annum. if you fail you can be cibiled for 7 years. it is the reverse of east india rule

come on fight for the change or survival.

12:04 AM  
Blogger Casper said...

I had credit cards from 3 different banks and a 2 loans from other 2 banks. I have always tried to maintain my loans and credit cards, however from a few months i was overburdened with certain personal issues that couldn’t be neglected anymore so lost the balance of credit card repayments. The banks started contacting me and i told them that payments will be settled but i need time. They started harassing me day and night on my cell phone some of them where ladies who abused me. I am a very shy person by nature and never liked my name to be anywhere in negative. One of the credit card vendors who had my savings account with them debited some amount from my account with out my consent too and due to which i had several EMI bounces of one of my loans. Now ppl started knocking my door and threatened me however i told them i will arrange for a loan and settle there dues. so i contacted my bank with which i had a loan and asked for a top up. however that bank due to the EMI bouncing told me that cannot lend me now but try after months , we shall monitor ur transaction and will consider if u don’t have anymore defaults. I closed my savings accounts with that bank and transferred my loan to my sal account in another bank. In the mean time i had called all 3 card vendors to cancel my credit cards and give me a final amount. however they still keep there interests piling up on me. With many more harassment calls and abuses i stopped attending there calls as i was very frustrated and to the extent that i would get hysteric at times thinking of these repayments. Then i approached ICICI Bank for a loan so that i repay these credit cads from whom also i had a running personal loan. All went fine but at the end came to know it was denied to me as my name is now listed in CIBIL. I know i cant make immediate payments to these banks who are harassing me n my family mentally and are forcing to pay unless that i get this kind of a top-up loan and i can pay them back in monthly installments. Is there any way you can suggest that can i can get out of this mental torture and the CIBIL. I hate being in negative in any way.

2:08 PM  
Blogger shrinivas said...

hi ravi
i am a credit card defaulter one bank and i have 3 loans in 2 bank. i ve not paid the loan amount from last three month now am applied loan from one bank how can i take loan

1:33 PM  
Blogger Batrasden said...

Is there any emai ID where we can report Bank's behaviour to CIBIL or RBI?


Hi, I am right now struggling with ICICI Bank Credit Card to track a payment of >14000 made to them by HDFC Cheque. HDFC has given to me in writing that they made the payment to ICICI Bank. But ICICI is not clearing the issue. The due date is passed in this delay at their end. Now they want to put penalty/interest for delay which I am not liable to pay ideally as I made the payment 24 days before the due date and I moved out of India after that. Now I am afraid these ICICI buggers will do something in CIBIL even after tracking the payment done 20 days before due date.

Is there any emai ID where we can report Bank's behaviour to CIBIL or RBI?

4:30 PM  
Blogger santosh menon said...

This is India the great with currupt politicians who ruins the country there is no rule in this country only god save this country.
santosh menon

7:16 PM  
Blogger Audrey said...

Hi, There is no answer to all these queries here. Is there any way I can get to the place where you've answered all these queries. Coz my question is on the similar lines. Plz assist.

11:50 AM  
Blogger santosh menon said...

Dear Primeminister of india
Respected sir,
what is all that happening in this country the CIBIl ratings which we have introduced in this country i want to know weather this is applicable only to the poor as i have seen the big cats like the TATAS, BIRLAS The Ambanis and offcourse the others this CIBIL is not applicable why This is democracy or the other way around i have cleared all my dues of ICICI(credit Card ) HDFC Home loan which I had taken from Global Housing which closed down and the loan transfered to HDFC there were lot of letters written to HDFC but to deaf years and my name figures still in CIBIL I am a good emerging buissness man but i am unable to get loan. I want you to enact a law that the Chairman /Managing Directors also to be brought to book and punished by sending them to prison as an indian i know lot of bungling has taken place in the banking sectors and these white collar criminals are given new postings in companies like Satyam etc.please do some thing for the poor or the poor may curse you as we had lot of hopes on you.
regards
Santosh menon

6:34 PM  
Blogger Jimi said...

Hi,
I have a dispute for Standard Chartered Credit Card Bill for last one year. Some "Insurance Charge" was applied to my bill, but i have not opted for any such serviced. I have many time talked to the Phone Banking Office. But no result. I have paid the amount i have spent. But not paid the service of Insurance which i have not opted. So i am getting bill for last one year. Now they want to settle with me for 1000 rs. against of 8000 Rs. But i am in no mood to pay the amount for which i am not liable. I have given written application as well as mailed to customer department.
Now i want to apply for Home Loan, will it affect my home loan application?
Please guide me.
Thanks,
Jimi Parekh.

3:48 PM  
Blogger shakira said...

Earning money online never been this easy and transparent. You would find great tips on how to make that dream amount every month. So go ahead and click here for more details and open floodgates to your online income. All the best.

11:06 AM  
Anonymous Anonymous said...

Earning money online never been this easy and transparent. You would find great tips on how to make that dream amount every month. So go ahead and click here for more details and open floodgates to your online income. All the best.

12:16 PM  
Blogger Uday Das said...

I was facing with some serious credit issues. Banks were rejecting my loans, I was in the credit crisis condition. My credit health was going down. Then I consulted CreditSudhaar, they really helped me to come out of my situation, their counsellors are very cooperative and understands your problem really well. They improved my credit score. You can contact them on 022-67886788 and can visit their websites at www.creditsudhaar.com

4:08 PM  

Post a Comment

<< Home