CIBIL is a non constituotional, non regularised service & a tool for Financial Institutions to harrash, play with the economical condition of citizens. Leading to personal humiliation.
Financial Institution through their un-organised & non-accountable marketing styles have put their customer in blind, leading to years of bad credit rating.
ICICI Bank tops the list with their Credit Card & Personal Loan products.
Unfortunately they have no provision for improvement of the ratings. This is a sign of Creating monopoly & personal humiliation to individuals. Who is uploading the scores & who is making sure that the same is being improved. No Accountability at all, with no communicaiton.
If our Financial institutions leaders are very keen to copy western styles, they need to also learn to see END to END solutions.
Either the CIBIL scores needs to be under control of the RBI or a proper regulating body needs to be put for its monitoring. Else its being a great economical threat to country on money supply.
Regards
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