Respected sir,
As you are aware CIBIL is a private body that calculates and maintains the credit score and credit history of every consumer (borrower) in india. Now the way they have reached to calcuate the score is not worth wise. I strongly feel the approach to identify the right consumer doesn't fully depend on the enquires.
I have availed loans and have credit cards with banks. I have hardly used credit cards and paid all personalloans on time. All the credit cards but one has already crossed the expiry date and expired. Still they reflect in CIBIL and making me not eligible for my house loan. The house loan company also have made (taken) report from CIBIL, but it had to take the report 3 times to ensure the correctness of data. Silly thing is that, since i have too many cards they rejected me loan. I shown the the expired cards also shown the report from CIBIL, which i purchased for Rs 450 (it takes 10 working days to reach me). You know mean while the mental harrasment and presure from the builder of property.
Even after showing the report, the bank has rejected the loan. Also the enqurie they made (3 of the enquries) are still bothering me with new banker also. The way the score gets calculated is also have flaws. When the credit history doens't have any over due or late payment and still made the payments on time also the cards got expired. Why would there is a need to maintain the records and bother for another loan.
I just wanted to know the rules behind score calculation and want to realise why my credit score is less.
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