I understand that a credit reporting agency is essential for a good lending economy. That is the reason countries like the US and UK have such agencies working under government sanction. But these reports need to be used to improve a person's credit rating and not to undermine or underprove a person's economic capabilities.
Since i have used 6 to 7 credit cards. Of which, i have settled one card (ICICI bank) and the rest of the cards have been paid off in full (ABN AMRO, HDFC, SBI). I have returned one card (Manhattan) the day i received it. I have personally called all the above mentioned banks and had the accounts cancelled. I also had a personal loan from HDFC bank which has also been paid off in full.
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