Is CIBIL authorised by RBI? Who checks the default before spoiling credit rating of an individual? Why should CIBIL not try to settle the issue or intimate the borrower and ask for borrower's clarification before spoiling his credit rating publically? How can the Credit Card providers force the consumers to default first and charge any amount on account of defaults thereafter from the consumers.
Credit Card is a business of the bank, who is CIBIL rate my credit worthyness? Are we living in a democratic country?
Some one should take strict action and help close CIBIL or formulate some way to address consumers' response to evaluate the sustainablity default reported by the banks/financial institutions.
Best regards
Sandeep Aggarwal
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