Hi,
The CIBIL record for the individual is a very good tool for both the Credit issuing party and the consumer. But there is only one way traffic on it and i.e. via the Credit lending Institutions. The Consumer is at the receiving end always. If the consumer is settling the amount in his credit card/loan, then this is being done by the mutual agreement from both the parties. Both of them have agreed to settle the dispute. But why is it that only the consumer is at fault?? Even after settling the amount the bank is not willing to lend any credit citing the occurance of name in the CIBIL Defaulters list.
What fault is that of the consumer when there has been negligence on the part of the bank??
I had a CC from ICICI Bank which I used (and paid the dues) without any hassle for 1.5 years. Then suddenly there was an unauthrised transation using my credit card which I reported immediately to the bank. The bank said that it would take 3 months to resolve the case. I keep following up with the bank and also keep paying my CC dues. After 3 months, the bank says that it would need another 3 months time to resolve this. In the mean while I keep following it up and go to the highest level possible. My charges get reversed and surprisingly get levied again after a month. Not to mention that during all those 8 months, interest on the disputed transaction has been kept on adding. Fed up with the "I dont care" attitude I stopped making payments to the Bank. After several weeks of harressment I finally decided to settle this. I myself raised a request for the same and settled the amount. The amount was decided by the bank and I paid for all the expenses that I had made. Needless to say, my name is there in the CIBIL defaulters list and I am unable to get any credit as of now.
Being a customer, what course of action do you suggest in such cases? Also, other than this I had a two wheeler loan and 2 personal loans all of which have been closed without even a single mis payment. Then just because of one CC all of my credit report has gone dark???
Isnt this unfair? I know my name would be there in the CIBIL for 7 years. Then what should I do to regain my credit worthiness???
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