Chennai, March 1 If your loan application is rejected citing non-repayment credit history, you can directly approach the Credit Information Bureau of India for information on your credit history on payment, instead of through banks as currently done.
Mr Arun Thukral, Managing Director, CIBIL, told Business Line, “We are working on providing information of credit history to customers directly.” So far, CIBIL has been sharing information with closed user group such as banks, on the basis of reciprocating customer’s data with banks.
When asked when the customers could access the information, Mr Thukral said it would be ready by the beginning of the next financial year 2010-11 and the guidelines are being framed by the regulator in this regard. Currently, if your loan application is rejected by the banks stating negative credit history, the customer can ask the bank to provide his credit history done by CIBIL.
Mr Thukral said, “This would help customers in instances of wrong identification, which he can challenge with the information provided by the credit bureau within 30 days.” It would help people improve their financial discipline and build a better credit history. Usually the borrower would want to get information from CIBIL only when his loan gets denied by the bank, he said.
“We are getting our technical partners to help us on this front and also intend to have an educational programme on financial discipline to create awareness among customers on how to read their credit history,” he said.
When asked about the risk of ‘identity theft’, if a stolen credit card or pan card is used to access that person’s credit history, Mr Thukral said that there would be checks to verify the identity before details are given out. However, he said, there is no fool-proof model to detect, if multiple identity fraud is deliberately done.
He also pointed out that the challenge faced by CIBIL was that there was no unique identification number for a particular person.
Source: The Hindu Business Line, By :- S. Bridget Leena & M.V.S Santosh Kumar
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