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Petition

Are you a victim of a wrong Cibil Score?

We have filed a Public Interest Litigation(PIL) before the Hon’ble High Court of Bombay, seeking relief with respect to the individual/ companies harassed due to incorrect data update by Cibil and such other companies.

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Transunion CIBIL is the India’s largest credit information bureau which maintains credit information of more than 550 million Individuals and the business consumer accounts and has a membership base of over 2400 banks and credit institutions which includes banks, financial institutions, non-banking financial companies (NBFCs) and housing finance companies. The financial institutions accord a lot of importance to Transunion CIBIL Credit reports for judging the Credit worthiness of an individual or company.

CIBIL Score is a consumer’s credit score. It is a 3-digit number ranging between 300-900 which is a summary of a consumer’s credit history and a reflection of the person’s credit profile.

Credit Bureaus track an individual’s tracking history and create a report from that data, hence in such a circumstance all financial history of an individual/company including credit cards, loans, the timelines and regularity of your payments and the number of times you have sought credit, is captured in this single report, and based on all this information a credit score is generated.

This data is shared with lenders on request by this credit bureau and subsequently by using this information they make such lending decisions. The Banks keep on updating CIBIL about your credit behaviour on monthly basis, so, at the time of entering some data, human error happens.
At the time of entering the data various things get wrong like Account/ Loan Type, Account Status Ownership Type, Date of Last Payment, Date Opened, Date Closed, Sanctioned

Amount/ High Credit, Current Balance, Amount Overdue, DPD/ Asset Classification, this happens because different banks can have different criteria and weightage on particular things.

Knowledge arrived after studying various complaints regarding such credit reports at the time of entering the data Mistakes in your Basic details like Name, Address, Date of Birth,Gender, Income Tax ID, Passport Number, Voter’s ID, Telephone Numbers, Address, State, PIN occurred.In the case of activist Mr. Girish Mittal where his credit score was 800+ in the year 2018 which is classified as an excellent credit score which suddenly had dropped to 662 points.
Mr. Mittal had a 100% record of making timely payments of all bills, credit card and loan dues since the beginning of his career, spanning almost 25 years. Mr. Mittal did not have any outstanding loans, delays or defaults. Mr. Mittal had a record of clearing all his loans before time.

This is a clear case of an individual suffering from CIBIL score due to incorrect data and also in this case it is evident that there is no change in the credit score of the individual/company for months. In this case the Credit score of Mr. Mittal and his wife were not changed for months, that is his score was not revised since 30 th July 2019.
We have filed a Public Interest Litigation before the Hon’ble High Court of Bombay, seeking relief with respect to the individual/ companies harassed due to incorrect data update by Cibil and such other companies and direct such companies to issue show cause notice to such individuals and companies before updating their CIBIL Score.

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Social Equality for All

Aam Karobaari is a non profit organisation working for the betterment of the public at large

We have filed a Public Interest Litigation(PIL) before the Hon’ble High Court of Bombay, seeking relief with respect to the individual/ companies harassed due to incorrect data update by Cibil and such other companies.

Transunion CIBIL is the India’s largest credit information bureau which maintains credit information of more than 550 million Individuals and the business consumer accounts and has a membership base of over 2400 banks and credit institutions which includes banks, financial institutions, non-banking financial companies (NBFCs) and housing finance companies. The financial institutions accord a lot of importance to Transunion CIBIL Credit reports for judging the Credit worthiness of an individual or company.

CIBIL Score is a consumer’s credit score. It is a 3-digit number ranging between 300-900 which is a summary of a consumer’s credit history and a reflection of the person’s credit profile.

Credit Bureaus track an individual’s tracking history and create a report from that data, hence in such a circumstance all financial history of an individual/company including credit cards, loans, the timelines and regularity of your payments and the number of times you have sought credit, is captured in this single report, and based on all this information a credit score is generated.

This data is shared with lenders on request by this credit bureau and subsequently by using this information they make such lending decisions. The Banks keep on updating CIBIL about your credit behaviour on monthly basis, so, at the time of entering some data, human error happens. At the time of entering the data various things get wrong like Account/ Loan Type, Account Status Ownership Type, Date of Last Payment, Date Opened, Date Closed, Sanctioned

Amount/ High Credit, Current Balance, Amount Overdue, DPD/ Asset Classification, this happens because different banks can have different criteria and weightage on particular things.

Knowledge arrived after studying various complaints regarding such credit reports at the time of entering the data Mistakes in your Basic details like Name, Address, Date of Birth,Gender, Income Tax ID, Passport Number, Voter’s ID, Telephone Numbers, Address, State, PIN occurred.In the case of activist Mr. Girish Mittal where his credit score was 800+ in the year 2018 which is classified as an excellent credit score which suddenly had dropped to 662 points. Mr. Mittal had a 100% record of making timely payments of all bills, credit card and loan dues since the beginning of his career, spanning almost 25 years. Mr. Mittal did not have any outstanding loans, delays or defaults. Mr. Mittal had a record of clearing all his loans before time.

This is a clear case of an individual suffering from CIBIL score due to incorrect data and also in this case it is evident that there is no change in the credit score of the individual/company for months. In this case the Credit score of Mr. Mittal and his wife were not changed for months, that is his score was not revised since 30 th July 2019. We have filed a Public Interest Litigation before the Hon’ble High Court of Bombay, seeking relief with respect to the individual/ companies harassed due to incorrect data update by Cibil and such other companies and direct such companies to issue show cause notice to such individuals and companies before updating their CIBIL Score.

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