Charge card and personal loan defaulters will discover it more tough to evade credit collection officers in future.
Banks can now track defaulters who have absconded or skipped payment through info currently being offered by Credit Info Bureau of India Ltd. (Cibil). Whenever a defaulting borrower uses for a fresh loan with any bank his credit rating can be accessed by on e mail.
It was near impossible till very current times to trace a client in occasion of modification of address unless interacted to the lending bank. Now due to the central database kept by Cibil containing among others information about date of birth and PAN number etc they can be situated and identified.
While there is a debate about sharing such data & & services to providing banks being a violation on privacy the same appears to be well purview of the CIBIL serve as confirmed by MD.
Arun Thukral. Remarkably there have been cases in the past where two branches of the very same bank have actually provided loans to the same debtor due to unavailability of actual time credit history of the client. Sharing of database preserved by Cibil among providing banks will be a remedy to this unwanted issue.
Consumers too would now have the ability to access their Cibil report by making online payment to Cibil who would send by mail the report to the address on its record. Inning Accordance With Mr. Thukral Cibil is also providing its analytical tools to banks to facilitate their decisions on credit value of loan candidates by setting aside credit rating based upon existing and past relationship across all products by getting involved banks.
The Reserve Bank of India had actually declared new guidelines which will prohibit any bank to treat a consumer as a defaulter if they have worked out the quantity payable against his account and paid the total up to the banks supplying such charge card or loans. Credit Details Bureau Of India Limited is the main repository of all consumers credit history across all banks formed in Jan. 2001.
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