CIBIL - Playing with customers data and the law

My friend mentioned he was facing financial problems as he had bought some property, but the banks were refusing credit citing some problem in the CIBIL report. This made me curious and I ordered my  CIBIL  report from their website and it arrived promptly. There was some interesting data in the report -
  1. It mentioned my old employers and email Id together with the latest ones.
  2. I had an amex card and for one month it showed a delayed payment by 30 days.
CIBIL says one can raise a dispute on it's site, and I thought it to be some easy issues to fix. I could not have been more wrong. The way CIBIL resolves dispute is by saying -- We had forwarded complaint to the information provider, and they have confirmed it is fine, so go and contact the information provider. On further pressing  CIBIL they responded that they work according to ---- The Credit Information Companies (Regulation) Act, 2005.

This was good information, then i checked the act online on RBI site and asked them to check the point 23. Disclosure of disputed data by a credit information company of the act. This rattled  CIBIL  a little bit but then they again came back to their original statement.

I have already sent 2 letters to  amex  and it is just today that they have finally confirmed the receiving of letter and that they shall act on it. Will update as this proceeds.
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Amex has finally sent  me a letter aditting mistake and that they are sending the correct data to CIBIL. Waiting for CIBIL to confirm the same.   ....................   5th April 2012


Comments

~ ॐ ~ said…
I am tuned to what happens next! Do tell!
6:26 PM
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