Credit card and personal loan borrowers find it difficult to handle credit collection officers in the future.
Banks can now track who submerged payment by debtors or have information currently provided by the Credit Information Bureau of India Ltd. (CIBIL) skipped provided. Whenever a defaulting borrower applies for a fresh loan with a bank's credit rating can be accessed from on e-mail.
It was almost impossible until very recently, to pursue a customer in case of change of address, unless notified to the lending bank. Now due to the central database of CIBIL contains, among other data on birth and PAN number etc can be located and identified retained.
Although there is a controversy over the sharing of such data and services to the lending banks as an infringement of privacy seems to be the same good scope of CIBIL act as confirmed by MD. Arun Thukral.
Surprisingly, there have been cases in the past where two branches of the same bank gave loans to the same borrower due to the unavailability of real-time credit rating of the customer. Sharing of databases maintained by CIBIL lending banks to be a remedy to this undesirable problem.
Even the customers would now be able to their CIBIL report by online payment to CIBIL who would report to the address on his record-mail access. According to Mr. Thukral CIBIL and its analytical tools to the banks base their decisions on credit worthiness of loan applicants by assigning credit score offers to existing and past relationship of all the products of the participating banks to facilitate base.
The Reserve Bank of India had to deal with new guidelines that prohibit any bank debtors as a customer if they have negotiated the amount payable against his account and paid the amount to the banks that declares such as credit cards or loans. Credit information Bureau Of India Limited is founded in the central repository for all consumer credit history at all banks in January 2001.
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