A credit card defaulter without a credit card !!
Came across an article in the Mid-Day newspaper which highlighted the case of a woman being unable to fund her son’s education as banks refused to give her a loan. The reason – She was apparently a credit card defaulter.
Seems fair enough, but here’s where the strange part begins - She doesn’t even have a credit card !! The woman, who is presumed to have defaulted on a StanChart credit card, claims she never even applied to the bank for any card, let alone default on it.
After making various rounds of bank branches and several telephone calls later, the bank agreed she was not a defaulter, but refused to put this down in writing.
The company refusing the loan was Cholamandalam DBS Finance Ltd. They obtained her credit rating report from CIBIL, in which the account is shown overdue and though the amount has been written off, it hasn’t been closed.
One thing that comes out strongly is the role of CIBIL, which was set up to fulfill exactly such a purpose, but if the information that is sent to it is itself factually incorrect, it will be the consumer who will be subject to this kind of harassment for no fault of theirs. This needs to be addressed on priority.
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