- Credit bureaux do little in case there is a disputed deal or incorrect entry of details
- Arun Panicker’s credit rating got affected as a result of a nine-year-old disputed repayment
A tweet that is recent Arun Panicker, a previous chief analytical officer at a rating agency, trigger a storm on social networking. Panicker stated he had a Cibil score (supplied by credit bureau TransUnion CIBIL Ltd) of 622, which put him near to the base regarding the credit range despite having zero financial obligation and three credit that is active, which had no overdue re re payments.
So just why did this take place? In accordance with Panicker, last year, he became a victim of a bad fraudulence in ny. He was charged by a merchant $1,200 on his bank card for a purchase that has been well worth only $750. The card was in fact released because of the arm that is indian of. The merchant disputed the deal. Panicker declined to pay for and stopped utilizing the card. Nine years later on, as he requested a credit that is new, their application ended up being refused as he ended up being shown as a defaulter. Panicker asked for their Cibil report and, to their horror, discovered their title ended up being spelt incorrect, the telephone quantity against their title had been unknown to him and there have been credit inquiries he knew nothing about against him that. Panicker raised the situation with Cibil and had been expected to approach the financial institution. (suite…)