Your CIBIL Score: Whose Bill is it anyways? #Blackbox [#TheThreadMill]

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Your CIBIL score is often a black box. The thread by Arun Panicker nails it hard.

A #CIBIL thread- Long read but I had to vent out. My CIBIL score is 622/900- 96% of loans sanctioned last year have a better score. So bottom of the barrel pretty much 1/13
My financial position- zero debt, 3 active credit cards with no overdues or rollovers EVER, a liquid investment portfolio that allowed me to retire at 46 i.e 5 years ago. Doesn’t scream bottom of barrel does it? So what went wrong? 2/13 #CIBIL
Enter #CITIBANK –I’ve had a CITI card since 1994 with a zero track record of overdues or rollover. In 2011,I was a target of a fraud in New York.For a purchase of 750$ the shopkeeper swiped the card for 1200$. I spotted it immediately got the merchant to reverse it. 3/13 #CIBIL
Called #CITIBANK who promptly reversed the transaction. matter closed, right? Far from it. Citi months later reinstates the amount cos the merchant claims transaction is valid. My instantaneous complaint, my 17 year impeccable track record with CITI counts for nothing.4/13 #CIBIL
I get into a dispute with #CITIBANK, pay everything except this amount and stop using the card. Citi starts accruing interest all the way upto Rs. 1 lakh. All of this is in 2011-12 5/13 #CIBIL
I take a Rs. 50 lakh housing loan in 2011, repay it in full at the end of 1 YEAR itself and remain zero debt since then. I get a CIBIL report just for curiosity in 2013 and my CIBIL score is 831/900. I forget all about it. 6/13 #CIBIL
A few months back, I am rejected for a credit card. So I get a #CIBIL report to figure out what happened. #CITIBANK shows me as a defaulter- According to them the credit card was closed in 2013 but I am a defaulter for Rs.1 lakh every month from Jan 2017-Dec 2019. 7/13
Then I get into the report in detail. My name is wrong, email address spelt wrong, random numbers show up as phone number, Kotak Bank and Magma have made enquiries from #CIBIL about me for personal loans(I’m totally unaware of). #CIBIL says I should approach individual banks 8/13
How do I do that? How the hell do I know which bank has entered my name wrong or email wrong? No idea. Its no one’s problem but mine. And #CIBIL cares jackshit for me they just aggregate data it seems. 9/13
To add to this mess,I held a power of attorney for a friend and signed a document on his behalf. His company’s loan of a few crores is now shown in my name because #FederalBank goofed up & put my PAN number instead of his PAN. still waiting for it to be corrected 10/13 #CIBIL
I can survive all this. I will get over the irritation of not getting the credit card I wanted. But this could happen to anyone of you and you wouldn’t have the faintest idea until you went looking for a loan. 11/13 #CIBIL
Its shocking how little control you have over your #CIBIL score report- Banks can make errors (#Federal), do random queries on your name (Kotak/Magma), enter wrong details (don’t know which bank(s)) and pretty much blackmail you over a merchant fraud (#CITIBANK). 12/13
If you’ve stuck with me till here, thanks for reading my rant. Anyone knows what I should do,please reach out- Ombudsman, consumer court- where should I go with this? Any inputs welcome #CIBIL 13/13

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