19/04/2016
Post by P S Prabhakar in FB
CIBIL (Credit Information Bureau Limited) - a completely private organisation owned majorly by an US based corporation called Trans Union International- (which in turn is owned by Goldman Sachs), with a few Indian banks and Indian private companies holding 1% to 5% each, is the sole decider, evaluator and judge of everyone's creditworthiness in India. All the banks, credit card companies and financial institutions shamelessly provide them all our data as well as funds to them for them to decide whether we are worthy for credit or not. Before pronouncing some one unworthy of structured credit, they don't even perform the basic duty of checking the veracity of the (mostly nonsensical) info provided to them by banks / institutions. They hold the vomit of the banks in their hands and distribute to other banks. Banks give you an impression as if CIBIL is the be-all and end-all of evaluating of one's financial credibility and you also tend to think that CIBIL is something like RBI. I really wonder who gave CIBIL the authority to pass judgement on my financial standing? First of all, who are they? After all a servile minion of an MNC. Why should Indian banks and indian financial institutions give any credence to what these idiots have to say? How come RBI is allowing this nonsense?
Thanks & Regards
RAGHUVIR FINCORP
Rajkot
+919898988947
