FISME to discuss CIBIL report error issues faced by MSMEs with SBI today
Updated: Dec 16, 2015 12:42:33pm
New Delhi, Dec 16 (KNN) The Federation of Indian Micro and Small & Medium Enterprises (FISME), will be holding a meeting with the State Bank of India on the issues being faced by the MSME entrepreneurs with regards to the increasing incidents of CIBIL report errors.
The apex industry body for the MSME associations, FISME, will also have a consultation meeting with the Reserve Bank of India later this month.
Some of the MSME entrepreneurs have brought up the issue with the chamber about varying and “incorrect” CIBIL scores being sent to the lenders.
An MSME entrepreneur, Subhash Agarwal, from Kaushal Steels in Bangalore recently pointed that, “The agency keeps / gives a wrong data to the member institution.”
Today almost no loan or credit card application gets approved without checking the applicant's CIBIL report and CIBIL TransUnion Score.
Sharing his experience, Agarwal said, “I am a HNI having a good credit and a good credit standing with the Financial Institution. Somehow CIBIL was showing my score to the level of 550. After various correspondences they realized their mistake and made it to 835 reflected by their control number: 668231897 dated 30/12/2013. Again to my surprise in the month of March 2014 it was dropped to 690 After bring this to their notice they have corrected their statement and send me the same without any apology and as showing my score to 805. But unfortunately again on 8th of July 2014 my score was showed as 651.”
Agarwal raised his concern with the agency saying, “I am writing them asking for the specific reason, they are just giving a vague and funny reply for the same.”
“In one of the answer they said that they have shifted their volume CIBIL 1 to CIBIL 2 and CIBIL 1 Score 700 is equal to CIBIL 2 600. On checking with various Banks, it’s been noted that nobody is aware of this. Again pointing out this to them, they have send me a corrected statement score of 805. Now again they have reduced my score to 715 and they have not replied since last 45 days,” he said.
In an email response, CIBIL said, “We regret to inform you that we are yet resolve the score disputes details and understand that it has taken longer than stipulated time. Further, please note that the disputed sections in your CIBIL report will be marked as 'Under Dispute' until your dispute/s is/are resolved.
Unfortunately, Agarwal is not alone. Many MSME entrepreneurs are finding dealing with CIBIL frustrating.
“They cannot keep / provide a wrong data of an individual who may go to various hardships due to this wrong information provided by the CIBIL to his lender,” entrepreneurs opined. (KNN Bureau)
The apex industry body for the MSME associations, FISME, will also have a consultation meeting with the Reserve Bank of India later this month.
Some of the MSME entrepreneurs have brought up the issue with the chamber about varying and “incorrect” CIBIL scores being sent to the lenders.
An MSME entrepreneur, Subhash Agarwal, from Kaushal Steels in Bangalore recently pointed that, “The agency keeps / gives a wrong data to the member institution.”
Today almost no loan or credit card application gets approved without checking the applicant's CIBIL report and CIBIL TransUnion Score.
Sharing his experience, Agarwal said, “I am a HNI having a good credit and a good credit standing with the Financial Institution. Somehow CIBIL was showing my score to the level of 550. After various correspondences they realized their mistake and made it to 835 reflected by their control number: 668231897 dated 30/12/2013. Again to my surprise in the month of March 2014 it was dropped to 690 After bring this to their notice they have corrected their statement and send me the same without any apology and as showing my score to 805. But unfortunately again on 8th of July 2014 my score was showed as 651.”
Agarwal raised his concern with the agency saying, “I am writing them asking for the specific reason, they are just giving a vague and funny reply for the same.”
“In one of the answer they said that they have shifted their volume CIBIL 1 to CIBIL 2 and CIBIL 1 Score 700 is equal to CIBIL 2 600. On checking with various Banks, it’s been noted that nobody is aware of this. Again pointing out this to them, they have send me a corrected statement score of 805. Now again they have reduced my score to 715 and they have not replied since last 45 days,” he said.
In an email response, CIBIL said, “We regret to inform you that we are yet resolve the score disputes details and understand that it has taken longer than stipulated time. Further, please note that the disputed sections in your CIBIL report will be marked as 'Under Dispute' until your dispute/s is/are resolved.
Unfortunately, Agarwal is not alone. Many MSME entrepreneurs are finding dealing with CIBIL frustrating.
“They cannot keep / provide a wrong data of an individual who may go to various hardships due to this wrong information provided by the CIBIL to his lender,” entrepreneurs opined. (KNN Bureau)
Loading...
