Before applying for home loan, I just checked my credit score at CIBIL. Its showing score of 638.I suspect that this is due to a outstanding due from standard chartered back credit card which was issued in 2004 and last payment was made in 2005 March. I am not aware of any outstanding and not aware when or if bank tried to contact me. I continued to live at same address in Mumbai till 2006 July. Its inconceivable that I would have willfully not paid or bank tried to make any serious attempt to contact me.
I have written to bank about it and asked for details. Meanwhile, I am keen to get my score improved as its causing unnecessary anxiety. I need a solution asap so that I can close the purchase soonest possible. I would apply loan for not more than 2 times of my current yearly earnings.
There is a good possibility that the bank will keep adding interest to what is outstanding. it may have even sold your dues to a recovery company. There is no way to work around it and improve your Credit Score.
We request you to go and meet the bank and step up the effort to resolve the problem. Write to the consumer complaints cell of the bank. Escalate it quickly if necessary. Write to the government's online complaint cell. Find out the exact status at the earliest. Once you have done that, you can write to us again and come in for counselling if necessary.
Sucheta Dalal Trustee - Moneylife Foundation
Abhay Datar Abhay Datar is a consumer activist. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of Mumbai Grahak Panchayat (MGP) in 2008 and solved many cases related to banking including online fraudulent transactions, misuse of credit cards and ATM cards. Also handled cases related with mobile banking frauds and mediclaim. He was a Member of the Managing Committee of MGP till March 2021.
Shirish Shanbhag Shirish Shanbhag has an MSc in Organic Chemistry, Diploma in Higher Education, a Diploma in a French and has completed his LL.B. in first class, in 2021. Before his retirement, he was a junior college teacher at Patkar College from July 1980 to May 2012, where he taught theoretical and practical chemistry. Post retirement in 2012, he started providing guidance and counseling to people on several issues, with a specific focus on co-operative housing society related matters. Adv Shanbhag has a kee
R Bhuvaneswari After serving Bank of Baroda for almost 40 years, Ms Bhuvaneshwari retired as Chief Manager in 2013.
Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on finance, credit related issues