Credit card default & false reporting to cibil
Vijay Sherlekar
(Querist) 06 May 2017
This query is : Resolved
I was holding credit cards from two multinational banks with approximate credi limit of less than Rs one lakh each in the year 1999-2000. Due to my financial crisis I defaulted on both the cards. Subsequently both the banks merged,The principal outstanding on one card was mutually settled with the Bank on installment basis. The other card could not be settled due to non cooperation from bank. They were not ready to settle on principal outstanding & also not ready for installment.
Now recently in March-17 the bank reported to CIBIL that more than rs. 1 crore are outstanding on my credit card account.This has badly affected my CIBIL score & spolid my all future prospects of getting any finance from any Bank.
Please guide me
1)Can the bank report to CIBIL after 17 years,is there any time limit ?
2)I was at my old address till 2006 but I never got any legal communication in this regard.
3)Can the bank now take any legal action to recover this money assuming that they might have got court orders in their favor in my absence. Or in absence of any previous court orders can the bank start fresh recovery suit against me ?
4)What options available to me to remove this unjust reporting in my CIBIL report .
5) Can I legally sue the Bank & CIBIL on the ground of time limitation
Please help me to get out of this mess with your valuable advice.
regards
krishna mohan
(Expert) 16 May 2017
You can write to Banking Ombudsman if internal grievance of Bank do not redress the grievance with facts and figures sent thorough a written communication.
