False statements in cibil score
sandeep
(Querist) 29 May 2014
This query is : Resolved
hi,
On 20/07/2011 i had taken a bank guarantee for 3 lacks from state bank of hyderabad (sbh) on fixed deposit,which is valid for 3 years(both fd and bg i.e 19/07/2014). They have given the documents for properly (in doc's it expiring on 19/07/2014)but in their database they entered bank guarantee is valid only for 1 year(i.e expired on 19/07/2012). Now recently i had applied for citi bank credit card,they rejected my application by stating that i have 3 lacks loan from sbh and not paying emi's properly.
I contacted the sbh bank manager ,he showed me in their database it is expired on 19/07/2012,and he corrected it there it self. He said the cibil score will be automatically corrected by next month.
what i have to do now if cibil score is not corrected? and one more doubt is how bank guarantee given on fixed deposit will become loan even after no one claimed it though they have my fixed deposit with them .
Guest
(Expert) 29 May 2014
You need to check the document of BG first for verification of validity date, only then decide what you are required to do.
sandeep
(Querist) 29 May 2014
hi PS dhingra sir,
They have given BG documents with proper date (it is valid till 19/07/2014) but in their data base(systems) they mentioned wrong date.because of their mistake my cibil score is effected.
Rajendra K Goyal
(Expert) 29 May 2014
Bank Guarantee is a non fund based credit facility given by the Bank. Technically this is also a credit like other loans. Fund has to be advanced if the conditions of guarantee are not met.
If the validity date of BG is upto 19.07.2014 including claim period. there are all possibilities that the Bank has wrongly shown the BG in their reports.
If Bank has promised better wait for another 1-2 months, scores may be rectified in routine.
Guest
(Expert) 30 May 2014
CIBIL score is not permanent one and is subject to modification any time. So that can be modified when the bank retracts from their own input made earlier on account of their mistake.
You have not stated whether you contacted the bank authorities or not and what was their response. If not yet contacted the bank, must contact the concerned bank authority ad ask him to rectify the mistake and modify their data input in CIBIL.
sandeep
(Querist) 30 May 2014
hi rajendra k goyal sir,
Thanks for your response.I am looking for these answers. I will wait for next two months.
I have one more doubt:
I need 4 more months from the BG expired date to get my original BG.Without original BG i may not claim my FD. Will it effect my cibil score in any way? because i have planned to take home loan after getting my FD(mostly within 1/2 months from FD claimed date).
sandeep
(Querist) 30 May 2014
hi PS dhingra sir,
I had contacted bank manager he corrected the date in data base and told me cibil score is corrected automatically.
sandeep
(Querist) 30 May 2014
hi rajendra k goyal sir,
Thanks for your response.I am looking for these answers. I will wait for next two months.
I have one more doubt:
I need 4 more months from the BG expired date to get my original BG.Without original BG i may not claim my FD. Will it effect my cibil score in any way? because i have planned to take home loan after getting my FD(mostly within 1/2 months from FD claimed date).
Rajendra K Goyal
(Expert) 30 May 2014
The liability on BG has not arisen and not due or overdue, it should not effect your CIBIL score. You can explain the situation to your Banker from where you want to take loan and the Bank should not hesitate to accept your clarification.
Guest
(Expert) 30 May 2014
CIBIL score is not corrected automatically, unless appropriate feedback is given by the bank. Get a certificate also about the correct position and send to CIBIL for appropriate action on their part. Read FAQ of CIBIL site for further guidance on how to get the CIBIL score corrected or modified.
sandeep
(Querist) 31 May 2014
I thanks all the experts for ur valuable advices.
