If you have never taken a loan in past and all your life you have paid your credit card bills on time and you have a comfortable salary and you think that nothing in world can come between you and a loan you plan to take for a property deal. WRONG totally wrong. All financial institutes will verify your claim of no encumbrances against data stored in databases of CIBIL. Only after verification you get a loan sanctioned. Unfortunately CIBIL database is riddled with imaginary numbers and unverified records.
CIBIL has no validation mechanism it just pushes all the data it recieves from bank on to the stack of individuals and does not undertake even basic testing of final accumulated data against an individual. In my case CIBIL mixed my data with someone else. I got a rude shock when I learnt that CIBIL records assigned 5 loan accounts and 11 credit cards to me. So I was forced generate a personal report at cost of 470 and I had to follow all banks which appeared on my CIBIL report. So for corruption in CIBIL database I pay money and I follow up with banks. That is a national joke. It took me one and half month to clear my name. All banks claimed that they had not supplied that data apearing on my report and CIBIL had cooked them by some imaginary process only GOD knows what. CIBIL has simple business model.
Arbitrarily assign some random bank accounts to some individuals. When these individuals apply fo rloan of course their applications are rejected. They approach CIBIL and here you have to pay them 470. After a month or 2 CIbil will fix it. What a SHAM. Is this the organization even worthy of selling junk. They are supplying credit ratings. I guess only in INDIA. CIBIL’s customer service is equally pathetic. No replies to your emails. No one picks the phone. And you get single onliners if they ever reply.