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Don’t let them push a credit card with your new a

Don’t let them push a credit card with your new a

Only just, i read about the expertise of a newspaper columnist on how a credit card was issued to her while Milagrofilms opening a savings account and the ordeal she had to go through after that.

As revealed by her in her column, it happened because she just signed on the dotted line of Cheap Pandora Bracelets the approval for opening the savings bank account and handed it over to the bank representative instead of filling it up herself.

This act is not very as many of us do that.Generally, bank representatives help you open a checking account by asking you to sign the form insisting that they will fill it up so that you don waste your time.It’s only later that you repent this decision.

Besides an unwanted credit card, customers sometimes also get an unwanted insurance policy for which premium is charged or for fraudulent billing in the first credit card statement.

Since numerous people do not use the credit card, they don’t really bother to act further after receiving one.When the visitor does not use the card, the bank concerned does not receive the money of either annual fees or insurance debited and in due course writes off the total amount outstanding in respect of such a customer.

The banks report such write off to cibil as default by the shopper and the horror story unfolds when you applies for a loan.

We acquire lot of queries from readers about their names appearing as defaulters in the cibil records.

Most of them have issues related with credit cards.

Due to the banks issuing credit cards to unsuspicious customers, many of them are deprived of credit facility like loans.The situation becomes grave in specific cases when a person who may never have borrowed any money, makes down payments towards ordering a property or a car hoping that he will get a loan for the balance amount based on income eligibility parameters.

The shocker comes when the bank informs him that his name seems as defaulter in the cibil record.The small act of believing a bank broker while opening an account leads to his dream of owning a house or a car get crushed.

It becomes a hardship on the customer to arrange funds for the balance amount.

There are lots of cases where people have suffered due to the bank bundling the credit card with the account opening form.Banks probably do this to expand their customer base and to make sure the customer does not go to their competitor.

Almost all private sector banks resort to such practice without realising the hardship it causes the purchaser later.

To help such regulars who are not defaulters in the real sense of the term, i claim that the reserve bank of india(Rbi)Ban banks from bundling other products for this account opening form.

A step that fit this description, for the rbi, will substantially bring down numerous defaulters reported to cibil.

Another step that can be taken to reduce the numbers of such defaulters is for cibil and rbi to work on the methodology of distinct the terminology to be used for reporting cases where the non recoverable amount is in respect of credit cards which have never been used.

The persons who are going to complete reporting such data to cibil need to be educated about the terminology used while writing off such amounts in the books of the banks.

This should also include cases where the amount has been reported as written off by banks to cibil in respect of annual fee or there are times when insurance premium which comes by default with some credit cards.

These measures will help pastimes been reposted as defaulter without doing any actual credit default.It will save cibil and the banks a lot of paperwork when customers request for corrections.