It appears that the credit score that determines your "worthiness" and "eligibility" before loan applications is a defective system that is fully in the hands of two unchecked private firms.
In his parliamentary address, AICC member Karti p. chidambaram criticized CIBIL and EXPERIAN as key perpetrators of this capricious system. He emphasized how these private businesses lack openness in their business practices while having access to all of the information about each person's transaction history.
The public is still unaware of how credit scores are produced and why banks place such a high value on them. Despite paying his bills on time, chidambaram claimed that his CIBIL score was low and that there was no way to challenge the system's legitimacy.
For farmers and the middle class, the tamil MP's problem is vital. The latter typically use government subsidies to pay off their loans, which frequently have no effect on their credit score and limit their future loan eligibility.
This privately operated financial system, on which our government depends, has several issues. The public is insistent that the finance minister implement reforms to increase its dependability and transparency. Stay tuned for more updates.
In his parliamentary address, AICC member Karti p. chidambaram criticized CIBIL and EXPERIAN as key perpetrators of this capricious system. He emphasized how these private businesses lack openness in their business practices while having access to all of the information about each person's transaction history.
The public is still unaware of how credit scores are produced and why banks place such a high value on them. Despite paying his bills on time, chidambaram claimed that his CIBIL score was low and that there was no way to challenge the system's legitimacy.
For farmers and the middle class, the tamil MP's problem is vital. The latter typically use government subsidies to pay off their loans, which frequently have no effect on their credit score and limit their future loan eligibility.
This privately operated financial system, on which our government depends, has several issues. The public is insistent that the finance minister implement reforms to increase its dependability and transparency. Stay tuned for more updates.
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