Barclays not updating with CIBIL even after issuing NOC, Can I take legal action ?

POSTED BY gun2ku ON February 16, 2014 2:06 pm COMMENTS (2)

I have taken personal loan from barclays bank,in 2008,due to my personal problem I couldn’t pay the EMIs in time,barclays has sold my account to Fincruise credit services in 2012 ,in 2013 sep I have paid total amount including principle and interest charges of amount 118500 to Fincruise,I got NOC from them but they have not updated in cibil.

Because they don’t have tie up with cibil,and they r not giving any response to my mail or even calls.so pl help me how can I solve this issue.can I taker any legal action.

2 replies on this article “Barclays not updating with CIBIL even after issuing NOC, Can I take legal action ?”

  1. Credexpert says:

    Dear Gun2ku,

    As per the Credit Information Companies Regulation Act, 2005 (CICRA, 2005) that regulates credit bureaus in India, lending institutions (i.e. Banks, Housing Finance companies, Non Banking Financial Companies) are mandated to report credit data to the credit bureaus (CIBIL, Equifax and/or Experian).

    If Fincruise does not fall in any of these categories of lending institutions then, kindly go ahead and notify the status of this account to CIBIL directly. Provide all the necessary supportings like NOC, payment receipt as well.

    Regards,
    Credexpert
    http://www.credexpert.in

  2. ashalanshu says:

    Dear Gun2ku, as the buyer of Barclays business does not have tie up with CIBIL, you need to intimate to CIBIL about it. Let them decide the course of action. In between, please keep that NOC letter with you for your future loan application reference to avoid rejection due to this Barclays thing.

    Thanks

    Ashal

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