Can I get a copy of credit report if the bank rejected my credit application?

POSTED BY Rajesh R ON October 15, 2012 12:17 pm COMMENTS (3)

 My application for credit card was rejected by Standard Chartered. They say its based on CIBIL report. But I had seen my CIBIL report last month which was perfectly good. 

So can I ask the Standard Chartered bank to show me/give me a copy of the report which they have refrred? Is there any RBI guideline which stipulates that the bank is required to share the credit report if requested by the customer.

Thanking you

Rajesh

3 replies on this article “Can I get a copy of credit report if the bank rejected my credit application?”

  1. Credexpert says:

    Dear Rajesh,

    If you need any further clarifications or wish to read up the Act that governs the operations of credit bureaus in India please click here – http://www.credexpert.co.in/cicra.html

    You have mentioned that thee reason for the rejection is “details provided …. “. What specific details are they referring to ? I am sure you are entitled to ask what specific information was not meeting with the Bank policy norms.
    Warm Regards,
    Credexpert.

  2. Credexpert says:

    As per the law, banks are required to give a copy of the credit report they used to determine the credit worthiness of an individual, or in your case, the fact that they did not want to give you a card.
    If SCB refuses you a copy, please tell them that the Credit Information Companies Regulations Act, and the Regulations formed thereunder, makes it mandatory for them to provide you a copy.

    1. Rajesh R says:

      Hi Credexpert,
      As advised by you I approached SCB and after a lot of calls, mails and persuasions, they have finally sent me a rejection intimation letter along with a copy of CIBIL report.

      Can you help me in getting further clarifications on the RBI regulations. Please help.

      As per RBI Guidelines on Fair Practices Code for Lenders (RBI/2006-2007/280 DBOD.No.Leg.BC.65 /09.07.005/2006-07) which is available on RBI website
      “5. On a review, it has been decided that in case of all categories of loans irrespective of any threshold limits, including credit card applications, banks / FIs should convey in writing the main reason / reasons which, in the opinion of the bank / FI have led to rejection of the loan applications.”

      In the letter sent to me SCB says that in my case the reason for rejection is that “the details provided in the application is not meeting the Bank policy norms”

      Is it sufficient as per the law? If it is suuficient, then SCB is required to make public what are the Bank policy norms, no?
      Or we can demand a more clear and specific reason like “we provide credit card only to those people whose total loan outstanding is below 5 lakhs. And you don’t meet that criteria”

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