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by Saurabh 07 Feb 2011, 03:55
ImageIt was the last thing that Ajay Deshpande would have worried about. All the formalities were done. The documents were in order, the loan application for an education loan for funding his daughter’s education had been filled and submitted to the bank.

Deshpande was confident he would get the loan since he had applied for a small amount, more so as his daughter had secured admission in an institution of national repute. Therefore, he was stunned when the bank told him that his application had been rejected because he had an ‘unfavourable’ credit history which was reflected in a credit information company’s database.

A horrified Deshpande found out that his socalled credit history comprised records of credit card defaults that were written off by a leading private sector bank. He was certain that he had never signed up for a card in his life, let alone using it. He had never received any credit card bill either.

by Preeti Kulkarni, ET Bureau