Poor CIBIL Score due to Defaults costs SBI employment

[thanix]

CIBIL is becoming mainstream and being used for employment background check. Horrible...

https://www.financialexpress.com/india-news/poor-cibil-report-valid-reason-to-deny-bank-job-madras-hc-backs-sbis-move/3894468/

While SBI argument seems to have merit, there is absolutely no control over CIBIL by end user. An opaque organization being used for employment verification is dangerous.

This entire credit score business needs to be revamped with statutory backing.

 

[tachniki]

CIBIL is becoming mainstream and being used for employment background check. Horrible...

https://www.financialexpress.com/india-news/poor-cibil-report-valid-reason-to-deny-bank-job-madras-hc-backs-sbis-move/3894468/

While SBI argument seems to have merit, there is absolutely no control over CIBIL by end user. An opaque organization being used for employment verification is dangerous.

This entire credit score business needs to be revamped with statutory backing.

In this particular case, person had multiple defaults. He had cleared / settled the defaults. But he will need to carry baggage for few years.

We will need to teach our kids importance of credit score.