Wednesday, June 08, 2005

Credit rating - The new Mantra in India

I received a note from my credit card provider that they would be reporting credit history to an RBI appointed agency for tracking my performance. That is the good part. Further they said they would also share the data with any agency that they thought would be deemed fit. That I have a problem with. In a country like India where both privacy and information security are relegated to secondary levels of importance before roti, kapda aur makhan, I think getting a letter from the credit card company was in itself a positive note unfortunately their practice of sharing to who they see fit is a problem. The good thing is that they have given me an option to raise a redflag if I want to and I have done that today. Let us see what the response would be.


Anonymous said...

What they will share is more going to be like how good your credit is and nothing more than that. Not anything related to your real finance.

But how they will trakc credit histry of peopl who do not pay tax?????????

Vivek Venugopalan said...

Well I have a concern if they decide whom to share it with with no consent from me. That violates my right to information privacy.

This relationship between tax payers and credit history is not so straight forward. I am sure there are tax evaders in more developed countries who have excellent credit history

Anonymous said...


Will add the link and let you know shortly.