Are the Credit Bureaus, Credit Scores, Credit history, CIBIL Score & Impact of 4 Credit Information Companies killing Business Owners & Entrepreneurship?
My Dear friend,
I am of the strong opinion that these Credit Information Companies also called “Credit Monitoring & Credit tracking Agencies” like CIBIL, Equifax, Trans Union, Experian etc are literally killing the Business entrepreneurs & Entrepreneurship not only in India but all over the world by their Credit monitoring, Credit history and Credit scores.
Is there any business entrepreneur in this world who does not have a bad loan? The great American economist Mr. Paul Volcker who helped shape American economic policy for more than six decades and also served twice as Chairman of the Federal Reserve of the USA for about 10 years under two US Presidents namely Jimmy Carter & Ronald Reagan once told …..
“If you don’t have some bad loans, you are not in business” – Paul Volcker
If you dig deep into financial history of all the big business houses, most of them have had bad loans & have defaulted on their loans at some point in time. Today, even Government departments, State Governments & even large countries are defaulting on their loan repayments. There is nothing strange or unusual about this.
Now the question is – Have they all come into the radar of these credit monitoring agencies before they did any further business? Have they all been given poor credit scores? Is there a bad credit history existing for all these big companies & big business houses?
In reality, nothing of that sort has happened. If so, those big business would not have grown & become so big today which means either these credit monitoring agencies have simply ignored these big business houses or it has had very little effect on these big business houses.
But how about small & medium business entrepreneurs? The Credit Scores generated by these credit monitoring agencies would have a devastating effect on them which literally could kill the small & medium business entrepreneurs and their entrepreneurship dreams.
In the guise of fraud protection & helping the Banks & financial institutions, these credit monitoring agencies are silently tracking, monitoring & recording every single financial transaction of each one of us without our knowledge & permission. Then all our personal data is captured and sold openly in the market to anyone or to any bank or to any financial institution for a hefty fee which goes into the coffers of these credit monitoring agencies. This has become a big business.
Based upon their clandestine capture of our personal data, recordings & monitoring, these credit monitoring agencies prepare “Credit History” and come out with a “Credit Score” based on certain parameters set by them.
This credit history and Credit score is nothing but a continuous vilification campaign of the entrepreneurs, which discourages potential & prospective lenders in granting any kind of business loans, personal loans or even small loans to meet any emergencies to the entrepreneurs.
Now these credit monitoring agencies by their credit history and credit score, literally pass a judgment on the entrepreneurs, whether the entrepreneurs are good, not so good, mediocre or bad etc.
Now my question is – who are these Credit Information Companies and monitoring agencies to decide & pass a judgment on the entrepreneurs, whether someone is good, not so good, mediocre or bad? What right do they have? This judgment, credit history and credit score would remain in the public domain for a minimum period of 7-10 years or even more.
Is it a crime to become a business entrepreneur? Is failing in a business endeavor a bigger crime? That’s what the Government, the Banks and the financial institutions think.
It is very sad to note, instead of supporting & encouraging business entrepreneurs, the Governments & Banks have created a system which would not only discourage them but ultimately kill them & their entrepreneurship dreams. The Government & banks should note that, it is quite normal for business entrepreneurs to fail in their ventures & hence should not only encourage but also support the entrepreneurs, after all the entrepreneurs are “Job Creators”.
The above is only an introduction and there are “n” number of more serious issues which need to be taken up, discussed at the Government level since they are playing havoc in Entrepreneurs life & on their dreams. These issues are not only very unfair but are draconian which need to be resolved & possibly be abolished & eradicated. These issues are beneficial to very few but to a very great extent detrimental to all business entrepreneurs and to our country at large.
Hence I am making great efforts in compiling these kind of “Unfair & questionable” issues and am in the process of data collection and data gathering from various sources which I am currently working upon. Once this is ready, I am planning to take up this matter at the very highest Government level, including the Reserve Bank of India, Ministry of Finance and Government of India. The Governments all over the world should abolish all these since they are not only draconian in nature but it is destroying the dreams of millions of entrepreneurs all over the country.
I am planning to file a PIL “Public Interest Litigation” in the Honorable High Court & Honorable Supreme Court of India since this is a very serious matter which is affecting millions of people especially the entrepreneurs.
Hence in our website: www.whybanksrejectloans.com, this particular video is not made yet. I am almost done but still more to be done. Hence please look out for this space & you should be able to see this very soon.
The business entrepreneurs are always busy in their own world & have no time to take up these kinds of issues & wage a legal battle against the Government & the RBI. But I have taken it personally & have decided to fight against the system and hence I need your moral support in fighting this case. Apart from moral support, I also need financial support from one & all especially from those who have been affected by these draconian laws, to fight a legal battle against a well-established system, big institutions & against Government.
If you want to share any of your experience or contribute or share your opinion on this matter, you are most welcome. Please do write & send a mail to us on: matterforpil@nbs-bc.com. Mark the Subject heading as – Regarding – “How Credit bureaus are killing Business Owners & Entrepreneurship?”
If you are interested to contribute/donate financially and support us & strengthen us in fighting for this noble cause which would bring great relief to the entrepreneurs & people in this country, You could send your valuable financial contribution to the below mentioned bank account for which I shall be very thankful. I assure you, that the money given by you shall be used very judiciously to fight the system & shall not be misused for any other purpose.
Bank : KARNATAKA BANK, JP Nagar II Phase,
Sarakki Branch, Bengaluru 560078.
Account Name: NBS Business Consulting
Account Number: 0982000110314301
RTGS/NEFT IFSC Code: KARB0000098
MICR Code: 560052024
Thank you very much for reading this matter. I look forward not only for your Moral Support, Opinion & Contribution but also look forward to hear from you.
Warm Regards
Surya Prakash
President & CEO
NBS Business Consulting
Mob: 73496-71035/ 78925-38672
