No..No.. you are getting it wrong. I am not asking you for your lipid profile or kidney and liver. I am just asking you for your financial profile. If you have a sound financial profile and high CIBIL score, you can just sell or rent out your profile for big money. Let me explain profile market in detail.
The coordinates: Financial profile consists of four co-ordinates – salary, salary certificate, income tax return and CIBIL score. The salary must be credited into your bank account at a specific day of the month. A minimum of six months’ salary credit record is a must. The claim of salary can be certified from salary certificate issued by the employer, Form 16, issued by the employer, Bank account statement and income tax return. If you have never taken a loan, just avail a loan and pay EMI on time for at least six months. This will boost your CIBIL to 750-800 level. Being equipped with salary, salary certificate, bank account statement, Form 16, income tax return and lucrative CIBIL score, you are ready to be used by profile buyers. Welcome to Profile Market!
The profile buyers: Profile buyers are people and businesses with poor profile of themselves. There is a grocery shop owner earning lakhs per month. His income is largely in cash. He has repayment capability but poor CIBIL score and below the mark income tax return. He wants to buy a house and is in need of home loan. He is in search of a goof profile for taking home loan in joint name. For a fees, you will lend him your profile and get him home loan sanctioned. Since, interest rate of home loan is dependent on CIBIL score, the profile buyer will save interest outgo due to strong profile. Since, home loan is a secured loan, the profile buyer will be declared a defaulter in case of non-payment of EMI. You will have to face the consequence of a dented CIBIL score. At the time of property boom, real estate companies were buying profiles to get home loan on profiles. This led to selling one flat multiple time. The real estate companies used the home loan amount for a fee to profile owners and paid EMI to the banks. All was going well till the EMIs were being paid on time. On EMI default, the investigation started and it was found that the same flat was used to take home loan from multiple Housing Finance Companies (HFC) through different profiles. The property developer had to join just three dots – allotment letter, attractive profile and friendly HFC to avail loan at a discounted price. Mind it, housing loan is cheapest of all loans. Several property developers including Supertech and Amrapali have been found to indulge into selling one flat to multiple buyers.
The profile scamsters: Profile market is a growing financial market. The profile racketeers devise strategies to rob financial institutions with their own rules and regulations. A simple strategy is to open a private limited company with fancy office and deploy good number of employees. The employees are fake. Their profile is used to open salary account. Salary is transferred regularly into bank account. Same salary is taken out and deposited again next month. After six months, the profile is offered personal loan, consumer loan, credit card etc. If you combine all these, it comes out to be almost 10 times of the salary. After taking all these, the profile owner resigns and vanishes. Since personal loan and credit card are unsecured funding, nothing can be done. It impacts CIBIL score of the profile but who cares. The profiles are made for these only. If a profile is nourished for one year, the benefit is even more. Multiple credit cards, multiple personal loans and a series of other loans.
The Profile Mules: The cyber criminals are hunting for profiles for a price. They buy profiles and open bank account in multiple banks. They use these accounts for siphoning off stolen and hacked money. The profile owners are paid a monthly /one time sum for that. The addresses are changed on Adhaar card to mislead investigators. In some cases, the bank accounts are opened without knowledge of profile owner. The profile owner comes to know of this misuse only after the incident.
Sharing financial profile with someone is a risky affair. Protect your profile to save yourself from landing into prison.
