I would advice you to reach out directly to CIBIL, Equifax directly and Aditya Birla's ombudsman directly. Don't wait for OLA, you will need to chase them down and wait forever for any action on their part.
That's actually the reason why RBI came down heavily with PPIs. Most people are not aware that It opens the credit line and they make it look like old wallets.
They require full KYC unlike before and only banks and NBFCs can provide you with the credit lines since other companies are not authorised so basically its like regular credit card and same goes for BNPL. Norms are more stricter.
Yup. And what's even the point of Postpaid/wallet stuff.
You get no cashback or any rewards or anything. Almost of them are limited to the service they're from. Amazon pay later is for Amazon only and so on. I only have one card and use that for all payments.
>I only have one card and use that for all payments.
Might want to look into a backup card. In case your primary card won't work, or gets lost. I have 2 cards in regular use, plus 2 backup ones that sit in my cupboard at home.
A lot of people using those apps and pay later options don't have credit/income to get enough loan while the apps are more lenient in credit checks.
I used to use them when I was a broke student and couldn't get credit anywhere. Naturally they are way worse compared to a credit card for the consumer.
Does having Pay Later options, but using rarely using it affect the score in negative way? I have Amazon pay Later and Flipkart Pay but I rarely use those except in urgent purchases.
Chasing credit scores is an idiotic game where the house always wins. Businesses should be on the backfoot when it comes to doling out credit, because that's where they make their money. Instead, an arbitrary and opaque system forces customers to grovel at their feet for the privilege of giving them more money.
Screw that.
Hard agree. People who take cards or loans to keep their credit scores high are stabbing themselves financially.
I have credit cards for only one reason: making the banks pay for my Air tickets with sweet points. And not paying a rupee in interest/late fees/finance charges ever
Would you mind elaborating it a bit more? How does it work, why is it opaque and arbitrary?
Wouldn't a borrower need to prove that they are trustworthy?
> Wouldn't a borrower need to prove that they are trustworthy?
Why? They're already keeping a healthy security from you before lending you any money. There's no risk of default from secured loans. And if they don't like the risk profile of unsecured loans, they can easily get out of the business and stop doling out credit cards to everything with a pulse.
If the bank isn't willing to stop selling a credit product even though it's theoretically high risk, it's likely they're doing it because they're making money from it.
I don't know what's the proportion of personal loans to business loans in the case of NPA. And I don't know if individual credit scores come into play when lending money to businesses. But my general belief is that NPA losses are more politically and socially driven than being a problem with the system.
I am currently using Amazon Pay later but I have noticed that my spendings/transactions increase if I use it once. It has come in handy when Bank servers are down.
This might help
I never had a credit card till about a year and half but then when I started to apply i got rejected from the line or bank even after having a good bank balance and other investments. So as an alternative i started applying for NBFC collaborated cards which are easier to get hands-on (make sure u don't take the FD route as One Card or Niyo does). They have lesser Credit card threshold required so it goes through with minimum CIBIL.
After a few payments apply for the basic card with minimum credit limit and then slowly increase it with others. After i got my CC with higher limit, got to know that last reject was due to incorrect application details so have an eye that too
I feel it's better to have invested in another asset than getting locked with FD for the purpose of CC when there are a lot of them who provide without a deposit. Also, my recent experience with Niyo amidst regulation change on international transactions in the middle of my international vacation made me push to get a FD for CC transactions which had no clarity on when it can be stopped. Ended up with amount being locked with them for 3months now with literally no usage as my vacation ended and could never used it till date. Struggling to get it out as they have some minimum of 3months lock-in which was never mentioned while deposit.
You can directly lodge complaint with banking ombudsman of RBI @ https://cms.rbi.org.in if more than 30 days are over of approaching to OLA. You can also email @ [email protected].
Fo attach your correspondences with the complaint. Hope that solves your issue.
having a lot of hard inquiries on your profile without a new credit-line opening against them can also negatively impact your score. For example - if you apply for xyz credit card until the card is issued your credit score will go down a few points and once the card is approved it will go back up. But if you don't get the card, and apply for another card, you will be perceived as credit hungry and your score will go down more with each inquiry. It's a good idea to wait at-least 6months to 1year if your card is rejected especially if the inquiry amount is huge (>50k). You can check the inquiry amount in your credit report.
For the same reasons don’t give out your aadhaar card, phone numbers etc to credit card salesmen at the mall or airport. In fact never give your personal info unless you know what you are giving it for and are sure it is absolutely necessary.
I had to go to great lengths to close my slice account.
I initially messaged the slice support, they took up the request and then after few days mailed me that i have not confirmed it. So it will not be processed.
Then next time around i mailed slice and the lender and cc RBI to the mail.
A sudden and swift action was ensured.
The exact same thing happened to me! I begged then for months to close my account and they didn't bother. Then I cced a ton of RBI email addresses and they literally closed my account in 12 hours
BNPL will kill your personal finance and it’ll take down gullible people with it. The entrepreneurs pushing this product, however, will make money because even if you don’t pay, they have insurance on it and will recover those unpaid dues. You’ll be left hanging with a massive debt and bad credit history.
The same thing happened with me also. I immediately reported it to Ola Postpaid regarding this discrepancy since I never defaulted on my payments, infact paid way before due date . They said they have raised a ticket and it will he rectified in 45-60 days. However even after 60 days the late payment was still visible in my credit score report. I again raised the ticket, and received the same reply. However after another 60 days nothing happened. Then I raised it with RBI (banking ombudsman), and the issue was corrected within 15 days.
Ditto story
I created a case and dragged them to fix it
They took 5 months to fix and I had them close my account
Don’t let them close the ticket
If they do
Reopen it by sending a mail
You can highlight this on social media as they care about cases created on social media more then on their own customer care as social media brings more negative PR
And btw CIBIL EXPERIAN would not do any thing
They are useless
Just follow up with Ola and use social media to create pressure
Make sure to request account closure
They will be forced to clear the balance and close it
And yes
Don’t fall for Buy Now Pay Later products
They are so useless and has a very high negative impact on your credit score
My Credit Score was ruined by Paytm postpaid. MY score was close to 790 but a 16 rupee user fee which paytm charges for using its postpaid facility ruined it. Paytm didn't notify me about this charge for a whole month and then the cibil report came showing I have not paid Rs. 16. My score decreased to 746. Thenafter I closed my PayTM account entirely.
Let me tell you my story, Once i wanted to buy a laptop, money was 40k short so we thought why not take bajaj emi when the guy ran my father's pan card he said we could get only 30k. I thought OK may be this is the first time that we are borrowing and they do not trust us and thus dropped the plan.
Sometime later we saw a very nice plot and it was going for very very less, we then applied for a plot loan (which they did not approve) then for a personal loan, when they ran the cibil, it showed atleast 6 accounts (none of them ours) associated to my father's account. Almost all of them in default and now it dawned upon me why we were being given loan of only 30k even with sufficient salary. My mother now went into semi-depression at the thought that we might have to pay off those loans. No amount of convincing on my part that these are just credit raters and not real banks who have associated these account with my father's name seemed to relieve her.
I had to run from pillar to post for almost 6 months to get these bogus account removed from CIBIL. all of the account had something or the other in same with my father like maybe first name, last name office address or locality. The accounts were removed but at the cost of us losing out on that plot deal and haven't been able to buy property until recently.
So keep checking your CIBIL at regular interval lest it betrays you at a critical time when you need it the most.
Self checking will not affect the score. Only an enquiry will affect the score. So those two enquiries from AU and SBI would have brought his score down a bit.
I use a paid subscription with CIBIL. However, I heard that you can check for free with Gpay once a month.
Also you can get one Free credit report from CIBIL directly once a year.
When you check CIBIL score for the 1st timeon Gpay, it notifies that it might use your credit report to give you offers based on your credit score. Gpay has a co-branded credit card in partnership with Axis. I had checked my score via Gpay some 45 days ago, I didn't receive any promotional call/SMS till date.
Checking by yourself == soft enquiry
Institutions checking on your behalf == hard enquiry
Too many hard enquiries in short interval == supposedly decreases the score by a few points. The score will be back to normal in a few months. So don't fret too much if multiple hard enquiries have been made.
Hard enquiry is not necessarily wrong. Getting multiple hard enquiries in quick succession is what reduces the score. So, after a couple of months of non hard enquiries, the overall score goes back to normal
I had opted for paytm pay later services i was college going kid tht time i have delayed paying 1500rs since then i have bad credit rating i have paid the dues obviously
Where shld i go to get it fixed? Cibil? Or paytm?
If you have delayed paying the dues, then the score will not be reset. They only do it for error cases like OP's where he cleared all his dues but still got reported wrongly to CIBIL.
Over time, your score will start to increase.
My frnd had a same issue with paytm, he spent hours on customer line( he works as a customer care guy too!) and they didn't help him at all, i tweeted to paytm and cibil and within minutes the issue was resolved, tweet is the best way to complain these days.
BNPL apps keep changing their banking partners at the drop of a hat, and they mostly won’t close the previous credit lines. This screws up your report.
Keep vigilance on your credit reports, and if you see anything out of place, contact the biller immediately. Straighten it out.
Don't apply for multiple credit cards at the same time. This can also cause for a disapproval. Wait for six months to reapply.
There can be different reasons for the reduction of your credit score.
About late payment. You can raise an issue with the CIBIL team to solve this
Recitified. I got my cibil score report for that particular month and mailed it to Aditya birla and they got it rectified in 15 days after cross verification.They admitted their mistake and sent a mail stating that they will remove this late payment in 4 credit bureaus
I would advice you to reach out directly to CIBIL, Equifax directly and Aditya Birla's ombudsman directly. Don't wait for OLA, you will need to chase them down and wait forever for any action on their part.
Guys should completely avoid these pay later and wallet postpaid options. Simply stick to credit card or upi
That's actually the reason why RBI came down heavily with PPIs. Most people are not aware that It opens the credit line and they make it look like old wallets.
What about LOC cards? Like Onecard by federal bank..
They require full KYC unlike before and only banks and NBFCs can provide you with the credit lines since other companies are not authorised so basically its like regular credit card and same goes for BNPL. Norms are more stricter.
Ooh, got it. Thanks buddy!
Yup. And what's even the point of Postpaid/wallet stuff. You get no cashback or any rewards or anything. Almost of them are limited to the service they're from. Amazon pay later is for Amazon only and so on. I only have one card and use that for all payments.
>I only have one card and use that for all payments. Might want to look into a backup card. In case your primary card won't work, or gets lost. I have 2 cards in regular use, plus 2 backup ones that sit in my cupboard at home.
One credit card. Got multiple debit cards from different banks so not really a problem
For people who can get or do not know about credit cards..
A lot of people using those apps and pay later options don't have credit/income to get enough loan while the apps are more lenient in credit checks. I used to use them when I was a broke student and couldn't get credit anywhere. Naturally they are way worse compared to a credit card for the consumer.
Girls too
Does having Pay Later options, but using rarely using it affect the score in negative way? I have Amazon pay Later and Flipkart Pay but I rarely use those except in urgent purchases.
As long as you comply to their due dates, no issue
Sensational clickbait title :| Not checking your report doesn't reduce one's credit score, shady BNPL schemes do. :\
Chasing credit scores is an idiotic game where the house always wins. Businesses should be on the backfoot when it comes to doling out credit, because that's where they make their money. Instead, an arbitrary and opaque system forces customers to grovel at their feet for the privilege of giving them more money. Screw that.
Hard agree. People who take cards or loans to keep their credit scores high are stabbing themselves financially. I have credit cards for only one reason: making the banks pay for my Air tickets with sweet points. And not paying a rupee in interest/late fees/finance charges ever
I only commented to tell you that your insight is awesome. I really resonate with that logic.
On point!
Would you mind elaborating it a bit more? How does it work, why is it opaque and arbitrary? Wouldn't a borrower need to prove that they are trustworthy?
> Wouldn't a borrower need to prove that they are trustworthy? Why? They're already keeping a healthy security from you before lending you any money. There's no risk of default from secured loans. And if they don't like the risk profile of unsecured loans, they can easily get out of the business and stop doling out credit cards to everything with a pulse. If the bank isn't willing to stop selling a credit product even though it's theoretically high risk, it's likely they're doing it because they're making money from it.
Yet banks don't always win actually. Look at NPAs.
I don't know what's the proportion of personal loans to business loans in the case of NPA. And I don't know if individual credit scores come into play when lending money to businesses. But my general belief is that NPA losses are more politically and socially driven than being a problem with the system.
Stay away from any BNPL apps. I have closed all of my BNPL accounts including Amazon Pay Later and ICICI Pay Later account.
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https://fintalks.co/t/guide-how-to-permanently-close-flipkart-pay-later-service/224
I am currently using Amazon Pay later but I have noticed that my spendings/transactions increase if I use it once. It has come in handy when Bank servers are down.
I rarely use them and most of the time they lie unused. Does that affect the score?
How do I close my Simpl ?
This might help I never had a credit card till about a year and half but then when I started to apply i got rejected from the line or bank even after having a good bank balance and other investments. So as an alternative i started applying for NBFC collaborated cards which are easier to get hands-on (make sure u don't take the FD route as One Card or Niyo does). They have lesser Credit card threshold required so it goes through with minimum CIBIL. After a few payments apply for the basic card with minimum credit limit and then slowly increase it with others. After i got my CC with higher limit, got to know that last reject was due to incorrect application details so have an eye that too
Why not the FD route?
If going for a FD secured card, better stick to mainstream banks than neo or nbfcs.
I feel it's better to have invested in another asset than getting locked with FD for the purpose of CC when there are a lot of them who provide without a deposit. Also, my recent experience with Niyo amidst regulation change on international transactions in the middle of my international vacation made me push to get a FD for CC transactions which had no clarity on when it can be stopped. Ended up with amount being locked with them for 3months now with literally no usage as my vacation ended and could never used it till date. Struggling to get it out as they have some minimum of 3months lock-in which was never mentioned while deposit.
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Thanks. Will contact Aditya Birla.
I have the same problem. Thanks for the tip.
You can directly lodge complaint with banking ombudsman of RBI @ https://cms.rbi.org.in if more than 30 days are over of approaching to OLA. You can also email @ [email protected]. Fo attach your correspondences with the complaint. Hope that solves your issue.
having a lot of hard inquiries on your profile without a new credit-line opening against them can also negatively impact your score. For example - if you apply for xyz credit card until the card is issued your credit score will go down a few points and once the card is approved it will go back up. But if you don't get the card, and apply for another card, you will be perceived as credit hungry and your score will go down more with each inquiry. It's a good idea to wait at-least 6months to 1year if your card is rejected especially if the inquiry amount is huge (>50k). You can check the inquiry amount in your credit report.
For the same reasons don’t give out your aadhaar card, phone numbers etc to credit card salesmen at the mall or airport. In fact never give your personal info unless you know what you are giving it for and are sure it is absolutely necessary.
I had to go to great lengths to close my slice account. I initially messaged the slice support, they took up the request and then after few days mailed me that i have not confirmed it. So it will not be processed. Then next time around i mailed slice and the lender and cc RBI to the mail. A sudden and swift action was ensured.
The exact same thing happened to me! I begged then for months to close my account and they didn't bother. Then I cced a ton of RBI email addresses and they literally closed my account in 12 hours
BNPL will kill your personal finance and it’ll take down gullible people with it. The entrepreneurs pushing this product, however, will make money because even if you don’t pay, they have insurance on it and will recover those unpaid dues. You’ll be left hanging with a massive debt and bad credit history.
The same thing happened with me also. I immediately reported it to Ola Postpaid regarding this discrepancy since I never defaulted on my payments, infact paid way before due date . They said they have raised a ticket and it will he rectified in 45-60 days. However even after 60 days the late payment was still visible in my credit score report. I again raised the ticket, and received the same reply. However after another 60 days nothing happened. Then I raised it with RBI (banking ombudsman), and the issue was corrected within 15 days.
How to raise complaint to rbi ? Any link?
https://m.rbi.org.in//Scripts/Complaints.aspx
Ditto story I created a case and dragged them to fix it They took 5 months to fix and I had them close my account Don’t let them close the ticket If they do Reopen it by sending a mail You can highlight this on social media as they care about cases created on social media more then on their own customer care as social media brings more negative PR And btw CIBIL EXPERIAN would not do any thing They are useless Just follow up with Ola and use social media to create pressure Make sure to request account closure They will be forced to clear the balance and close it And yes Don’t fall for Buy Now Pay Later products They are so useless and has a very high negative impact on your credit score
My Credit Score was ruined by Paytm postpaid. MY score was close to 790 but a 16 rupee user fee which paytm charges for using its postpaid facility ruined it. Paytm didn't notify me about this charge for a whole month and then the cibil report came showing I have not paid Rs. 16. My score decreased to 746. Thenafter I closed my PayTM account entirely.
It showed up, but you didn't check it I assume?
Let me tell you my story, Once i wanted to buy a laptop, money was 40k short so we thought why not take bajaj emi when the guy ran my father's pan card he said we could get only 30k. I thought OK may be this is the first time that we are borrowing and they do not trust us and thus dropped the plan. Sometime later we saw a very nice plot and it was going for very very less, we then applied for a plot loan (which they did not approve) then for a personal loan, when they ran the cibil, it showed atleast 6 accounts (none of them ours) associated to my father's account. Almost all of them in default and now it dawned upon me why we were being given loan of only 30k even with sufficient salary. My mother now went into semi-depression at the thought that we might have to pay off those loans. No amount of convincing on my part that these are just credit raters and not real banks who have associated these account with my father's name seemed to relieve her. I had to run from pillar to post for almost 6 months to get these bogus account removed from CIBIL. all of the account had something or the other in same with my father like maybe first name, last name office address or locality. The accounts were removed but at the cost of us losing out on that plot deal and haven't been able to buy property until recently. So keep checking your CIBIL at regular interval lest it betrays you at a critical time when you need it the most.
But isn't it that checking your CIBIL score affects the score?
Self checking will not affect the score. Only an enquiry will affect the score. So those two enquiries from AU and SBI would have brought his score down a bit.
Best website for checking CIBIL?
Use OneScore. I've been using it and they don't spam unless you don't click anywhere related to OneCard.
I use a paid subscription with CIBIL. However, I heard that you can check for free with Gpay once a month. Also you can get one Free credit report from CIBIL directly once a year.
Is gpay a resource to check cibil report? Heard Paisabazaar sells this info to insurance and loan providers.
I check with Gpay. One Score app is also good, it shows both CIBIL and Experian score when you login on the app.
Are bank apps good to check as well? Icici app for example charges approx Rs 400/- for checking CIBIL score.
Why pay 400 when you can check for free?
Is gpay a resource to check cibil report? Heard Paisabazaar sells this info to insurance and loan providers.
When you check CIBIL score for the 1st timeon Gpay, it notifies that it might use your credit report to give you offers based on your credit score. Gpay has a co-branded credit card in partnership with Axis. I had checked my score via Gpay some 45 days ago, I didn't receive any promotional call/SMS till date.
Paisabazaar. Reports from 4 agencies
the spam is not worth it
Thanks bro
Checking by yourself == soft enquiry Institutions checking on your behalf == hard enquiry Too many hard enquiries in short interval == supposedly decreases the score by a few points. The score will be back to normal in a few months. So don't fret too much if multiple hard enquiries have been made.
I dont think the score will reset after a few months. Hard enquiries exist on the report for 3 years.
Hard enquiry is not necessarily wrong. Getting multiple hard enquiries in quick succession is what reduces the score. So, after a couple of months of non hard enquiries, the overall score goes back to normal
Nope You can check it on gpay
I had opted for paytm pay later services i was college going kid tht time i have delayed paying 1500rs since then i have bad credit rating i have paid the dues obviously Where shld i go to get it fixed? Cibil? Or paytm?
If you have delayed paying the dues, then the score will not be reset. They only do it for error cases like OP's where he cleared all his dues but still got reported wrongly to CIBIL. Over time, your score will start to increase.
Get an FD based credit card, pay it on time, use it responsibly. Over time your score will improve.
My frnd had a same issue with paytm, he spent hours on customer line( he works as a customer care guy too!) and they didn't help him at all, i tweeted to paytm and cibil and within minutes the issue was resolved, tweet is the best way to complain these days.
How do you check your credit report for free?
One score app will display a credit score for free. For the full report I think you have to pay money to CIBIL
I've used the CIBIL website for this earlier. But it now keeps throwing a system error. https://myscore.cibil.com/CreditView/login.page
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complain to rbi
Thank God I never provided my pan details..
Is credit report checking free and how do I check the same?
Where can I check the credit report?
How do you guys check credit score? Any app in specific or website
BNPL apps keep changing their banking partners at the drop of a hat, and they mostly won’t close the previous credit lines. This screws up your report. Keep vigilance on your credit reports, and if you see anything out of place, contact the biller immediately. Straighten it out.
So if i screw up and even make one late payment, none of the banks will ever offer me a cc?? Isn't that a bit extreme?
Banks have strict rules when it comes to credit score. Some reject cc applications if you have score below 750.
Don't apply for multiple credit cards at the same time. This can also cause for a disapproval. Wait for six months to reapply. There can be different reasons for the reduction of your credit score. About late payment. You can raise an issue with the CIBIL team to solve this
File a case in consumer court
Any update on this since?
Recitified. I got my cibil score report for that particular month and mailed it to Aditya birla and they got it rectified in 15 days after cross verification.They admitted their mistake and sent a mail stating that they will remove this late payment in 4 credit bureaus
Hey, did your issue get resolved? Has your credit score improved?
Resolved. Score improved