[bvasista]

Hi All,

I am planning to take a home loan and may go for it in next month. So far, I am having a car loan (paying promptly since 2 and half years) and a closed consumer loan a year ago which is also paid promptly. Do not have any credit cards until now but in a spur of moment applied for Amazon Pay ICICI Credit card and it approved instantly a couple of days ago. I did not have the thought that it could impact the score negatively.

Wanted to know if taking a credit card would impact CIBIL score so much so that the drop is drastic? If I need to check CIBIL score, how long should I wait and be checking to confirm the score after credit card impact.

[itwasntme]

Advice needed. I was examining my CIBIL report when I noted the following:

I had an old home loan with SBI which went into litigation (long messy story), but which was finally paid off in an out-of-court amicable settlement in September 2018. I remember the concerned Stressed Assets branch head stating that they would intimate CIBIL etc., which they seem to have done as the loan is showing closed in that same month.

However, the missing monthly EMI payments (between September 2017 to September 2018) which I was intentionally not paying are still showing as 'SUB' & 'LSS', i.e. Substandard and Loss respectively, and getting picked up in my CIBIL dashboard as 'late payments'.

My question is that once the settlement was reached and SBI paid off, should CIBIL not expunge these from my record? Any lender will potentially freak seeing 13 late payments!

My score is 775+ so not worried about that.

[Mr. Nobody]

I checked my score using BankBazaar powered by Experian this week and found a few issues with the report. I had closed the standard chartered credit card 12 months ago and it still is shown as active in my report. Also i did not buy anything worth 40k in may so where did this 40k personal loan amount come from ? My HDFC credit card limit is also 400k since quite long and is shown much lower here.

[saket77]

Originally Posted by Mr. Nobody

I checked my score using BankBazaar powered by Experian this week and found a few issues with the report. I had closed the standard chartered credit card 12 months ago and it still is shown as active in my report. Also i did not buy anything worth 40k in may so where did this 40k personal loan amount come from ? My HDFC credit card limit is also 400k since quite long and is shown much lower here.

I am not sure but it would have been better if some sensitive details like a/c nos., amount, etc would have been masked here. This is an open thread visible to everyone on the internet, so you never know.

Regards,
Saket

[NetfreakBombay]

Originally Posted by Mr. Nobody

40k in may so where did this 40k personal loan amount come from ?

By any chance, did you buy anything on EMI from Credit card ? This purchase automatically opens a personal loan account.

[Mr. Nobody]

Originally Posted by NetfreakBombay

By any chance, did you buy anything on EMI from Credit card ? This purchase automatically opens a personal loan account.

Not in may. But i did buy a phone in Nov 2020 on Emi.

[NetfreakBombay]

Originally Posted by Mr. Nobody

phone in Nov 2020 on Emi.

Check account open date in CIBIL report, it might be the loan account

[skanchan95]

Originally Posted by Mr. Nobody

I had closed the standard chartered credit card 12 months ago and it still is shown as active in my report.

I am facing a similar issue after I checked my CIBIL report last month.

Like you, my credit card that I had closed 4 years ago was still being shown as active in my CIBIL report. It was a Vijaya Bank Credit Card that was closed in 2017. Not only that, I was shocked to find that the bank had reported "Payment Default for 116 days" in July 2016 (which I hadn't and the credit card statements & bank account statements prove this). I still have had the acknowledged credit card closure letter & and e-mail confirmation from the Vijaya Bank Credit Card Division.

As everyone would aware, Vijaya Bank was merged into Bank of Baroda, so I went the the branch and reported this. A couple of weeks went by and no action was taken, instead I was asked to speak to some credit card guy in Bank of Baroda. I called him & explained the situation - His curt & arrogant answer was "I am from Bank of Baroda, I can't help on Vijaya Bank issues. You should contact CIBIL". Being a Vijaya customer and having car & housing loans in the same Vijaya Bank branch that was taken over by Bank of Baroda, that reply was irritating to say the least.

Over the next few days, I escalated the complaint to Bank of Baroda credit division , whose reply was - "Your mentioned card details cannot be found". If so, how my was my card still being shown as active? There was no further reply from them. I tried to get it corrected through Experian - from where the report was generated. Their website was having some glitch and the files could not be uploaded. A couple of other fellows I spoke to in Bank of Baroda- whose response was similar - it is a Vijaya Bank issue and they cannot help & that I should contact CIBIL!!!!

Having tried to connect with DGMs and AGMs in Bank of Baroda RO in Mangalore, I received no proper response. I then escalated the complaint to the GM in BOB Mangalore Zonal Office(which used to be Vijaya Bank Regional RO). I tried calling the GM's number listed on BoB website and on dialing it , the number belonged to a DGM in the SBI Vigilance Cell in Mumbai!!!! This is the pathetic state of affairs in Bank of Baroda - no accountability, no response that used to exist earlier in Vijaya Bank!!!! Useless buggers, I thought!!!!

After the complaint to the GM, a new guy called, but again there wasn't any concrete response. Extremely irritated I wrote to the Nodal Officer(a DGM) under the Banking Ombudsman in Bank of Baroda(Bangalore) with a clear threat that I am tired of dealing with Bank of Baroda over this issue and that I will be escalating the complaint to the Banking Ombudsman and seek adequate compensation for my troubles.

Almost immediately(the next day), wheels started rolling and they escalated the complaint to CIBIL with an email confirmation to me. Timeline for resolution of the complaint is 30 days and I expect teh issue to be resolved finally.

[straight6]

Just a few days back I checked my credit on the paisa bazaar app and eas shocked to find that my score had dropped around 100 points for no reason when I have only a home loan and a single cc being paid regularly. When I went into details I saw that there's a loan of 500 bucks showing as defaulted on from nov 2021 from Aditya Birla bank that I've never taken!!

Can anyone guide me in this case?

[pramodkumar]

It going to be a slightly longer post so please bear with me.

I was buying a used car in 2022, it was time to retire my Cruze, I never buy used cars on loan instead I dissolve some of my investments and fund the rest through person loans which i usually get at 11.48% through AXIS/HDFC

Since covid was still looming, most of their processing was done digitally and CIBIL plays an important role, So we start processing and to my surprise my loan got rejected, reason bad CIBIL score.

I have heard stories, where people claim that banks cannot do that, but they do. They can reject a loan for any reason, I have connections with Senior people in AXIS and HDFC since i have been in touch with them for over 15 years.

Back to the story, I pay 550 for 1 month (More on this later) and I find that ICICI bank has added an auto Loan under my name from 2005 December, I got my first car in 2006, I know many might think i might have stood guarantee for someone else, that's not the case either.

My ordeal begins after this, I raise my first dispute on CIBIL, CIBIL has a standard 30 dispute resolution timeline, I also intimate ICICI bank for them to respond, Neither steps helped me. I asked ICICI to provide me the registration number of the vehicle purchased through this loan, guess what, no reply and its been 16 months since.

Some one suggested banking ombudsman, they are as useless as the bank/CIBIL, not even an acknowledgment.

I raise a complain with RBI, I did receive a call from the bank and they ask me for the loan account details/ Vehicle details

I told them the loan account number on CIBIL and they confirmed no such loan account exists in their system. So they respond to RBI that I didn't provide enough information and RBI closes the complaint, stating that the document supplied is not complete.



like clockwork I start receiving calls from people who are providing CIBIL score improvement as a service, my number is on national DND, but who cares.

One of my acquaintances in a bank speaks to the nodal officer in ICICI and they get the thing removed from my account, I jump back 50 points in my CIBIL. I was very pissed with this entire episode for obvious reasons. this was done by raising a fresh dispute and follow-up with the bank nodal officer.

I don't understand 2 things, what if i agreed to pay this amount added by ICICI because of the hassle, I in fact, was seriously considering that (amount was around 70K) but somewhere I was not doing this because of principles, I was also told that, that move will ruin my score further as that will be seen as a blot on my payment history. Second thing that I thought, what are the options of a common man if this happens? I went through a lot of troubles to fix this. My score had improved further 20 points in the subsequent month.

Now that I have subscribed to CIBIL I get updates if scores go up/ down. CIBIL charged for one month unlimited access and gave me my 1 time free report and no reply from them after that.

This is the professionalism of these companies, no accountability and this is a standard operating procedure.

Regarding the ICICI account, when I looked at the loan statement, there was so payment since 2006 till 2022, then there is a 900 rupee payment and that's when it was tagged to my account.

This account re appeared under my name last week, I get a message from CIBIL that my score has changed and I see a fresh 900 Rupee payment and the account is was back. I start receiving calls from CIBIL score fixing services, credit card offers and all other banking products under the sun, Thanks to true caller I can cut a lot of these calls. I raised a dispute and it was resolved within a few hours and the account was removed. The score fell down drastically again when the account was added and the moment that account was removed it has marginally jumped back.

The score is different in different apps. CRED has the biggest anomaly, Google Pay is on a different planet and they accounts that belong to me on Google Pay are hilarious.

What are the options of a normal person? I am sure a 17-18 year old account doesn't magically appear under anyone's name. in this whole episode i didn't get a single call from a recovery agent. This looked like method to categorise NPA's and un recoverable loans to people to paint a rosy picture for the investors. There is no logical explanation for this.

My score is still 20 points lower than what it used to be at the beginning of this month.

I have contacted (in the order)

1. CIBIL
2. ICICI Bank
3. Banking ombudsman
4. RBI
5. CIBIL (again)
6. Bank (ICICI) Nodal officer
7. CBIL (3rd Time)

I am sure this account will re appear in my account again, I don't have the time and energy for contacting the consumer court and I usually am furious and I take pride in my defence mechanism, every step in this whole ordeal has weakened me to an extent where, I am really close to give up on the system, like I really don't care anymore.

meanwhile I got a call from both HDFC and AXIS back guys when my score was improved, I just said no to them.

Pramod

[Arun_S]

Originally Posted by pramodkumar

I am sure this account will re appear in my account again, I don't have the time and energy for contacting the consumer court and I usually am furious and I take pride in my defence mechanism, every step in this whole ordeal has weakened me to an extent where, I am really close to give up on the system, like I really don't care anymore.

I really understand your concern, contacting CIBIL according to me is just a waste of time, they will say we checked with bank they told it is correct and then close it.

For me a housing loan which was closed it took 8 months of follow up with both bank and CIBIL to show as closed in CIBIL report.

Bank is the only option for you or consumer court.

My advice to fellow members, please check your CIBIL report after 2 months when you have closed any loan.

[pramodkumar]

Originally Posted by Arun_S

I really understand your concern, contacting CIBIL according to me is just a waste of time, they will say we checked with bank they told it is correct and then close it.

Couldn't agree more. I had amazon pay later purchase which was paid off 3 years ago, still shows on CIBIL as active with 0 INR pending.

Originally Posted by Arun_S

Bank is the only option for you or consumer court.

RBI has made their portal good enough to complain against bank products and services, They also allow you to file for monetary damages, Banks just blame the systems which automatically links things, Trust me its not worth it. Maybe in future I might consider it

Originally Posted by Arun_S

My advice to fellow members, please check your CIBIL report after 2 months when you have closed any loan.

+ Access the free report every year, they send automatic updates on phone(SMS) and email if score changes.

Pramod

[TURBO28]

After reading through the post above with a fake loan account on your CIBIL. I think that ICICI is kind of doing something.

This also happened with my dad and we got to know about it when we had applied for a car loan and the agent mentioned and asked us about it. In this case it was a two wheeler loan which was linked to my dad’s CIBIL account and it was from the same time frame. Account opened somewhere between 2005 and 2007, if I can remember.

There was an amount which was due of somewhere around ₹2k. Guess what, no call from bank or anyone regarding the recovery. When I visited the loan office of ICICI, they literally said that, no loan account exists with the provided account number. Like what the hell. They conveniently say, there must have been some mistake and the account has got linked to your CIBIL.

And, also one of the contact addresses mentioned on the CIBIL report is not mine and must have been of the person who had taken the loan.

I did complain to CIBIL and the loan account was removed, but the address is still not removed, saying there is no problem with it and the information looks correct. Even though the account was removed, there still exists a late payment mark on the CIBIL report because of that and for their mistakes.

How do these banks even provide loans and then later link it to others CIBIL account and they don’t even have the information of that loan account even existing. Don’t they even verify the details of the person before they give out the loan.

ICICI should really get its act together and stop all this nonsense which they are doing.

Thank you.

[low_rider]

There is an app ONESCORE (by the providers of Onecard credit card). You can use it to view free CIBIL and Experian Scores.

[pramodkumar]

Originally Posted by TURBO28

ICICI should really get its act together and stop all this nonsense which they are doing.

Thank you.

This is one bank I avoided on all costs, absolutely useless bank.

There is also a credit card tagged under my name, no dues. Looks like it was a buy one get one free deal.

Pramod