Beware LazyPay users - Keep your Credit Score in check

Hi LazyPay users,

Do read this post. It will save your credit history from being impacted with wrong entries.

The story began in March 2020, a few days before the pandemic hit all of us. I took a personal loan from LazyPay with PayU Financial Services being the provider. Even though the loan rate was much higher, as I didn’t have any other option, I resorted to using that option.

It was a 2 year loan with 24 installments to be paid. I was very particular with repayments of loan that the loan repayment happens within the 3 days following the end of cycle which the usual LazyPay repayment cycle, till date.

I repaid every installment on time. In Feb-21, I noticed strange thing in my CIBIL and Experian Report that I had missed onto my one of the EMIs and it was overdue by 28 days. It impacted my credit score by some 100+ points which was well above 790 by then (Maybe 800+ IIRC). I thought it must be some error on part of LazyPay and thought it would correct automatically in the next cycle.

After 30 days, again I checked the Credit Score and it was not corrected. I immediately shot emails to LazyPay CC and to their CEO. It was resolved in the next cycle but my credit score wasn’t back to previous levels even though my other Credit Card spends were well within limits.

Everything was going good until October 2021 when the same issue happened again. I again thought that it must be some issue with their system again. I was reluctant to raise service ticket. But the issue happened again in November 2021.

I again sent email to their customer service but no response from them until I could tag them on twitter. Their CEO involved again in this issue, promised me to solve the again.

Now, the situation is that one month entry is corrected and the next one is yet to be corrected. Their CC is non-responsive. My credit score is still impacted will sub 700 score.

My suggestion to everyone here using LazyPay is, especially the ones who are using their Credit Line for Personal Loan that to keep check on your Credit Score that the repayments are done on time and reporting is correct. You can use OneScore app and Cred app to check the Credit Score for Free.

Thank you.