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False missed payment reporting to Cibil and other credit bureaus.

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Aditya Birla Finance Limited (provided by Ola Money Postpaid) reported two missing payment to my credit score and It tanked. I’ve never missed any payment on ABFL or any other credit service.

Pls suggest what can be done in this case. As there’s literally no missed payment ever. How can they report falsely to credit beuros? Can this be rectified after proper correction from concerned Financial institution?

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Deal Subedar Deal Subedar
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These are serious incidents.
What remedies do we have?
How can someone claim compensation for mental agony they cause with false reporting.

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Helpful Helpful
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Write email to cibil with proofs

Beacon Beacon
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have contacted thm as of now asking for the missing payment details, which ironically doesn’t exist.

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Deal Subedar Deal Subedar
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My bank also deducted emi on time and later reported missed by 1 day results my cibil went down to 750 from 800

Deal Subedar Deal Subedar
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These are serious incidents.
What remedies do we have?
How can someone claim compensation for mental agony they cause with false reporting.

Deal Subedar Deal Subedar
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My Amazon Pay Later account had the same incident.
Had opened the account on 11.06.2021.

(1)Purchase made on 08.07.2021
Amount Rs 98
Payment Due date as per Amazon 05.08.2021
Payment Due date as per IDFC Bank 15.07.2021
Amount deducted on 09.08.2021
Interest Charged 0,
Cibil/Experian Effect – NIL

(2)Purchase made on 02.08.2021
Amount Rs 51
Payment due date as per Amazon 05.09.2021
Payment Due date as per IDFC Bank 15.08.2021
Amount deducted on 07.09.2021
Interest Charged Rs 0.72,
Cibil/Experian Effect – Fell 44 Points

(3)Purchase made on 05.08.2021
Amount Rs 730.55
Payment due date as per Amazon 05.09.2021
Payment Due date as per IDFC Bank 15.08.2021
Amount deducted on 08.09.2021
Interest Charged Rs 10.35,
Cibil/Experian Effect – Fell 90 Points

(4)Purchase made on 06.09.2021
Amount Rs 149
Payment due date as per Amazon 05.10.2021
Payment Due date as per IDFC Bank 15.09.2021
Amount paid on 03.10.2021
Interest Charged Rs 2.11,
Cibil/Experian Effect – Not updated yet, might fall down more.

Recently i opened online savings account with IDFC First Bank. When i logged into the app, in the loan section it showed the screw up the Amazon made. In Loan section there are transaction details and loan repayment date with INTEREST.
Yes you read it right, IDFC charged interest for delayed payment which Amazon paid out of its pocket. i can see the interest amounts as well.

Now if you see closely you will notice that payments are always deducted after due date except for the last one which i made manually after i realizing this screw up. After more dig up i realized actual payment due dates are much earlier than shown in Amazon, Like in Case (2) , where Amazon showed due on 05.09 but as per IDFC amount due is on 15.08. Hence interest was charged from 16.08 to actual date of payment (07.09) i.e. for 23 days which amounts to Rs 0.72, which Amazon paid out of its pocket.

My Experian score went from 882 to 838 then to 748 in the latest statement from Onescore. So it fell 134 points.
My Cibil Score did not change much. It went from 769 to 764 in this period.

My ICICI Savings account (Linked with Amazon Pay Later) balance was always maintained good, so there is no justification for delayed deduction.

On 03.10.2021, it self I requested Amazon to close my Pay Later account once and for all. Account started showing “Blocked” from 13.10.2021.

Yesterday had a talk with Loan department of IDFC bank regarding this issue, the women i talked with had only little knowledge. She kept repeating, your Report will be updated within 45 days.

Any idea on whom to contact to reverse the damage done to the Experian Score?

Finance Mentor Finance Mentor
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Experian has recently changed its scoring algorithm ( in the past 3 or so months); do take that into consideration

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Benevolent Benevolent
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All these so called paylater/postpaid facilities are traps that destroy your credit rating. Stay away from them as long as you have a proper credit card.

Helpful Helpful
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What does it mean if you have n/a cibil score ? Does people with 3L of ITR and n/a cibil score can get credit card from amazon or flipkart ?

Helpful Helpful
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Getting a unsecured card, chances almost nil unless it’s a pre-approved offer. You can get a secured card by making a fixed deposit as a guarantee to the card, which is called secured card.

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Helpful Helpful
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Approach the branch. Else, onecard can be availed against f.d. within the app itself

Post Tycoon Post Tycoon
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,. Mm, 822 pump l) €

Entertainer Entertainer
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same with me, due to false reporting ,y crif fell 206 points, other reporrts are yet to generate.

Finance Mentor Finance Mentor
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Crif might be adjusting there score with others.

My crif down 28 points today without any change in accounts and enquiries.

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Deal Cadet Deal Cadet
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Was it resolved? And if so did your scored restored back to its original? I have had flipkart pay later just to generate my credit score and never really used it, used it in February for 456 bill generated on 1st march and paid on 2nd march, however the latest cibil and experian report was showing OVERDUE of 455 for 80 DAYS 1 Late Payment, Raised the issue immediately with idfc and provided them with both the reports. Cibil fell by 120 points and experian fell by 140 points. 

Beacon Beacon
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Yes it was resolved. Missing reports are gone now but scores that dropped didn’t go back to normal. It improved slightly but not as before.

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