Advice Needed: Incorrect CIBIL Reporting & Unresponsive Loan Agency Despite Unnecessary Payment

[saver-user]

i wrote this using chat gpt as i have all the history regarding this stored there right now i am applying ffor home loan and credit cards but this issue is arisingHello everyone,

I’m dealing with an ongoing problem with a loan account that was initially with Axio and later managed by Asset Care Financial Services. Despite proving that I didn’t owe them anything, I ended up paying the principal just to settle the matter—but it’s still causing issues. Here’s a breakdown:

1. Background with Axio (Original Loan Holder):
   In 2023, I fully repaid a small loan with Axio. However, they falsely recorded three transactions totaling around ₹3064 in June 2023. I repeatedly tried to get clarification, but Axio didn’t respond, and I assumed the account was settled.
2. Transfer to Asset Care (Current Loan Holder):
   In 2024, Asset Care acquired the account from Axio and began claiming I still had an outstanding balance due to Axio’s false transactions. I had proof from my Amazon Pay Later statements that these charges were incorrect. However, to expedite the account closure and avoid further issues, I reluctantly paid ₹3960 on 11th October 2024 to clear what was noted as the “principal.” Asset Care issued me a No Objection Certificate (NOC), but they’ve since failed to remove the false late fees from my credit report.
3. Current Problems:
   
   • False Late Fees Persist on CIBIL Report: The erroneous late charges from Axio remain on my credit report, unfairly affecting my score. Despite clearing the account—even though I didn’t owe them—I’m still being penalized.
   • Complete Lack of Communication from Asset Care: None of Asset Care’s customer service numbers work, and emails go unanswered. They’ve ignored my requests to remove the false late fees and refund the unnecessary payment.
   • CIBIL’s Limited Support: CIBIL has been unhelpful in resolving this. Despite multiple dispute submissions, Asset Care falsely claimed I didn’t pay. CIBIL’s character limit for complaints makes it difficult to provide detailed explanations.
4. Credit Score Impact:
   My credit score has dropped from 770+ due to these errors, which unfairly reflects my creditworthiness and affects my ability to get new credit.

Questions for the Forum:

• Has anyone faced a similar situation with Asset Care or Axio? If so, how did you resolve it?
• Should I take this issue to the RBI Ombudsman, or would legal action be the best approach to ensure they correct my credit report and issue a refund? and time is also a issue here as my home loan is getting affected by this
• Any advice on managing CIBIL disputes for complex cases like this?

I’ve provided clear evidence and even paid off the account when I didn’t owe anything, yet I’m still left with a damaged report and no response. Any guidance on next steps would be greatly appreciated. Thank you in advance!

 

[Beyond]

I’m dealing with an ongoing problem with a loan account that was initially with Axio and later managed by Asset Care Financial Services. Despite proving that I didn’t owe them anything, I ended up paying the principal just to settle the matter—but it’s still causing issues. Here’s a breakdown:

1. Background with Axio (Original Loan Holder):
   In 2023, I fully repaid a small loan with Axio. However, they falsely recorded three transactions totaling around ₹3064 in June 2023. I repeatedly tried to get clarification, but Axio didn’t respond, and I assumed the account was settled.
2. Transfer to Asset Care (Current Loan Holder):
   In 2024, Asset Care acquired the account from Axio and began claiming I still had an outstanding balance due to Axio’s false transactions. I had proof from my Amazon Pay Later statements that these charges were incorrect. However, to expedite the account closure and avoid further issues, I reluctantly paid ₹3960 on 11th October 2024 to clear what was noted as the “principal.” Asset Care issued me a No Objection Certificate (NOC), but they’ve since failed to remove the false late fees from my credit report.
3. Current Problems:
   • False Late Fees Persist on CIBIL Report: The erroneous late charges from Axio remain on my credit report, unfairly affecting my score. Despite clearing the account—even though I didn’t owe them—I’m still being penalized.
   • Complete Lack of Communication from Asset Care: None of Asset Care’s customer service numbers work, and emails go unanswered. They’ve ignored my requests to remove the false late fees and refund the unnecessary payment.
   • CIBIL’s Limited Support: CIBIL has been unhelpful in resolving this. Despite multiple dispute submissions, Asset Care falsely claimed I didn’t pay. CIBIL’s character limit for complaints makes it difficult to provide detailed explanations.
4. Credit Score Impact:
   My credit score has dropped from 770+ due to these errors, which unfairly reflects my creditworthiness and affects my ability to get new credit.

Questions for the Forum:

• Has anyone faced a similar situation with Asset Care or Axio? If so, how did you resolve it?
• Should I take this issue to the RBI Ombudsman, or would legal action be the best approach to ensure they correct my credit report and issue a refund? and time is also a issue here as my home loan is getting affected by this
• Any advice on managing CIBIL disputes for complex cases like this?

I’ve provided clear evidence and even paid off the account when I didn’t owe anything, yet I’m still left with a damaged report and no response. Any guidance on next steps would be greatly appreciated. Thank you in advance!

Raise a complaint in RBI and consumer portal.

 

[saver-user]

Raise a complaint in RBI and consumer portal.

rbi will take forever bro T_T

 

[sicko101]

I’m dealing with an ongoing problem with a loan account that was initially with Axio and later managed by Asset Care Financial Services. Despite proving that I didn’t owe them anything, I ended up paying the principal just to settle the matter—but it’s still causing issues. Here’s a breakdown:

1. Background with Axio (Original Loan Holder):
   In 2023, I fully repaid a small loan with Axio. However, they falsely recorded three transactions totaling around ₹3064 in June 2023. I repeatedly tried to get clarification, but Axio didn’t respond, and I assumed the account was settled.
2. Transfer to Asset Care (Current Loan Holder):
   In 2024, Asset Care acquired the account from Axio and began claiming I still had an outstanding balance due to Axio’s false transactions. I had proof from my Amazon Pay Later statements that these charges were incorrect. However, to expedite the account closure and avoid further issues, I reluctantly paid ₹3960 on 11th October 2024 to clear what was noted as the “principal.” Asset Care issued me a No Objection Certificate (NOC), but they’ve since failed to remove the false late fees from my credit report.
3. Current Problems:
   • False Late Fees Persist on CIBIL Report: The erroneous late charges from Axio remain on my credit report, unfairly affecting my score. Despite clearing the account—even though I didn’t owe them—I’m still being penalized.
   • Complete Lack of Communication from Asset Care: None of Asset Care’s customer service numbers work, and emails go unanswered. They’ve ignored my requests to remove the false late fees and refund the unnecessary payment.
   • CIBIL’s Limited Support: CIBIL has been unhelpful in resolving this. Despite multiple dispute submissions, Asset Care falsely claimed I didn’t pay. CIBIL’s character limit for complaints makes it difficult to provide detailed explanations.
4. Credit Score Impact:
   My credit score has dropped from 770+ due to these errors, which unfairly reflects my creditworthiness and affects my ability to get new credit.

Questions for the Forum:

• Has anyone faced a similar situation with Asset Care or Axio? If so, how did you resolve it?
• Should I take this issue to the RBI Ombudsman, or would legal action be the best approach to ensure they correct my credit report and issue a refund? and time is also a issue here as my home loan is getting affected by this
• Any advice on managing CIBIL disputes for complex cases like this?

I’ve provided clear evidence and even paid off the account when I didn’t owe anything, yet I’m still left with a damaged report and no response. Any guidance on next steps would be greatly appreciated. Thank you in advance!

Best option is to raise complaint to RBI Ombudsman.
Fastest option is National Consumer Helpline.

As everyone knows RBI Ombudsman is slow to respond but there is no harm in raising RBI Ombudsman complaint.
And I would recommend to go for National Consumer Helpline as they resolved my disputes within a week always.

 

[sidpsidp is verified member.]

1. Rbi- slow, unreliable.
2.- consumer portal- Higher compensation ,
You'll get response faster than rbi. But it might take a lot time conclude.

Start with rbi, wait for 10days. Then opt for cc if rbi isn't helpful. Rbi many times side with financial institutions and closes the complaint even when you have evidence.

 

[drvenkat]

rbi is your best option