Amex India to Report Credit Card Data to Credit Bureaus Every 14 Days

[TechnoFinoTechnoFino is verified member.]

Recently, American Express India sent an email to all their customers, notifying them that they will report customers' account data to credit bureaus every 14 days.

They will report the first time on the bill generation date and the second time on the bill generation date + 14 days.



This level of transparency and notification should be followed by all banks in India. We must say, Amex is at the top in terms of transparency.
In the last few months, I have observed that a few other banks in India are also doing the same, reporting data every 14 days. However, I have never received any notification regarding this from any of these banks.

 

[SSV]

So, for Amex CIBIL reporting will be twice every month:

1) Billing Cycle date
2) Billing Cycle Date + 15 days

For example:

My current Amex billing cycle date is: 2nd of every month
and hence Amex reports balances twice per month like below:

1) 2nd of every month
2) 17th of every month..

Good initiative...

 

[HumorSimpson]

One of the rare moments of amex that I cheer 👏

 

[Anupama_Jha]

One of the rare moments of amex that I cheer 👏

Bro, abhi tak thread 🧵 nhi mila🥶

 

[HumorSimpson]

Bro, abhi tak thread 🧵 nhi mila🥶

May be that's like the emperor's new clothes . I am able to see.

 

[s1t2y3a3m6]

One of the rare moments of amex that I cheer 👏

This is RBI'S new guideline effect, nothing extraordinary by amex.

Other banks also have to follow this but when no one knows.

 

[SSV]

One of the rare moments of amex that I cheer 👏

Not just Amex, every single bank will follow the same rule as it is RBI’ guideline..
It is just the fact that Amex follows it aa perfectly as possible and takes lead in implementing any rules...

 

[HumorSimpson]

It is just the fact that Amex follows it aa perfectly as possible and takes lead in implementing any rules...

Thats why I gave a hearty clap
awaking from my nap

 

[tharun]

Thats why I gave a hearty clap
awaking from my nap

 

[bonheur]

Great news for those who are subscribed to CIBIL and check their scores daily — we will finally get our money’s worth and be able to see the score move at least once every fortnight rather than unpredictably!

 

[Sobirvs]

I thought they already did this every month. Wasn't amex reporting to CIBIL already before?

 

[6ix9ine]

I thought they already did this every month. Wasn't amex reporting to CIBIL already before?

You misread something. They were reporting every month, but now they will report every 14 days, meaning twice a month.

Soon, other banks will follow the same as instructed by the RBI.

 

[Sobirvs]

You misread something. They were reporting every month, but now they will report every 14 days, meaning twice a month.

Soon, other banks will follow the same as instructed by the RBI.

ah okay. Is that a good thing or a bad thing though for us consumers?

 

[Zacobite]

ah okay. Is that a good thing or a bad thing though for us consumers?

Good and Bad..Bad for those who apply parallely in one month multiple entities.. Good for thosw who want to see their real scores instead of with a delay.. Largely no impact for the disciplined ppl who pay on time..

 

[Sobirvs]

Good and Bad..Bad for those who apply parallely in one month multiple entities.. Good for thosw who want to see their real scores instead of with a delay.. Largely no impact for the disciplined ppl who pay on time..

apply parallelly what? new credit cards?

 

[6ix9ine]

apply parallelly what? new credit cards?

Yes, it's also bad for those people who pay their credit card bills just before the reporting date to avoid a high utilisation %.

Honestly, in the long run, it doesn't matter. It's actually good for consumers, and people pay too much unnecessary attention to CIBIL.

 

[Indian]

Indusind cards already reporting 15th and month end

 

[SSV]

Good and Bad..Bad for those who apply parallely in one month multiple entities.. Good for thosw who want to see their real scores instead of with a delay.. Largely no impact for the disciplined ppl who pay on time..

You mean people like me 😉

 

[SSV]

@BVC ,@vaibhav111 , this thread is a duplicate thread, merge this with the below thread...

Thread 'Amex India to Report Credit Card Data to Credit Bureaus Every 14 Days' https://www.technofino.in/community...d-data-to-credit-bureaus-every-14-days.35004/

 

[Aniket]

Yes, it's also bad for those people who pay their credit card bills just before the reporting date to avoid a high utilisation %.

Ab toh gaya 😬

Honestly, in the long run, it doesn't matter. It's actually good for consumers, and people pay too much unnecessary attention to CIBIL.

Only for those who have good limit.