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.

 

[Aniket]

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

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

If rules ayesa ho, failure to implement it from Jan 1, 2025 will result in penalty of ₹10k/day. 😂

Tabhi sab susta hoke kaam nahi karega, waise ye implement hone se mujhe toh nuksaan hi hai

Waise jan end ya feb tak sab implement kar lega, RBI ko halke mein nahi lete ye log

NPCI ko lete bas bank 🤣

 

[Lobogris]

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!

My score changes every few days. Sometimes everyday.

 

[Riya]

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...


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So now I'll have to make payment not just before bill generation date but every fortnightly.... Arghhhh....
Ye bhi yaad rakhna padega ab

 

[BVCBVC is verified member.]

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...

For other banks rules are meant to be broken, For Amex rules are meant to be followed. I guess they are the first one's to implement.

 

[SSV]

So now I'll have to make payment not just before bill generation date but every fortnightly.... Arghhhh....
Ye bhi yaad rakhna padega ab

Yes, but for me it's okay, I generally pay my bills after a few days from transaction for the last 15 years or so

That's my habit

 

[Zacobite]

You mean people like me 😉

yesss yessss yessss 🐨

 

[bonheur]

My score changes every few days. Sometimes everyday.

That may be a function of how spaced out your due dates are. I have got the dates for my 15 odd cards aligned around the end of the month.

 

[Lobogris]

That may be a function of how spaced out your due dates are. I have got the dates for my 15 odd cards aligned around the end of the month.

Mine mostly changes based upon the balance I carry. Even though my total limit across cards is around 2 crores and I never use even 10% of any card's limit. So if my total dues as appearing on CIBIL (not always up to date), are say 3 lakhs, my score goes down by about 10 to 15 points. If nothing changes, it starts going up by a point or two every few days. When the banks report payments and the due go to zero or get lower, the score improves by around 5 to 10 points. If no balance is shown, it jumps around 20 points but any balance, even 10k, keeps it down by 10 points. I check it almost every couple of days. So it varies between 775 to 810.

 

[Aniket]

For other banks rules are meant to be broken, For Amex rules are meant to be followed. I guess they are the first one's to implement.

Toh bhai jee, BBPS pe kaha aaya abhi tak?🤣

Usme rule kaha gaya inka?