Raavan
TF Legend
Most of us on Technofino track our credit scores religiously, ensuring we make timely payments, maintain a low CUR%, and do everything necessary to keep our scores high. But what happens when, despite all this effort, a wrong DPD entry tanks your score right when you need it the most?
Imagine planning for a home loan—a decision that requires careful strategy, consultation, and financial discipline. You finally apply, only to find out that a bank or NBFC has mistakenly reported a delayed payment on your credit report. Your credit score plummets. All your tracking and discipline mean nothing now because you’re stuck in a battle to fix an error that shouldn’t have happened in the first place.
A Real-Life Case
A friend of mine had a personal loan from Moneyview via SMFG. He made prepayment of one emi of the loan through the Moneyview app, but SMFG didn’t receive the payment still skipped the ECS. As a result, a 14 DPD was reported across bureaus, and his CIBIL score dropped from 771 to 696. He’s been fighting with both Moneyview and SMFG, who have admitted their mistake and agreed to rectify it, but even after a month, his report still isn’t fixed
Now imagine if he had planned to apply for a home loan in February or March. His eligibility and interest rates could have been severely impacted, all because of someone else’s mistake.
Banks have also been known to report incorrect data. Fixing such errors takes at least 30+ days, even if you escalate to the RBI.
While credit score isn’t the only factor for home loans, it plays a major role in getting the best interest rates and approvals. A single wrongful entry can derail months of planning.
The question is -- Are we wasting our time on improving credit scores when it can be easily destroyed by wrongful reportings especially when we need it?
Have you faced a similar issue? How did you tackle it? Let’s discuss.
Imagine planning for a home loan—a decision that requires careful strategy, consultation, and financial discipline. You finally apply, only to find out that a bank or NBFC has mistakenly reported a delayed payment on your credit report. Your credit score plummets. All your tracking and discipline mean nothing now because you’re stuck in a battle to fix an error that shouldn’t have happened in the first place.
A Real-Life Case
A friend of mine had a personal loan from Moneyview via SMFG. He made prepayment of one emi of the loan through the Moneyview app, but SMFG didn’t receive the payment still skipped the ECS. As a result, a 14 DPD was reported across bureaus, and his CIBIL score dropped from 771 to 696. He’s been fighting with both Moneyview and SMFG, who have admitted their mistake and agreed to rectify it, but even after a month, his report still isn’t fixed
Now imagine if he had planned to apply for a home loan in February or March. His eligibility and interest rates could have been severely impacted, all because of someone else’s mistake.
Banks have also been known to report incorrect data. Fixing such errors takes at least 30+ days, even if you escalate to the RBI.
While credit score isn’t the only factor for home loans, it plays a major role in getting the best interest rates and approvals. A single wrongful entry can derail months of planning.
The question is -- Are we wasting our time on improving credit scores when it can be easily destroyed by wrongful reportings especially when we need it?
Have you faced a similar issue? How did you tackle it? Let’s discuss.
