One of my friends had a SCB Landmarks reward card in 2019. Later that year, the card was discontinued and replaced with a different card (probably digismart) which he didn't activate because he misplaced the new card. He didn't try to get a replacement and considered the card closed.
In 2022, his CIBIL score tanked with SCB reporting his SCB account as LSS (Lender Settled Status). Financially naive and not aware what he had done, he thought SCB had incorrectly reported it and sent an email stating "he doesn't have an active SCB card, so he doesn't understand why it's being reported now and requested a no due certificate". He got a reply that his card account was invalidated in July 2020. He again requested a no dues certificate and forgot about it when he didn't get any response.
I recently went through his CIBIL report and SCB statements from 2019 & 2020 and found out the following things
1. He had apparently converted some transaction he had done on his card into EMI in 2019 (he doesn't remember it). The EMI amount + charges is around Rs 2100.
2. SCB reports EMIs on credit card as a separate account in CIBIL
3. Around October 2019, he has missed his last EMI payment. He hadn't even paid the minimum due amount.
4. Around July 2020, SCB stopped giving reminders and reported his dues (Rs 3915) as "written off" (this was probably what they meant by invalidated in the email reply)
5. From August 2020 to March 2022, SCB didn't report anything to CIBIL
6. From April 2022 till date, SCB has been reporting his account as LSS to CIBIL
7. In November 2022, he had found out about the written off amount and paid that amount without understanding what that meant (he had simply thought those were dues that he had to pay) and requested nodues certificate over email
On August 2022, his CIBIL was 686. Today his CIBIL is 737 with 2 active credit cards (1 secured and 1 unsecured) + a home loan. No late payments in all 3
I have the following questions (some out of curiosity)
1. Can anything be done to remove the "write off" and "LSS" from his CIBIL report?
2. Why didn't SCB report anything between August 2020 till March 2022?
3. The overdue amount as on 21 November 2019 was around 2100. The written off amount as on July 2020 was Rs 3915. I've read many horror stories about how unpaid dues of less than 100 grew into tens of thousands or even lakhs. Why didn't that happen in his case? (I'm happy for him that it didn't happen. But I'm curious)
4. He didn't pay his overdue amount, but SCB had written it off in July 2020 and suddenly started reporting in April 2022. Is there any case for RBIO compensation? (Just wishful thinking 😅)
@SSV @BVC @TechnoFino @sjmajumder @RAMESH BABU N
In 2022, his CIBIL score tanked with SCB reporting his SCB account as LSS (Lender Settled Status). Financially naive and not aware what he had done, he thought SCB had incorrectly reported it and sent an email stating "he doesn't have an active SCB card, so he doesn't understand why it's being reported now and requested a no due certificate". He got a reply that his card account was invalidated in July 2020. He again requested a no dues certificate and forgot about it when he didn't get any response.
I recently went through his CIBIL report and SCB statements from 2019 & 2020 and found out the following things
1. He had apparently converted some transaction he had done on his card into EMI in 2019 (he doesn't remember it). The EMI amount + charges is around Rs 2100.
2. SCB reports EMIs on credit card as a separate account in CIBIL
3. Around October 2019, he has missed his last EMI payment. He hadn't even paid the minimum due amount.
4. Around July 2020, SCB stopped giving reminders and reported his dues (Rs 3915) as "written off" (this was probably what they meant by invalidated in the email reply)
5. From August 2020 to March 2022, SCB didn't report anything to CIBIL
6. From April 2022 till date, SCB has been reporting his account as LSS to CIBIL
7. In November 2022, he had found out about the written off amount and paid that amount without understanding what that meant (he had simply thought those were dues that he had to pay) and requested nodues certificate over email
On August 2022, his CIBIL was 686. Today his CIBIL is 737 with 2 active credit cards (1 secured and 1 unsecured) + a home loan. No late payments in all 3
I have the following questions (some out of curiosity)
1. Can anything be done to remove the "write off" and "LSS" from his CIBIL report?
2. Why didn't SCB report anything between August 2020 till March 2022?
3. The overdue amount as on 21 November 2019 was around 2100. The written off amount as on July 2020 was Rs 3915. I've read many horror stories about how unpaid dues of less than 100 grew into tens of thousands or even lakhs. Why didn't that happen in his case? (I'm happy for him that it didn't happen. But I'm curious)
4. He didn't pay his overdue amount, but SCB had written it off in July 2020 and suddenly started reporting in April 2022. Is there any case for RBIO compensation? (Just wishful thinking 😅)
@SSV @BVC @TechnoFino @sjmajumder @RAMESH BABU N
