HDFC Reporting to CIBIL Every WEEK!

[shrewdoc]

I have noticed for the last 20-25 days, HDFC has been reporting to CIBIL every week starting from:

23 Nov → 30 Nov → 7 Dec

Previously HDFC used to report ONCE on month-end ie. on 30/31 of every month.

This is even faster and earlier than the RBI new guidelines of biweekly reporting w.e.f. 1 Jan, 2025:

https://www.livemint.com/money/personal-finance/banks-to-report-credit-card-data-to-cics-biweekly-how-will-it-impact-you-and-banks-rbi-nbfcs-cibil-credit-score-11729670913868.html

My CIBIL is going all over the place ±10-12 points because of this as it deducts 10 points for any amount due in credit cards compared to Max Score when all dues are cleared.

So now, prepaying won't help much. It would be interesting to see if other banks follow suit, and it's implications on our credit score. I guess, CIBIL scoring mechanism would be needing a few tweaks now if this trend continues.

Is it the same for everyone? What are your thoughts on this?

 

[SSV]

Today, when I checked my CIBIL, I saw that it had decreased by 6 points.HDFC Bank reports at the end of the month. Today I saw that they reported on the 7th. They reported what was outstanding on that date.My bill is generated on the 28th. I pay 90% of the cost every time before the bill is generated. If this continues, it will be very difficult to use credit cards.

This will defintiely continue.. This is happening becuase of RBI's guidelines..
RBI wants all banks to report their credit information at least fortnightly.. and HDFC decided to report weekly.. all needed to get used to it.

 

[D₹V]

If this continues, it will be very difficult to use credit cards

Kyu bhai... Pel ke use karo 😂😂😂.

Bill due date se 2-5 din pahle bharna

 

[Ankur34]

This will defintiely continue.. This is happening becuase of RBI's guidelines..
RBI wants all banks to report their credit information at least fortnightly.. and HDFC decided to report weekly.. all needed to get used to it.

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If you don't mind, can you please explain what this means for us card holders?

1. Do I have to pay bill every week now?
2. If there there is payment pending will it be reported as overdue? - Suppose my bill generate on 1 and I pay on 20 there would have been two report sent to CIBIL between 1 and 20.

 

[D₹V]

If you don't mind, can you please explain what this means for us card holders?

1. Do I have to pay bill every week now?
2. If there there is payment pending will it be reported as overdue? - Suppose my bill generate on 1 and I pay on 20 there would have been two report sent to CIBIL between 1 and 20.

1. No
2. No

Just your current usage will be reported.

 

[SSV]

If you don't mind, can you please explain what this means for us card holders?

1. Do I have to pay bill every week now?
2. If there there is payment pending will it be reported as overdue? - Suppose my bill generate on 1 and I pay on 20 there would have been two report sent to CIBIL between 1 and 20.

1. No, you dont need to pay every week. you can pay just before due date as usual..
2. No, it won't be reported as overdue.. but as on the reporting date it will reporting outstainding balance as on that date..
The worst it can do is , it may report more utilization rate.. thats it.. not defaults.. defaults /overdues as per current rules only..


For example:

Current scenario.

CC limit 3L
CC bill : 1L
CC bill date: 1st of every month.
Due date: 20th

Account reporting date: 30th of every month..

Currently it Banks reports to CIBIL the folloiwng:
Reporting date: 30th
Current balance: 1L

and hence utilisation ratio = 33.33%
The above used to happen on a monthly basis.

assuming you paid everything before 20th
Overdue amout: 0 ( or NA)
overdue days: 0 (or NA)


The New Scenario:

CC limit3L
CC bill: 1L
CC bill date: 1st
Due date: 20th

Account reporting dates: 1st, 8th, 15th, 22nd

Assuming you paid your bill of 1L on 18th.
then your overdue amount : 0
overdue days :0.

but the main diffrence would be:
after the bill was generated on 1st,
you used your card more every day until 20th and outstanding balances stood as

as on
1st: 1L
8th: 1.5L ( more purchases of 50K)
15th: 2L( some more purchase of 50K)
22nd: 1.5L ( some more purchase of 50K , but paid 1L previous month bill on 18th)

so as on those dates of reporting your utilization ratios will be:
as on
1st: 33.33%
8th : 50%
15th: 66.67%
22nd: 50%

thats it, your utilzation ratio will cahnge accorind to the reporting dates but there wont be any overdues as long as you pay the bill within the due dates..

ENjoy...

 

[Mahirathore360]

A balance of Rs 100 in one account caused deduction of 10 points..
while overall utilization is -1 %.. this was what I explained in my "CIBIL - A Practical Guide" thread..
that is how CIBIL works..

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do you have 34 credit cards account or there are loan account as well ?

 

[BVCBVC is verified member.]

do you have 34 credit cards account or there are loan account as well ?

34 accounts displayed on the CIBIL image will have active CC's, Loans and Closed CC's and Loans.

 

[Mahirathore360]

34 accounts displayed on the CIBIL image will have active CC's, Loans and Closed CC's and Loans.

no i am asking about SSV's portfolio

 

[BVCBVC is verified member.]

no i am asking about SSV's portfolio

Yeah I am telling that only. It includes his closed accounts/cards too if there are any.

 

[SSV]

do you have 34 credit cards account or there are loan account as well ?

Yeah I am telling that only. It includes his closed accounts/cards too if there are any.

I have 23 active credit card accounts as of now. My active accounts consists of credit cards only...

11 closed credit card and Gold loan and loan on FD accounts.

Total 34 accounts both open + closed..

 

[Aniket]

@shrewdoc @SSV Keep an eye on credit reports and give us an update as soon as possible if you find other banks also started reporting fortnightly or shorter than it, as you have CIBIL subscription.

 

[akshayhs]

Reporting once a month made logical sense. Anything over that is simply addition in carbon footprint at this point

 

[desiviru]

HDFC = H-aving D-elight F-or C-IBIL.

Whenever they See Bill, they report it to CIBIL. HDFC be like, pehle sirf accha lagta tha, ab maza aaney laga hai. Zero due pe bhi report karenge. 🤣 Sabka CIBIL kharab karega re tera HDFC.

Till Deepak Parekh was at helm of HDFC, employees were giving loans to anyone they found and even in name of pet dogs as they somehow convinced RBI chief that even a pet dog can be given loan with owner as guarantor. But now they are doing like this.

 

[SSV]

@shrewdoc @SSV Keep an eye on credit reports and give us an update as soon as possible if you find other banks also started reporting fortnightly or shorter than it, as you have CIBIL subscription.

We will know about the frequency of all the banks in about a month's time as everyone has to comply with the new rules by 01/01/2025..

 

[Mahirathore360]

HDFC = H-aving D-elight F-or C-IBIL.

Whenever they See Bill, they report it to CIBIL. HDFC be like, pehle sirf accha lagta tha, ab maza aaney laga hai. Zero due pe bhi report karenge. 🤣 Sabka CIBIL kharab karega re tera HDFC.

Till Deepak Parekh was at helm of HDFC, employees were giving loans to anyone they found and even in name of pet dogs as they somehow convinced RBI chief that even a pet dog can be given loan with owner as guarantor. But now they are doing like this.

does this pet dog this is real or you joking ,, i am laughing real hard seeing this

 

[Mahirathore360]

Reporting once a month made logical sense. Anything over that is simply addition in carbon footprint at this point

how reporting frequently increase carbon footprint ?

 

[newinnov]

how reporting frequently increase carbon footprint ?

OP's logic-
Electricity == Carbon Footprint
Does not apply to Aam Janata though, who gets 200 units waived

 

[TrueColours]

HDFC = H-aving D-elight F-or C-IBIL.

Whenever they See Bill, they report it to CIBIL. HDFC be like, pehle sirf accha lagta tha, ab maza aaney laga hai. Zero due pe bhi report karenge. 🤣 Sabka CIBIL kharab karega re tera HDFC.

Till Deepak Parekh was at helm of HDFC, employees were giving loans to anyone they found and even in name of pet dogs as they somehow convinced RBI chief that even a pet dog can be given loan with owner as guarantor. But now they are doing like this.

RBI's action .. HDFC's over action

 

[Mahirathore360]

OP's logics-
Electricity == Carbon Footprint
Does not apply to Aam Janata though, who gets 200 units waived

this is crazy thinking

 

[desiviru]

RBI's action .. HDFC's over action

As per HDFC Brutal Force Law, For every action, there is an over-reaction.

After over-reaction, send an email with Loan at 0.99% just for you or 750 voucher for you on 15000 and that neutralize things.

MK Gandhi said, "A Customer is Like a God at yor premises. They don't need you but you need them."

HDFC says, "I am God and before Customer come to me, I go to them and give them whatever I want not what they want. I know they need me whether they accept or not. I will find them and issue a loan or Credit Card to them."