LazyPay damaged my Experian Score.

[rp0703]

My experian score is dropped from 818 to 756 because LazyPay reported overdue amount of Rs. 100.

Let me tell you complete story.

In October I decided to close my LazyPay account and mailed them and within 4-5 days they closed my account and also issued NOC for loan account.


Cut to 1st November I get message that statement has been generated with due amount of Rs. 100. I right away called customer care and told them I already closed my account then why statement has been generated for Rs. 100. They said your account was just deactivated not closed and also we by mistake credited the cashback of Rs. 100 to your account and now we reversed it, that's why there's due and you have to pay.

I didn't want to fight because it's just Rs. 100 so paid and asked them to close my account permanently and they did and sent me NOC again.


Today when I checked my experian report, to my surprise my score dropped 62 points. When i checked report I saw PayU Finance shown overdue of Rs. 100.



I already mailed them but haven't heard from them till now. What should be my course of action? Should I also complaint to RBI? @TechnoFino @Wealth is my birth right! @TheMentalist

 

[akki7163]

Yes, Complain to RBI

 

[rp0703]

Yes, Complain to RBI

Mailed them today, So might get reply on Monday. If didn't get satisfactory reply them will complaint to RBI.

 

[Wealth is my birth right!]

My experian score is dropped from 818 to 756 because LazyPay reported overdue amount of Rs. 100.

Let me tell you complete story.

In October I decided to close my LazyPay account and mailed them and within 4-5 days they closed my account and also issued NOC for loan account.
View attachment 8308

Cut to 1st November I get message that statement has been generated with due amount of Rs. 100. I right away called customer care and told them I already closed my account then why statement has been generated for Rs. 100. They said your account was just deactivated not closed and also we by mistake credited the cashback of Rs. 100 to your account and now we reversed it, that's why there's due and you have to pay.

I didn't want to fight because it's just Rs. 100 so paid and asked them to close my account permanently and they did and sent me NOC again.
View attachment 8309

Today when I checked my experian report, to my surprise my score dropped 62 points. When i checked report I saw PayU Finance shown overdue of Rs. 100.

View attachment 8310

I already mailed them but haven't heard from them till now. What should be my course of action? Should I also complaint to RBI? @TechnoFino @Wealth is my birth right! @TheMentalist

RBI complaint will be better and I can request bank to send correct report again to credit bureaus

 

[rp0703]

RBI complaint will be better and I can request bank to send correct report again to credit bureaus

RBI's complaint portal was down due to maintenance, will complaint when it comes online.

Should I just complaint directly to RBI or wait for their response?

 

[anirban.choudhuryanirban.choudhury is verified member.]

I think before complaining to RBI , you need to give 30 days to LazyPay to solve the issue , if they can’t then go to RBI

 

[TheMentalist]

Mailed them today, So might get reply on Monday. If didn't get satisfactory reply them will complaint to RBI.

what are other Credit Bureaus like CIBIL reporting?

 

[Proffesor]

I think u can mail them to send the correct details to bereaus and if didn't respond in a right way then u can complain to RBI. Most of the cases they will change it.

 

[ltf4ever]

RBI's complaint portal was down due to maintenance, will complaint when it comes online.

Should I just complaint directly to RBI or wait for their response?

I think before complaining to RBI , you need to give 30 days to LazyPay to solve the issue , if they can’t then go to RBI

complain to RBI first. it seems like lazypay's 100rs credited by 'mistake' is a scam.
you also have all documents supporting your version of the story.
the rules also state that waiting 30 days is not required if the response received from the entity is unsatisfactory.
i would also suggest tagging lazypay on twitter and highlighting this cheating.
and dont entertain any calls from lazypay, because they will call you. ask them to have all conversation over email and disconnect the call.
i have dealt with such malpractices from many startups so sharing my experience.

 

[TheTrickySid]

They said your account was just deactivated not closed and also we by mistake credited the cashback of Rs. 100 to your account and now we reversed it, that's why there's due and you have to pay.

Does this thing make any sense.
If a cashback was credited and then reversed the balance eventually remains 0.

 

[TheMentalist]

Does this thing make any sense.
If a cashback was credited and then reversed the balance eventually remains 0.

CB was adjusted in his last bill, so he had to pay less. Like for tnx of 500 he got 100 CB, so bill of 400 was generated. But actually he had to pay 500.

 

[rp0703]

Does this thing make any sense.
If a cashback was credited and then reversed the balance eventually remains 0.

CB was adjusted in his last bill, so he had to pay less. Like for tnx of 500 he got 100 CB, so bill of 400 was generated. But actually he had to pay 500.

So actually what happened was, I got that CB in mid September. You might have seen posts in this forum also that LazyPay is giving CB to some users.

After CB my balance was Rs. 100 credit. So I did some transaction and CB was adjusted with transaction. Then I paid all the dues on same day.

 

[rp0703]

what are other Credit Bureaus like CIBIL reporting?

In Experian last update date was 31.10.2022 and In CIBIL its 30.09.2022. So it seems they have not yet reported to CIBIL.

But I don't understand one thing that before today Last I checked my experian score in December itself and my score was 818. If update is 31.10.2022 them why score is coming down now, after 2 months?

 

[TheMentalist]

In Experian last update date was 31.10.2022 and In CIBIL its 30.09.2022. So it seems they have not yet reported to CIBIL.

But I don't understand one thing that before today Last I checked my experian score in December itself and my score was 818. If update is 31.10.2022 them why score is coming down now, after 2 months?

Looks like Lazypay has just reported your dues of Oct of 100 Rs., whereas they haven't reported your payment in November

 

[rp0703]

Looks like Lazypay has just reported your dues of Oct of 100 Rs., whereas they haven't reported your payment in November

But I didn't have any dues in the month of October. They also issued NOC in October. I only got message of Rs 100 due on 1st November and I made payment on the same day.

I don't know what they are smoking while reporting to the Credit Bureau's.

 

[pxg]

Overdue amount of 100 rupees should not affect credit score this much. It's 3% of your credit limit (2700). You can see that it shows 0 DPD for all months...they haven't reported any payment with more than 0 days past due (which is what actually damages credit score heavily), i.e. all payments are on time.

These agencies keep changing their algorithm and adjusting scores randomly even with no activity, so I don't think any government agency will grant you damages for your credit score.

What LazyPay did wrong though is to ask back the cashback after the account has been closed after NOC... it's really shady (probably illegal) and I am planning to close my LazyPay account soon (it's my first account... so a bit hesitant) due to all these reports.

 

[rp0703]

Overdue amount of 100 rupees should not affect credit score this much. It's 3% of your credit limit (2700). You can see that it shows 0 DPD for all months...they haven't reported any payment with more than 0 days past due (which is what actually damages credit score heavily), i.e. all payments are on time.

These agencies keep changing their algorithm and adjusting scores randomly even with no activity, so I don't think any government agency will grant you damages for your credit score.

What LazyPay did wrong though is to ask back the cashback after the account has been closed after NOC... it's really shady (probably illegal) and I am planning to close my LazyPay account soon (it's my first account... so a bit hesitant) due to all these reports.

Still overdue in credit report will reflect negatively for future loans or credit cards. That's why I'm asking them to remove it.

 

[krish80]

I think you should first write to Lazypay and wait for their response. If they don't respond with in the due timeframe you can then raise a complaint with RBI.

 

[Chaitanya_V]

Can they add CB for deactivated accounts? They credited 100 CB and reopened account without my consent, now no one responding to my mails ,escalated to grievance and PNO and no one one cared to acknowledge. What can I do now ?

PS: I have previous mails where grievance confirmed deactivation of account over mail.

 

[rp0703]

Can they add CB for deactivated accounts? They credited 100 CB and reopened account without my consent, now no one responding to my mails ,escalated to grievance and PNO and no one one cared to acknowledge. What can I do now ?

PS: I have previous mails where grievance confirmed deactivation of account over mail.

Complaint to RBI. @gopi1 complained against them to RBI, they corrected the mistake within 1-2 days.