Hello, Credit Card Enthusiasts! š
I have some exciting news to share! Recently, I uncovered a few loopholes regarding credit inquiries in credit bureaus that might interest you.
But first, let me walk you through my experience over the past three months, tackling credit bureau issues and their solutions.
The Problem: Excessive Inquiries
For the last few months, Iāve been dealing with invalid inquiries in my credit bureau records, like CIBIL and Experian. Three months ago, my CIBIL report showed 90 inquiries, and Experian had 40 inquiries. These spanned the past three years, but most were from the last year.
Some inquiries were genuine, initiated by me, while others were duplicates or mysteriously appeared. Platforms like Paytm and Flipkart, for example, sometimes show pre-approved loans or credit cards, subtly obtaining your consent. You only realize this when an inquiry shows up on your report!
I also accumulated inquiries while checking pre-approved offers or applying for credit cards. To make matters worse, some banks created multiple inquiries for a single application.
Result? My CIBIL score, which hovered around 755, dropped to 745 due to these unnecessary inquiries.
---
The RBI Steps In šŖ
Thankfully, the RBIās new regulations are helping clean things up:
1. Inquiries should only appear if you activate a card.
2. Customers must be notified of inquiries via message promptly.
But hereās the catch: Notifications arenāt always consistent. Without a CIBIL subscription, itās tough to track these. Luckily, Iāve had one for years, so I stayed informed. My concern is for those without subscriptionsāhow would they manage?
---
Taking Matters Into My Own Hands
Whenever I spotted unauthorized inquiries, I raised disputes. Unfortunately, banks often rejected them within days without proper verificationāfrustrating, to say the least!
However, in the last three months, the RBI has tightened the rules. Now:
Disputes are shared with the RBI.
Banks must provide valid reasons for rejection and prove their case.
Customers receive detailed emails or updates on dispute portals.
This has significantly improved the process, making it more transparent.
---
The Fun Part: A Loophole! šµļøāāļø
Hereās where it gets interesting.
A couple of months ago, I accidentally disputed a genuine inquiry from Axis Bank (about a year old). Surprisingly, it was removed from my CIBIL report! Thatās when I realized:
Banks often keep inquiry records for only a year.
Older inquiries lack proof, so theyāre forced to remove them.
Armed with this insight, I disputed 30 of my 90 inquiries. Believe it or not, my total inquiries have dropped to 66, with most being removed! š
This even improved my CIBIL score by 4 points. While recent inquiries (within a month) arenāt removed, older ones are easier to dispute.
---
Bonus Fun Fact! šŖ
Hereās something even cooler:
In Experian, all my 2023 inquiries were removedāeven though I applied for 12 credit cards that year! Some genuine inquiries vanished, while invalid ones piled up. Crazy, right?
---
Key Takeaways
While this loophole may not drastically improve your credit score, it will help reduce the number of inquiries on your report. If youāre proactive, this could be a game-changer. Just make sure to check your reports regularly!
Edit : Update 2.0
Here is a list of all the banks and NBFCs (Non-Banking Financial Companies) that I have personally tried and tested. However, what worked for me may not necessarily work for you. That said, you can still give it a tryāthereās no harm in trying!
Banks and NBFCs Known for Quickly Removing Inquiries:
1. Axis Bank
2. PNB Bank
3. AU Small Finance Bank
4. IndusInd Bank
5. Canara Bank
6. IDFC FIRST BANK
7. RBL Bnak
8. Navi
9. Credit Bee
10. Bajaj Finance.
Fun fact: Their attitude seems to be, "It was a mistake, brother. Please forgive us!"
Banks and NBFCs That Often Decline or Fail to Resolve Disputes Within Two Working Days:
1. Standard Chartered Bank
2. American Express
3. ICICI Bank
4. HDFC Bank
Fun fact: Their attitude seems to be, "We donāt care... Weāre above the RBI! š¤£"
There are more banks, but I havenāt tested them yet. If anyone has updates, please let me know, and Iāll add them here.
This thread took a lot of effort to c reate, so please appreciate my work. Thank you!"
I hope this information helps you manage your credit report more effectively. Letās make 2025 the year of better credit health! š³āØ
Wishing you all a Happy New Year! š„³
I have some exciting news to share! Recently, I uncovered a few loopholes regarding credit inquiries in credit bureaus that might interest you.
But first, let me walk you through my experience over the past three months, tackling credit bureau issues and their solutions.
The Problem: Excessive Inquiries
For the last few months, Iāve been dealing with invalid inquiries in my credit bureau records, like CIBIL and Experian. Three months ago, my CIBIL report showed 90 inquiries, and Experian had 40 inquiries. These spanned the past three years, but most were from the last year.
Some inquiries were genuine, initiated by me, while others were duplicates or mysteriously appeared. Platforms like Paytm and Flipkart, for example, sometimes show pre-approved loans or credit cards, subtly obtaining your consent. You only realize this when an inquiry shows up on your report!
I also accumulated inquiries while checking pre-approved offers or applying for credit cards. To make matters worse, some banks created multiple inquiries for a single application.
Result? My CIBIL score, which hovered around 755, dropped to 745 due to these unnecessary inquiries.
---
The RBI Steps In šŖ
Thankfully, the RBIās new regulations are helping clean things up:
1. Inquiries should only appear if you activate a card.
2. Customers must be notified of inquiries via message promptly.
But hereās the catch: Notifications arenāt always consistent. Without a CIBIL subscription, itās tough to track these. Luckily, Iāve had one for years, so I stayed informed. My concern is for those without subscriptionsāhow would they manage?
---
Taking Matters Into My Own Hands
Whenever I spotted unauthorized inquiries, I raised disputes. Unfortunately, banks often rejected them within days without proper verificationāfrustrating, to say the least!
However, in the last three months, the RBI has tightened the rules. Now:
Disputes are shared with the RBI.
Banks must provide valid reasons for rejection and prove their case.
Customers receive detailed emails or updates on dispute portals.
This has significantly improved the process, making it more transparent.
---
The Fun Part: A Loophole! šµļøāāļø
Hereās where it gets interesting.
A couple of months ago, I accidentally disputed a genuine inquiry from Axis Bank (about a year old). Surprisingly, it was removed from my CIBIL report! Thatās when I realized:
Banks often keep inquiry records for only a year.
Older inquiries lack proof, so theyāre forced to remove them.
Armed with this insight, I disputed 30 of my 90 inquiries. Believe it or not, my total inquiries have dropped to 66, with most being removed! š
This even improved my CIBIL score by 4 points. While recent inquiries (within a month) arenāt removed, older ones are easier to dispute.
---
Bonus Fun Fact! šŖ
Hereās something even cooler:
In Experian, all my 2023 inquiries were removedāeven though I applied for 12 credit cards that year! Some genuine inquiries vanished, while invalid ones piled up. Crazy, right?
---
Key Takeaways
While this loophole may not drastically improve your credit score, it will help reduce the number of inquiries on your report. If youāre proactive, this could be a game-changer. Just make sure to check your reports regularly!
Edit : Update 2.0
Here is a list of all the banks and NBFCs (Non-Banking Financial Companies) that I have personally tried and tested. However, what worked for me may not necessarily work for you. That said, you can still give it a tryāthereās no harm in trying!
Banks and NBFCs Known for Quickly Removing Inquiries:
1. Axis Bank
2. PNB Bank
3. AU Small Finance Bank
4. IndusInd Bank
5. Canara Bank
6. IDFC FIRST BANK
7. RBL Bnak
8. Navi
9. Credit Bee
10. Bajaj Finance.
Fun fact: Their attitude seems to be, "It was a mistake, brother. Please forgive us!"
Banks and NBFCs That Often Decline or Fail to Resolve Disputes Within Two Working Days:
1. Standard Chartered Bank
2. American Express
3. ICICI Bank
4. HDFC Bank
Fun fact: Their attitude seems to be, "We donāt care... Weāre above the RBI! š¤£"
There are more banks, but I havenāt tested them yet. If anyone has updates, please let me know, and Iāll add them here.
This thread took a lot of effort to c reate, so please appreciate my work. Thank you!"
I hope this information helps you manage your credit report more effectively. Letās make 2025 the year of better credit health! š³āØ
Wishing you all a Happy New Year! š„³
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