Non Digestible Fact : Experian is better than CIBIL

Non Digestible Fact : Experian is better than CIBIL in terms of solving problems, crisp & clear details & automation.

Have you ever upgraded card or flipped the network? If yes, you must have faced problem of duplicate account showing in credit report & older payment history isn't updated in new card account.

And if you notice your Experian & CIBIL report carefully, you'll find out that CIBIL is the culprit, CIBIL doesn't remove duplicate account/doesn't update old payment info in new card account meaning it lacks automation

While Experian report won't show duplicate account & payment history discrepancy in most cases because it's automated meaning it's updated most accurately.

To tackle above issue, banks/lenders have to suppress/update details manually in CIBIL.

Also, Experian shows every particular detail updated by particular lender. For example, if any lender updated incorrect info regarding income, you can see which lender/bank updated above info.

Meaning Experian is way better & automatic!!!

I hope someday Experian get respect it deserves & CIBIL get huge penalty for it faults.

Note : Above comments are personal view as per my experience in recent discrepancies in CICs.

#JustforFun

 

[CardCraftsman.]

CIBIL get huge penalty for it faults.

Agar cibil penalty deserve karta h fir dusre 2 CICs kya karenge? India chorna par jayega unlogo ko

 

[Anupama_Jha]

Don't agree
CIBIL is better with more accurate and updated info than Experian.

*Atleast in my case. Your experience can differ.

 

[cardio_guy]

There is a huge scope of process improvement and user experience improvement in the credit rating agencies business. All agencies are equally bad now, barring a few good points in some.
However as this picks up and more people start using their services, we can hope that they improve in the next 5-10 years.

These people make it tough intentionally I think due to many reasons:

• Cumbersome process.
• Used mainly by banks or financial institutions so common public is not very well versed with their ways.
• Not always needed by a common man other than while applying for a loan or casually checking the credit health.
• For someone who is not into cards and loans doesn't need to know his credit score often or need to deal with them.

Like this many reasons could be there.
@SSV thoughts?

 

[D₹V]

Don't agree
CIBIL is better with more accurate and updated info than Experian.

*Atleast in my case. Your experience can differ.

Maybe but in my above scenario, I checked my Experian report which is purely updated with fine details while CIBIL has discrepancies for which I've escalated to the bank.

There is a huge scope of process improvement and user experience improvement in the credit rating agencies business. All agencies are equally bad now, barring a few good points in some.
However as this picks up and more people start using their services, we can hope that they improve in the next 5-10 years.

These people make it tough intentionally I think due to many reasons:

• Cumbersome process.
• Used mainly by banks or financial institutions so common public is not very well versed with their ways.
• Not always needed by a common man other than while applying for a loan or casually checking the credit health.
• For someone who is not into cards and loans doesn't need to know his credit score often or need to deal with them.

Like this many reasons could be there.
@SSV thoughts?

Agree .

 

[Pradumya]

I would like to point out something I noticed and filed 2 RBI complaints for:
In both CIBIL & experian the payments can be reported even after the account is marked closed.
Because of this Aditya Birla Finance Ltd (Paytm Postpaid) & SBM Bank (OneCard) reported 0 payments on my closed accounts for 2.5 years & 9 months respectively.
In case of CRIF - this scenario is not there, what I feel is CRIF doesn't allow them to report anything after account is closed.
More on this here -

Hello everybody
I made a thread earlier to know about the impact of this payment reporting.


Now let's start:
I had 4 Paytm postpaid accounts facilitated by Aditya Birla Finance from 2021 to 2023.
Below are the details of the accounts:

1.
Date of Last Reporting: 31-05-2024
Status: CLOSED
Close Date: 14/12/2021

2.
Date of Last Reporting: 31-05-2024
Status: CLOSED
Close Date: 08/09/2022

3.
Date of Last Reporting: 31/05/2024
Status: CLOSED
Close Date: 10/04/2023

4.
Date of Last Reporting: 31/05/2024
Status: CLOSED
Close Date: 08/09/2023

As you might understand that there Are continuous payment reporting happening in all these accounts maintained by Aditya Birla Finance Ltd.
View attachment 64682
This is just one screenshot from the experian report. Similar reporting is noticed in other 3 accounts and in CIBIL report as well.


This is not just with me: @RaunakPrasad_26 also had noticed this same kind of payment reporting from Aditya Birla Finance Ltd. View attachment 64684

This kinda situation is not visible in any other bank credit card account or personal loan accounts. Only Aditya Birla Finance Ltd has done this kind of reporting.

Also it's not like there are different rules for ABFL, have a look at below image View attachment 64686
In the above image you can see a similar category of account just different lender. The account was opened and closed in same year and last payment is also correctly reported. This is how it should be.


I have raised this issue with Aditya Birla Finance Ltd on 20 May 2024. ABFL didn't resolve it at all even made new payment reporting after the complaint as well.
So escalated the complaint with RBI ombudsman on 30 June 2024.
Got a call from them to share latest credit report again. I shared that on 09 July 2024.
Till now there is no update on this issue.

circular by RBI in this regard:

https://m.rbi.org.in//Scripts/BS_CircularIndexDisplay.aspx?Id=12554

Let me know what next should I do?
I request everyone to recheck their Experian credit report for this similar issue by ABFL Paytm postpaid accounts.

So for me if I talk about which CIC has good reporting standards - CRIF.

Note - I check Equifax only once a year so no idea on what's being reported there.

 

[the_dark_knight]

Meanwhile, CIBIL subscribers in the corner-- let us stack Experian membership now for X years.
I don't get this fuss about CIBIL membership.
I purchased recently 1yr at 50%, but who in their right mind will track score every day?
Once a month is enough and there are N of clean platforms providing all bureaus scores

 

[the_dark_knight]

So for me if I talk about which CIC has good reporting standards - CRIF.

Lauda CRIF!
My CRIF score is fucked since 4 years. All other bureaus atleast considers any dispute raised and corrects them, but CRIF is another level of shit high on meth. They won't listen any customer complaints.
You talk about CRIF stops reporting after account closure? My account got closed 3 years ago, but not for CRIF, they are still seeing keeping it alive and reporting every month. Just because CRIF also has same initials as CIBIL, doesn't make CRIF good.

 

[Pradumya]

Lauda CRIF!
My CRIF score is fucked since 4 years. All other bureaus atleast considers any dispute raised and corrects them, but CRIF is another level of shit high on meth. They won't listen any customer complaints.
You talk about CRIF stops reporting after account closure? My account got closed 3 years ago, but not for CRIF, they are still seeing keeping it alive and reporting every month. Just because CRIF also has same initials as CIBIL, doesn't make CRIF good.

I said "for me"

 

[the_dark_knight]

I said "for me"
View attachment 69413

I had the issue with ABFL only (ola money postpaid+). It still shows incorrect delayed payment and crif account for same is still updated every month

 

[Pradumya]

I had the issue with ABFL only (ola money postpaid+). It still shows incorrect delayed payment and crif account for same is still updated every month

Mail ABFL nodal officer regarding this and attach the reports.
They won't be correcting it then push the complaint to RBI ombudsman. It is a long process but the compensation of 100₹/day is good. My own compensation is 9300+ and counting.

Mine is also pending with RBI. ABFL has accepted the discrepancies and looking into into their systems to correct.
Make sure you talk about all the CICs and attach all CICs report wherever issue is. For me if they correct in CIBIL then also complaint won't close because experian would be pending.

 

[Everybody]

I agree with you completely. Had this issue in cibil where for a bank it shows 2 accounts rather then 1 account in the CIBIL. Experian is nice!

 

[Indian]

Cibil is just a DATA BROKER ! Working with and working for Credit institution , Collection Agency! they don't bother consumers ,I had experienced a very dark side of CIBIL, Praying god to implement RBI own CIC very soon in order to protect our upcoming generation

 

[Vasuki]

Non Digestible Fact : Experian is better than CIBIL in terms of solving problems, crisp & clear details & automation.

Have you ever upgraded card or flipped the network? If yes, you must have faced problem of duplicate account showing in credit report & older payment history isn't updated in new card account.

And if you notice your Experian & CIBIL report carefully, you'll find out that CIBIL is the culprit, CIBIL doesn't remove duplicate account/doesn't update old payment info in new card account meaning it lacks automation

While Experian report won't show duplicate account & payment history discrepancy in most cases because it's automated meaning it's updated most accurately.

To tackle above issue, banks/lenders have to suppress/update details manually in CIBIL.

Also, Experian shows every particular detail updated by particular lender. For example, if any lender updated incorrect info regarding income, you can see which lender/bank updated above info.

Meaning Experian is way better & automatic!!!

I hope someday Experian get respect it deserves & CIBIL get huge penalty for it faults.

Note : Above comments are personal view as per my experience in recent discrepancies in CICs.

#JustforFun

True for fact that Experian shows which bank updated which address to report

 

[akshayhs]