Payment reporting even after 3 years

[Pradumya]

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

Hi peoples

I regularly check my credit reports but never had a look at the closed accounts.
Today I saw something strange - I had Paytm postpaid accounts from Aditya Birla Finance which are closed for around 2-3 years now.
View attachment 51593
As you can see in the screenshot - The account got closed in 2021 itself, but they are reporting it still

And this is not just the case with Aditya Birla Finance, similar pattern I noticed in SBM Bank reporting. View attachment 51594
Here also the account got closed in 2023 itself, still the reporting is done continuously.


I do know that personal loans in credit reports are not a good sign, but what if they are still reporting them. Though closed is marked but still does this shows as bad remark?

This is not just the case with experian, even CIBIL report has these same.. And my score is up down 5-10 points every month. Not going above 780. Is this because of this reporting?

Should I do something about it?

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.

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.

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
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.

 

[meadityaraj]

Issue Resolved Thread 'Sweet revenge story. LAZYPAY COMPENSATED ME WITH ₹20300'

Aug 11, 2024

In 2023, I set up autopay in my Lazypay account using my Axis Bank account. Things were smooth until I decided to take advantage of pre-approved offer from ICICI Bank. To make this happen, I transferred all my funds from Axis Bank to ICICI Bank in order to increase transactions, and that's when the trouble began.


I tried to change the autopay setup in Lazypay from Axis Bank to ICICI Bank, but to my surprise, there was no option to do this in the app. After reaching out to Lazypay’s customer support via email, they confirmed that this feature wasn’t available yet but might be included in...

• meadityaraj

• 
• 
• 

Go through this thread I just wrote about It might help you. File a complaint with RBI Ombudsman and be persistent.

 

[Pradumya]

Issue Resolved Thread 'Sweet revenge story. LAZYPAY COMPENSATED ME WITH ₹20300'

Aug 11, 2024

In 2023, I set up autopay in my Lazypay account using my Axis Bank account. Things were smooth until I decided to take advantage of pre-approved offer from ICICI Bank. To make this happen, I transferred all my funds from Axis Bank to ICICI Bank in order to increase transactions, and that's when the trouble began.


I tried to change the autopay setup in Lazypay from Axis Bank to ICICI Bank, but to my surprise, there was no option to do this in the app. After reaching out to Lazypay’s customer support via email, they confirmed that this feature wasn’t available yet but might be included in...

• meadityaraj

• 
• 
• 

Go through this thread I just wrote about It might help you. File a complaint with RBI Ombudsman and be persistent.

Bro tell me this: the compensation of 100₹ per day is from first complaint date right or first date of issue?
Because in second case the account was closed in 2021 and last reporting happened in 2024. So I will get over a lakh rupees which is not feasible.





Moreover This issue you shared happened with you only. But with ABFL, it is different.
I and @RaunakPrasad_26 noticed same thing. Even more people would notice the same I guess.