Plans to compensate users for wrong credit bureau information and delayed updation

[ltf4ever]

just came across this article:

Borrowers to get compensation for delay in correction of credit report by credit information companies

Borrowers had to run around to get their credit history corrected after they found any error in reporting. With RBI now enhancing the grievance redressal mechanism to handle the complains about credit bureaus borrowers will have a greater say and control over the process. They will now get...

m.economictimes.com

let's keep an eye on this, many threads in this community regarding wrong cibil enquiries by banks and the bureau asking the customers to run after banks for correction.

 

[dishank_24]

Even I am a victim of such a ded by CIBIL

 

[Enthusiastic]

In my Experien report my Krur Vysya Loan is Showing as Active but in actual its closed in bank. They shared their system screenshot with me after lot of Argument.

Bank also reported to Experien. But Experien himself not doing correction.

 

[Rohan]

In my Experien report my Krur Vysya Loan is Showing as Active but in actual its closed in bank. They shared their system screenshot with me after lot of Argument.

Bank also reported to Experien. But Experien himself not doing correction.

It happened to me but after 7 month of closing Krur Vysya Loan. In CIBIL & Experian it was showing closed.

 

[prc1990]

just came across this article:

Borrowers to get compensation for delay in correction of credit report by credit information companies

Borrowers had to run around to get their credit history corrected after they found any error in reporting. With RBI now enhancing the grievance redressal mechanism to handle the complains about credit bureaus borrowers will have a greater say and control over the process. They will now get...

m.economictimes.com

let's keep an eye on this, many threads in this community regarding wrong cibil enquiries by banks and the bureau asking the customers to run after banks for correction.

Need link to actual RBI guidelines. Is it part of the master direction anyways?

 

[mgforce]

Thanks @ltf4ever for sharing.

Much needed, as CIC tends to wash off their hands and direct to fintech/banks etc.

 

[Enthusiastic]

It happened to me but after 7 month of closing Krur Vysya Loan. In CIBIL & Experian it was showing closed.

I just 5 min ago registered complaint with RBI with 5000 competition against Experien for not updating accounts appropriately.

Let's see what happens 🤣🤣

 

[ltf4ever]

Need link to actual RBI guidelines. Is it part of the master direction anyways?

they are still planning to launch it, might take some time.

 

[romilq]

In my Experien report my Krur Vysya Loan is Showing as Active but in actual its closed in bank. They shared their system screenshot with me after lot of Argument.

Bank also reported to Experien. But Experien himself not doing correction.

Same issue with me. CIBIL reported it as closed more than 1 year ago. But Experian even after complaining multiple times they are not closing it.

 

[pradeepG]

any update on this?

 

[romilq]

I just 5 min ago registered complaint with RBI with 5000 competition against Experien for not updating accounts appropriately.

Let's see what happens 🤣🤣
View attachment 13874

Any update here bro ?

 

[Enthusiastic]

Any update here bro ?

They took action and made corrections.

 

[kochiro]

will they work for FD cards too as my icici FD cards are still active after 2 years.

 

[Trust Me]

will they work for FD cards too as my icici FD cards are still active after 2 years.

What are FD cards? Credit cards taken against FDs?

 

[CHOCOPANDA]

What are FD cards? Credit cards taken against FDs?

yes