Bajaj Finserv Credit Related Disputes
Credit bureaus (CIBIL , CRIF, EXPERIAN, EQUIFAX) provide necessary credit information of borrowers. These organisations provide scores to the borrowers by assessing their creditworthiness and financial discipline depending on the past repayment history (credit card payments, loan payments etc).
Therefore, we always encourage our customers to make timely repayments to improve their credit scores and avoid any negative impact. BFL intimates its customers at least once before a payment is due so that payments are made on time. However, if customers face any issue regarding their Bajaj Finance bureau updates or hold grievances against the credit records related to his/ her loan account with Bajaj Finance Limited, then they can reach us via various channels to resolve their queries. New customers can email us at email@example.com.
Factors negatively affecting CIBIL score
- Poor repayment history
An individual’s credit score summarizes one’s repayment history and how promptly he/ she has repaid the debts in the past. If the default or late payment rate is higher, credit score will go down. This is because unpaid debts represent that one cannot manage the credit he/ she has acquired.
- Multiple loan enquiries
If a borrower makes multiple credit applications within a very short time, it can negatively impact his/ her credit score. Therefore, it is wise not to make a loan enquiry unless you are certain about meeting all eligibility parameters.
- High credit utilisation ratio
If you utilise the extended credit to a maximum limit, it can be detrimental to your CIBIL score. if the credit utilisation of a borrower exceeds a certain limit, the lender perceives it as irresponsible financial behaviour. So, it is essential for the borrowers to maintain their credit utilisation ratio to a specific limit.
- Poor credit mix
Borrowing only a certain category of financial product can negatively affect one’s credit score. Moreover, it does not even improve the credit score. On the other hand, availing different types of credits, including secured and unsecured financial products, and repaying them on time, positively impacts the credit score.
Ways to raise grievance with Bajaj Finance
If borrowers find any discrepancies in their credit bureau reports for the loans related to Bajaj Finance Limited, they have multiple ways to connect with us to raise their concerns or issues that they are facing:
- Existing Bajaj Finserv customers can raise CIBIL disputes by visiting our customer service portal - Experia by logging into our portal via registered contact number and generating OTP or through customer ID and password. After successfully logging into the portal, you can raise a request about your CIBIL details. Then, all you need to do is choose the query type as “CIBIL” and a relevant query description to you.
- If you are not an existing Bajaj Finserv customer, then you can reach us through different channels such as email (firstname.lastname@example.org)
- Alternatively, you have an option to visit your nearest branch.
Frequently asked questions
If borrowers find any discrepancies in their credit bureau reports for the loans related to Bajaj Finance Limited and want to raise questions regarding it, you can log in to our customer service portal - Experia and raise your necessary concern with our service providers. Furthermore, if you are not an existing customer of Bajaj Finance , you can reach us through multiple channels.
A dispute in CIBIL report or score can be raised in the events mentioned below:
- Ownership discrepancies: Wrong loan tagged against your account
- Inaccurate overdue
- Inaccurate payment history
- Duplicate account
The credit score would gradually improve. Besides, checking the score frequently after paying each EMI is not a productive thing to do as it can negatively impact your CIBIL score. Bajaj Finance sends an update to CIBIL in once a month regarding a customer’s loan status and payment status.
Individuals can view their CIBIL score for free by visiting Bajaj Finance CIBIL score page.