How to resolve CIBIL 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 wecare@bajajfinserv.in.

• 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.

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 - My Account 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 (wecare@bajajfinserv.in)
• Alternatively, you have an option to visit your nearest branch.