Bajaj Finserv Credit Related Disputes

Your CIBIL Score is a 3-digit numeric summary of your credit history, rating, and report. It ranges from 300 to 900, and this information gives you the CIBIL report or Credit Information Report (CIR). Your repayment and borrowing history, ongoing loans, credit card dues, etc., are all compiled by CIBIL and presented in your CIBIL report. Therefore, we always encourage our customers to make timely repayments to improve their credit scores and avoid negative impacts. Bajaj Finance Ltd. intimates to its customers at least once before payment is due so that payments are made on time. However, if customers face any issues regarding their credit records updates. If they have complaints against the credit records related to their loan account with Bajaj Finance Limited, they can raise a complaint. They can use various channels for reaching out and resolve their queries.

Common complaints raised by customers related to CIBIL

Not taken loan from Bajaj Finance Limited but still reflecting in the CIBIL bureau:

In case, you haven’t taken a loan from us, but it’s reflected in the CIBIL records, you can raise your complaint with us. We’ll make every effort to correct the data associated with our records.

The loan is closed but still reflected in the bureau as active

Once your loan is closed, please note that the records may take 30-45 days to be updated. If you find that your report has not been updated even after 45 days of loan closure, report it to us. We request that you contact us for further assistance.

The loan is showing as settled in CIBIL, but the same was completely paid

These are the scenarios where the customer has settled the account after making the payment of the compromise settlement amount to Bajaj Finance Limited. Therefore, the loan in the customer records will reflect as settled.

Incorrect reporting of delayed payment

This happens when EMI gets returned from your bank and remains unpaid for more than 30 days. But if you have paid EMI on time and the CIBIL report still shows delayed, you can raise your complaint here.

What are the factors negatively affecting the CIBIL Score?

Irregular payment of EMIs

Your credit score reflects your past repayment behaviour and how regularly you’ve repaid your debts. If you have a high rate of defaults or past due payments, it will lower your credit score.

Multiple loan enquiries

Be cautious and avoid unnecessary loan enquiries unless you meet the eligibility criteria. Multiple enquiries indicate financial instability and lower your credit score. Research and compare loan options before applying to minimise the negative impact on your credit.

High credit utilisation ratio

Using credit responsibly and keeping your credit utilisation low indicates that you can manage your debts effectively.

Defaults and settlements

Defaulting on loans or settling your debts for an amount lower than what you owe can have a severe impact on your CIBIL Score. It indicates that you’ve failed to uphold your financial responsibilities.

High outstanding debt

A significant amount of outstanding debt, such as loans, credit card balances, or overdrafts, can negatively impact your CIBIL Score. It suggests that you may be struggling to manage your debt effectively.

Errors or discrepancies

Mistakes or errors on your credit report, such as incorrect personal information or accounts that don’t belong to you, can negatively impact your score. It’s important to review your credit report regularly and if there’s any inaccuracy, report it to the credit bureau.

It’s important to remember that these factors can affect your CIBIL Score differently, and various credit bureaus may use slightly different scoring models. To maintain a good credit score, you must ensure that you pay your bills on time. You should also try not to use up all your available credit, and handle your debts responsibly.

Frequently asked questions

What is a CIBIL Score, and how does it work?

Credit Information Bureau Indian Limited, commonly known as CIBIL, is a government-recognised entity that record your credit history. CIBIL Score helps you when applying for a loan. It’s a score that ranges anywhere between 300-900. Whenever you apply for a loan, the lender can ask for a CIBIL Score, enabling them to know your eligibility for any applied loan.

A low CIBIL Score doesn’t mean you aren’t eligible for a loan. It simply means that you might be offered a lower amount than expected or a higher interest rate is levied.

How long will it take for my new loan to reflect in the credit bureau records?

After Bajaj Finance Limited disburses the loan, the loan details are shared with the Credit Information Companies (CIC) within three working days. CICs take up to 30-45 working days for updating your loan details.

Why is my loan status showing active in CIBIL when my loan is closed with Bajaj Finance Limited?

After your loan is closed with Bajaj Finance Limited., the update is shared with the Credit Information Companies (CIC) within three working days. CICs take up to 30-45 working days for updating the loan records.

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