Cibil dropped by 70 points due to wrong reporting by SBI

[SaGa25]

Hi,

I had taken a car loan from SBI this year. Due to their internal system error they could not deduct the EMI and have wrongly reported the delay to credit bureaus by 10 days. The branch head is cooperative and is ready to write to CIBIL team to correct the discrepancy and restore the score.

Need help from the community on the next steps on how to resolve the impact on credit score? Shall I ask the branch to send communications to all the credit bureaus separately? How long does it take to rectify the discrepancy?

Kindly help on the same and share other suggestions, if any

 

[yusuf646]

How long does it take to rectify the discrepancy?

Banks say it'll take up to three months for the corrections to be reflected in your CIBIL Report. Usually, it gets updated within a month after the bank reports it to CIBIL. However, this time frame is only applicable to CIBIL, other credit bureaus like Experian or CRIF can take a very long time to reflect the corrections.

 

[yusuf646]

Shall I ask the branch to send communications to all the credit bureaus separately?

You don't have to do anything if SBI has already reported the corrections to the CIBIL Team. Your CIBIL will be automatically restored. It's better if you can ask them to do the same in all credit bureaus instead of only CIBIL (Actually, they'll do it anyway, and you don't have to ask separately). Additionally, you can file disputes in credit bureaus (an optional step, as they won't help if no information is received from SBI).

 

[hema220]

he already told that he's going to report right, just relax, they will update

 

[SSV]

ays. The branch head is cooperative and is ready to write to CIBIL team to correct the discrepancy and restore the score

Branch Manager writing to cibil will not fix this issue.

There is a formal mechanism to communicate this from a financial institutions to credit bureaus..

Branch Manager should write to their internal loans team requesting to rectify this and then loans will team report the corrected numbers to cibil and other credit bureaus...
This is proper way of fixing this issue..
Make sure all is done properly from SBI side and rhen wait for sometime ( 1 or 2 months ) to see the changes in the cibil..

All the best

 

[Vasuki]

Branch Manager writing to cibil will not fix this issue.

There is a formal mechanism to communicate this from a financial institutions to credit bureaus..

Branch Manager should write to their internal loans team requesting to rectify this and then loans will team report the corrected numbers to cibil and other credit bureaus...
This is proper way of fixing this issue..
Make sure all is done properly from SBI side and rhen wait for sometime ( 1 or 2 months ) to see the changes in the cibil..

All the best

If they report today u can see tomorrow on cibil if u have subscription.

It's all depends when they send correct info

 

[yusuf646]

Branch Manager writing to cibil will not fix this issue.

There is a formal mechanism to communicate this from a financial institutions to credit bureaus..

Branch Manager should write to their internal loans team requesting to rectify this and then loans will team report the corrected numbers to cibil and other credit bureaus...
This is proper way of fixing this issue..
Make sure all is done properly from SBI side and rhen wait for sometime ( 1 or 2 months ) to see the changes in the cibil..

All the best

If the branch manager understood and accepted the issue, then he must know what the next procedure is, right? And he should do the needful ASAP without the need for the customer to explain the procedure. Doesn't they have fear of RBI? Are they still stuck in "lunch ke baad aana"?

 

[SSV]

If the branch manager understood and accepted the issue, then he must know what the next procedure is, right? And he should do the needful ASAP without the need for the customer to explain the procedure. Doesn't they have fear of RBI? Are they still stuck in "lunch ke baad aana"?

It all depends on the individual, his knowledge and ethics…
You don’t need to explain him the procedure, you just need to make sure all the necessary things are done by subtly asking the required questions…
This is the power of communication and dealing with the people correctly…
It’s an art not a science…
Not everything is black and white… life is full of grey areas as well

 

[prc1990]

Branch Manager writing to cibil will not fix this issue.

There is a formal mechanism to communicate this from a financial institutions to credit bureaus..

Branch Manager should write to their internal loans team requesting to rectify this and then loans will team report the corrected numbers to cibil and other credit bureaus...
This is proper way of fixing this issue..
Make sure all is done properly from SBI side and rhen wait for sometime ( 1 or 2 months ) to see the changes in the cibil..

All the best

Rightly said.

What OP can do is to handover a written complaint to BM and keep following up and wait for 30 days. If it is still not resolved, bring RBI BO in the discussion by opening up a complaint to speed up the process.

 

[sidp]

Hi,

I had taken a car loan from SBI this year. Due to their internal system error they could not deduct the EMI and have wrongly reported the delay to credit bureaus by 10 days. The branch head is cooperative and is ready to write to CIBIL team to correct the discrepancy and restore the score.

Need help from the community on the next steps on how to resolve the impact on credit score? Shall I ask the branch to send communications to all the credit bureaus separately? How long does it take to rectify the discrepancy?

Kindly help on the same and share other suggestions, if any

Like @SSV Mentioned bm doesn't have the authorization to report directly to cibil. Otherwise any bank employee can delete any report of late payment for his fiends/family.

Reporting happens automatically. But for rectification there should be someone in backend team in cc/loan department or nodal office.
Also keep proof of submission (mail) for possible rbi complaint.

 

[anisharora0411]

Same thing happened to me. What i did was went to branch manager, got a letter stating everything and scanned and sent letter to the credit dispute email id’s of the bank probably belonged to headquarters and they corrected it in a week. Raising a dispute with transunion cibil or experian won’t help. Thanks

 

[SSV]

Same thing happened to me. What i did was went to branch manager, got a letter stating everything and scanned and sent letter to the credit dispute email id’s of the bank probably belonged to headquarters and they corrected it in a week. Raising a dispute with transunion cibil or experian won’t help. Thanks

This is the way to do…to make sure to trigger right trigger points… well done!!

 

[Mitesh]

Hi,

I had taken a car loan from SBI this year. Due to their internal system error they could not deduct the EMI and have wrongly reported the delay to credit bureaus by 10 days. The branch head is cooperative and is ready to write to CIBIL team to correct the discrepancy and restore the score.

Need help from the community on the next steps on how to resolve the impact on credit score? Shall I ask the branch to send communications to all the credit bureaus separately? How long does it take to rectify the discrepancy?

Kindly help on the same and share other suggestions, if any

Thanks for puting this up. I faced exactly the same issue with SBI Car loan. Their systems did not decuct the amount on time and it was reported as delayed to credit bureaus.
It dinged my score severely. However, as I maintained impeccable credit, my score remained high. Its just such a pain dealing with SBI to correct it so I decided to let it be. It will drop off after a few years of good score. Sad that a bank of their stature cannot fix their basic systems.

Learning - no more loans from SBI. I was being cross sold several other SBI products. So happy I said a direct 'No' even before I came to know about their horrible systems.

 

[Vasuki]

When branch manager has power to approve the application then he has power to update the bureau report aswell.

My branch used to update credit bureaus report by themselves. They have that power to do it.

Intresting that 🧐

 

[SSV]

When branch manager has power to approve the application then he has power to update the bureau report aswell.

My branch used to update credit bureaus report by themselves. They have that power to do it.

When I reached to PNO Desk they said that branch update reports by themselves so you have to request them to update it.

Which bank is this?

 

[Sahilhenzy]

Which bank is this?

in my case it was Bandhan Bank.

 

[Vasuki]

in my case it was Bandhan Bank.

I will visit day after tomorrow.

 

[SSV]

in my case it was Bandhan Bank.

That explains…
The bigger the bank , more organised are the systems, the smaller the bank the more liberal the system…

Smaller banks can’t afford to have big complex systems.. the power is more decentralised…
Where as in bigger banks , the processes have to be streamlined

 

[Vasuki]

As per my knowledge and bank staff branch can approve the loans and all things as well.

OP said that branch manager will send a report to credit bureaus right na? He might have experience if he doesn't have experience regarding bureaus reports when why would he said he it do by itself?

Suppose manager doesn't know about bureau report's and all then he might discuss it with his seniors? Or Regional Office?.

Glitch in Matrix 😁

Uninformed are better than half informed employee.

Bcz they give u hope then crush them

 

[SSV]

As per my knowledge and bank staff branch can approve the loans and all things as well.

OP said that branch manager will send a report to credit bureaus right na? He might have experience if he doesn't have experience regarding bureaus reports when why would he said he it do by itself?

Suppose manager doesn't know about bureau report's and all then he might discuss it with his seniors? Or Regional Office?.

I am not denying his BM does not know the process..
All I said make sure that the report was updated by following it up until it was done either by BM or whoever was responsible in that organisation…
I advised him not to just rely on any individual..
Have you read all my posts above in this regard??