HDFC marked late payment for EMI that was paid on time

[Shroud]

I recently refreshed my CIBIL score from Cred app and saw that my score fell 70 points….

Upon checking further, it seems HDFC reported a delayed payment for my Car loan EMI that was infact paid on time….

The ECS mandate was executed as usual from my bank account and no manual payment was involved….

Now, this could be a genuine mistake from their end but given that these reportings are automated- Should I wait for some time to see if they fix this on their own or do I need to contact them?
Need Advice @SSV @SJM @Vasuki @desiviru

 

[desiviru]

@Shroud So you pay the EMI next day after generation? I had a personal loan in past having its date as 7 and it always deducted amount on 7th morning but in case 7 is a holiday it was always 8.

This seems to be an error because they reported on 7 May when this due was not cleared. This will sort out as HDFC reports every 15 days so you will see score coming back. For CC dues also if statement generates and HDFC reports in between the system take it as non-payment. So HDFC has this kind of issue.

CIBIL score drop and come back with every change when loan payment, cc payments are going on. 🙂 No need to worry much.

 

[Shroud]

So you pay the EMI next day after generation?

No, actually the amount gets deducted from my ICICI account on the due date only ie. 7th of every month but don’t know why statement shows next day as payment received (I tried asking loan agent once and he said it was normal)

This seems to be an error because they reported on 7 May when this due was not cleared. This will sort out as HDFC reports every 15 days so you will see score coming back. For CC dues also if statement generates and HDFC reports in between the system take it as non-payment. So HDFC has this kind of issue.

CIBIL score drop and come back with every change when loan payment, cc payments are going on. 🙂 No need to worry much.

Will this be a one time thing or will it keep happening every month?

 

[InfamousInfamous is verified member.]

No, actually the amount gets deducted from my ICICI account on the due date only ie. 7th of every month but don’t know why statement shows next day as payment received (I tried asking loan agent once and he said it was normal)

Will this be a one time thing or will it keep happening every month?

Might be one time thing, can you check what date did HDFC report your account in your CIBIL? That would make things clear.

 

[Shroud]

Might be one time thing, can you check what date did HDFC report your account in your CIBIL? That would make things clear.

Well, according to this ss that I also shared in my original post, it seems they reported on 7th May

 

[InfamousInfamous is verified member.]

Well, according to this ss that I also shared in my original post, it seems they reported on 7th MayView attachment 97636

Yeah then hopefully it should be alright by the next time they report it. I think it might happen on all instances when they report on 7th of the month. I'm not sure how healthy that would be for your profile, but I think you should consider reaching out to them to be on a safer side. You could try and get the date of EMI debit changed.

 

[desiviru]

No, actually the amount gets deducted from my ICICI account on the due date only ie. 7th of every month but don’t know why statement shows next day as payment received (I tried asking loan agent once and he said it was normal)

Will this be a one time thing or will it keep happening every month?

If your due date is 7 and payments are settling next day then create SI in ICICI for 6th. Trust me system takes time to settle payment and sometimes it is not settled same day. Here your value date should have been 7th itself if payment is getting debited from ICICI on 7th.

For my own EMI I have always paid 5 days in advance always. Currently not much loans except 1 and CC dues.