Few days ago I went through my CIBIL report and found that Axisbank has reported to CIBIL that my last payment was delayed by 31 days. As soon as I noticed that, I checked my past statements and found the Issue that caused this. Here’s everything you need to know about the same.
The Extra Credit Issue
I recently paid my bills via CRED and got some cashback to the card with which the statement got generated, with “extra credit”. The subsequent month I spent less than that extra credit and the statement got generated with “Extra credit” for that month as well.
Now, as there is extra credit on the ac already, I didn’t mind to pay the bill and this is the problem. Axis sees it as if I did not even pay the minimum due and reports it to Cibil & probably to other credit Bureaus as well.
Checking CIBIL Reports
I check CIBIL reports atleast weekly once and that’s when I found this issue. Once i spotted it, I reported to Axis Bank via Chat and they took the request, promised to fix in a week time.
Now after 5 days, as I check the CIBIL report, its now fixed!
It is essential to track your CIBIL reports atleast once or twice a year and report issues to make sure your report doesn’t get any bad remarks. Fortunately my score didn’t go down at this point in time, but it may affect others if left un-noticed for long.
Ideally, in such cases, when you have excess credit on the account, consider paying atleast min. due to save yourself from the hassle.
Remember, the excess credit happens not only when you pay extra to the card, but also at times when you get refunds & Cashbacks to your account.
Have you ever had such CIBIL issues in the past? Feel free to share your experiences in the comments below.