AbhijeetSingh.CO
KF Ace
I am sharing my experience to create awareness about an issue I faced with credit reporting and grievance redressal, so that others can be careful and better informed.
I was issued a secured credit card by Kotak Mahindra Bank, backed by a fixed deposit. At a later stage, I discovered that the bank had incorrectly reported this secured credit card as an unsecured credit card to credit bureaus. This incorrect reporting was not due to any action from my side.
When I raised the issue with the bank, they acknowledged the mistake and assured me that the correction would be completed within fifteen to twenty days. Based on this assurance, I waited patiently. However, even after the committed timeline had passed, the credit card continued to reflect as unsecured.
During this period, I had to follow up multiple times through emails and calls. Despite these efforts, the correction was delayed, and the communication often consisted of repeated standard responses without a clear resolution. This caused unnecessary stress and uncertainty, especially because credit reports play an important role in financial credibility and future opportunities.
I also approached the Banking Ombudsman through the RBI grievance mechanism. Unfortunately, the complaints were closed on procedural grounds due to documentation issues, without addressing the merits of the case. While I respect the process, the underlying issue of delay and incorrect reporting remained unresolved.
This experience highlighted how challenging it can be for an individual customer to get timely resolution even after an error is acknowledged. Incorrect credit reporting, delayed correction, and lack of accountability can cause mental anguish and inconvenience, even when no financial wrongdoing has occurred on the customer’s part.
I am sharing this incident not to target any individual, but to encourage awareness. Customers should regularly check their credit reports, keep written records of all communications, and understand escalation processes clearly. Institutions, on the other hand, should ensure accurate reporting and timely corrections, as even small errors can have a significant impact on customers’ lives.
I hope this experience helps others stay vigilant and better prepared when dealing with credit reporting and grievance redressal systems.
I was issued a secured credit card by Kotak Mahindra Bank, backed by a fixed deposit. At a later stage, I discovered that the bank had incorrectly reported this secured credit card as an unsecured credit card to credit bureaus. This incorrect reporting was not due to any action from my side.
When I raised the issue with the bank, they acknowledged the mistake and assured me that the correction would be completed within fifteen to twenty days. Based on this assurance, I waited patiently. However, even after the committed timeline had passed, the credit card continued to reflect as unsecured.
During this period, I had to follow up multiple times through emails and calls. Despite these efforts, the correction was delayed, and the communication often consisted of repeated standard responses without a clear resolution. This caused unnecessary stress and uncertainty, especially because credit reports play an important role in financial credibility and future opportunities.
I also approached the Banking Ombudsman through the RBI grievance mechanism. Unfortunately, the complaints were closed on procedural grounds due to documentation issues, without addressing the merits of the case. While I respect the process, the underlying issue of delay and incorrect reporting remained unresolved.
This experience highlighted how challenging it can be for an individual customer to get timely resolution even after an error is acknowledged. Incorrect credit reporting, delayed correction, and lack of accountability can cause mental anguish and inconvenience, even when no financial wrongdoing has occurred on the customer’s part.
I am sharing this incident not to target any individual, but to encourage awareness. Customers should regularly check their credit reports, keep written records of all communications, and understand escalation processes clearly. Institutions, on the other hand, should ensure accurate reporting and timely corrections, as even small errors can have a significant impact on customers’ lives.
I hope this experience helps others stay vigilant and better prepared when dealing with credit reporting and grievance redressal systems.
