Citicard – Payment Defaulted, Account Blocked, then Regularized – Impact on CIBIL Score

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Default Payment on Citicard - Later RegularisedIt is not uncommon for the Indian Youth to opt for a Credit Card as soon as they join the workforce and without realizing the consequences they head towards debt trap. Here is a Case which CardBhai’s Team Counseled and with Prior Written Permission of the Client we are publishing his Case Study so that this will help other Credit Card Borrowers / Defaulters understand the impact on Credit Scores.

Raj had a Citibank Credit Card account opened in May-2006. He made regular payments until Oct-2006 and then began to delay which immediately starts getting reflected in his CIBIL Credit Report. He tried his best to regularize his payments but on and off and was negotiating with the bank’s call center executives already for EMIs etc. However, matter became worse and in Aug-07 and Citibank finally decided to BLOCK the Card A/C. Summary of his First leg of Transactions and Payments as reflected in CIBIL Credit Report is Shown below.

Read moreCiticard – Payment Defaulted, Account Blocked, then Regularized – Impact on CIBIL Score

Why You Must Not Subscribe to HDFC Ergo Insurance’s Credit Shield / Fraud Loss Cover ?

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HDFC Ergo Insurance for Credit CardHDFC Bank’s Credit Card Division is cross selling HDFC Group’s product. They sent to every customer of HDFC Credit Card an offer for subscription to Credit Shield and Fraud loss Cover from HDFC Ergo General Insurance Co.

What are the Features Offered by Credit Shield and Fraud loss Cover Insurance by HDFC Ergo ?

  • Fraud loss Cover upto 3.5 lac
  • Upto 5 lac of cover on ‘all’ loan outstanding with HDFC Bank (Credit Card, Personal Loan and Education loan) on accidental death / permanent total disability
  • Sum assured of 5 lac on accidental death / permanent total disability
  • Education grant of 25,000 (one kid < 21 yrs)
  • Total coverage is upto 13.75 lac

What is the premium they are Charging for the above Policy ?

Read moreWhy You Must Not Subscribe to HDFC Ergo Insurance’s Credit Shield / Fraud Loss Cover ?

How Indians Can Now Order Equifax Credit Information Report on Demand ?

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How to Order Equifax Credit Report in IndiaIn August 2009, CIBIL along with Transunion announced the availability of Credit Information Report for Indian Citizens making it the first Bureau in India to release reports. A Year Later in August 2010, Experian entered the Indian market and started releasing consumer credit information reports on demand. And in Nov-2012, Equifax the last of the Big 3 Credit bureaus of the World opened its Operations in India.

As an exclusive offer for readers of CardBhai.Com, we are facilitating you to order Equifax Credit Information Report on demand.

How to Get Equifax Credit Information Report in India ?

  1. Download and Print the

    Read moreHow Indians Can Now Order Equifax Credit Information Report on Demand ?

RBI Rehauls Debit Cards in India – Easy to Issue, More Security Features

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RBI for More Secured Debit Cards in IndiaThe Indian Banking Regulator, RBI issued a notification which overhauls the Debit Card Practices of the Bank. RBI has made it mandatory that Debit Cards be issued only against Savings / Current Accounts and not against Cash Credit, Loan or Overdraft Accounts. It has further exempt banks from obtaining permission from the RBI for issuing co-branded Debit Cards in order to expedite the entire process and Banks can go ahead with the permission of their Board of Management.

Online Vs Offline Debit Cards in India
Online Debit Cards are the cards issued against your money being deposited in bank Accounts so that upon transaction their is a direct debit to the account. Offline Debit Cards are issued against your CC / OD accounts where interest rates are much lower than Credit Cards. RBI has asked all the banks

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Yes Bank Launch Credit Cards Co-Branded with American Express

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Yes bank Co-Branded Credit Card wihAmerican ExpressRana Kapoor founded fourth largest private bank Yes Bank has announced the expansion of its retail offering by launching co-branded credit card in association with American Express.

They will offer the following 3 types of cards,

  • American Express Platinum Reserve Credit Card,
  • American Express Platinum Travel Credit Card and
  • American Express Gold Card [ This is a charge card and Payment must be made in Full every billing cycle ]

Speaking on the occasion,

Read moreYes Bank Launch Credit Cards Co-Branded with American Express

How does Sample Experian Credit Information Report Look Like in India ?

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We’ve received some mails from our readers on asking us to explain the Experian Credit Information Report now available in India. Acknowledging readers demand today we’ll explain the contents and format of Experian Credit Report released by Indian Office which is in compliance with the Credit Information Companies (Regulation) Act, 2005.

Section 1 of the Experian Credit Information Report [CIR] is the “Application Details“.
These are the details you give us as part of your application for your CIR supported by the relevant documents including Personal details such as Name, Address, Date of Birth, Telephone Number, Gender, Marital Status, Email id and identity details such as PAN, Voter Id, Passport Number, Driving License, Ration Card & Universal Identification (Aadhaar number). Experian has used this information to produce your report and this section looks like as stated below.

Read moreHow does Sample Experian Credit Information Report Look Like in India ?