BCSBI is in process of drafting a new
code for its member’s banks to comply. Change is only constant thing is
this universe.
Go ahead and do it now
18/09/2012 – Point No 1
My viewpoint: -
Credit Card settlements / Loan settlements.
At times, the
credit card customers/loan holders and the credit card issuers/ loan
disbursement companies enter into an agreement to settle the credit card/loan
dues. The card holder remits the due amount as per the settlements. Once the
amount as per the settlement is received by the credit card issuer, the credit
card issuer/loan disbursement company should not report to the credit reference
agencies the card holder as an ‘overdue customer’ or ‘settled’, customer.
At present, it is observed that the credit card issuers agree
for a settlement;
receive the amount as per the settlement, but still report to the Credit
Reference Agency as ‘overdue/settled’. This is not
good customer service.
In case it is not possible for the credit card issuers/ loan disbursement
companies to provide a clean status to the Credit Reference Agencies
than at the time of the settlement, au undertaking should be taken from the
card holder/loan holder that it has been explained to him in detail that the
information to the Credit Reference Agencies will be shown as
‘overdue/settled’, and in future it will be difficult to obtain any loan/credit
card.
