Doctor wins ₹2.6 lakh compensation: Why regularly checking your credit score matters
A fascinating story from a doctor practising in South Bombay illustrates how a minor error from a credit card issuer can impact your CIBIL score over time, reported Economic Times. Dr Bhalla was shocked to discover that despite fully settling his credit card debt in 2003, the issuing bank had erroneously reported him as a defaulter, leading to a significant drop in his CIBIL score by 2012.
Upon discovering the error, the doctor pursued justice by presenting his bank statement, which indicated the payment made to the credit card issuer. Armed with this evidence, he approached various authorities for resolution, including the banking ombudsman, district consumer commission, state consumer commission, and finally the NCDRC.
It took seven years for the credit card issuing bank to acknowledge its error. Though delayed, justice prevailed when the Ombudsman confirmed the validity of the claim and closed the case. While the outstanding credit card dues were resolved, the damage to the credit history and low credit score persisted. To address these issues caused by the credit card issuer’s mistakes, the doctor pursued legal action.
Ultimately, the bank was held accountable for the adverse impact on the doctor’s credit score. This incident may not be isolated, where credit card issuers mistakenly penalize customers despite timely repayments. Such cases highlight the necessity of vigilance and regular monitoring of one’s credit score.
Many credit cardholders neglect to verify their card transactions, a critical oversight highlighted by the doctor’s case. This underscores the importance of regularly checking your credit score.
In summary, regularly monitoring your credit score is essential for maintaining strong financial health. It
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