Abhishek Mishra

Abhishek Mishra

20-01-2022

05:54

Here’s why you should not fall in the trap of fancy looking apps which are ready to lend you money on the clicks of a few button. Have seen so much endorsement for @sliceit_ in the past couple of months but they’ll screw with your CIBIL. (1/n)

Influencers will sell your soul to devil for a few extra bucks. I signed up 3-4 years back when Buy Now Pay Later was relatively unheard of. All was going good until I started checking my CIBIL reports which had multiple account entries against Aphelion and Quadfin. (2/n)

These NBFCs which Slice partners with opened and closed multiple accounts against my name. Wasn’t too concerned since no late payments reported (stopped using them). Even tried to close the account once but because the process is so convoluted I didn’t pursue it further. (3/n)

Last night I checked my CRIF score and to my surprise saw a late payment marked against Aphelion. This account is closed on CIBIL but open on CRIF and Experian. Interestingly there are two very similar looking accounts which appear as active or closed in all three reports. (4/n)

It’s like Slice shuffled numbers from my account, then did a coin toss to choose which to account mark as active and which to mark as closed against each of the credit bureaus. (5/n)

Here’s how things look like basically CIBIL : 2 Similar looking accounts Account 1 : 1111123 Marked as Closed Account 2 : 1111231 Marked as Active Experian: 2 Similar Looking Accounts Account 1: 1111123 Marked as Active Account 2: 1111231 Marked as Closed (6/n)

CRIF : Just shows 1 account marked as active and late payment. Apart from this there are 2 more entries each from quadfin and aphelion, marked as active and closed respectively. What absolutely mockery is this? @RBI how are you allowing NBFCs to operate like street thugs? (7/n)

My score is still fairly high due to other factors but this might not be the case for everybody. I have read reports about how these lenders have screwed with the prospects of students applying for education loans and getting rejected because aphelion decides to misreport. (8/n)

It is sad to see the startup industry and influencers endorse a product they either don’t fully understand or turn a blind eye towards. They are preying on gullible students and their desire for a lifestyle which is not affordable. (9/n)

TLDR and TIL: Need Credit? Ask your parents for an Add-On card. It will help you build history similar to having a card in your individual name. Parents don’t have a card? Get an FD based CC. That isn’t possible? Then you don’t need a CC, just use UPI or Debit or whatever. (10/n)


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