State Bank of India - Grievance SBI Auto Loan

SBI Auto Loan A/C No. *** *** *****.

I am writing to raise a formal complaint against the extremely poor conduct of SBI, owing to which my CIBIL score has been drastically impacted.

By way of background, I had opted to Car Loan from SBI Bank in Sept ****.

The EMI for the month of Nov **** was not presented in my account. When I enquired about this with the Branch, I was informed that this was owing to signature mis-match on the ECS mandate, which was rejected by the Bank from which the money needs to be debited. I corrected this immediately and submitted fresh mandates. Along with this, I also submitted additional * duly signed cheques.

SBI has reported this as a default to the Credit agencies which has now significantly impacted my Credit Score. I have not defaulted on a single payment of any financial institution in the past ** years and you can check this from the reports. Owing to this gross poor conduct and negligence of the Bank, my score has been impacted.

Questions I would raise:
Why did the Bank not inform me proactively that ECS mandate has failed and a fresh mandate needs to be submitted?
Why did the Bank not present the Cheques I had submitted at the time of disbursal?
Even after placing several requests with the Branch, the date of ECS has not been corrected...

I would have accepted this as my miss if a cheque was presented and it was not honoured.

I am sure you know that it takes years to build an excellent credit score and I need this error to be corrected ASAP by the Bank and SBI should report this as a correction to all associated credit agencies to which this has been reported.

The Bank by no virtue has any right to report false information to the Credit agencies. If this is not resolved in next * days, I will raise a formal complaint with RBI and Consumer Forum.

SBI needs to improve the way it communicates to the customers. Stop just focussing on Marketing messages.