Resolution of Unauthorized Account for Kiran N
Background
Kiran N approached Kenstone Capital with a concern regarding a data mismatch issue in his credit report. An unknown Bank commercial vehicle loan was reflecting, causing significant credit damage.
Issue Analysis and Resolution
Investigation and Communication
Analyzed Kiran's credit report, identifying the unauthorized Bank commercial vehicle loan.
Step 1
Dispute Resolution
- Escalated dispute to Credit to remove the unknown loan.
- Credit denied the request.
Step 2
Bank Intervention
- Emailed Bank, attaching Kiran's KYC documents, requesting removal of unauthorized account.
- No response from Bank.
Step 3
Escalation to Nodal Officer
- Escalated issue to Bank Nodal Officer with previous emails and KYC.
- Account remained unresolved.
Step 4
RBI Ombudsman Intervention
- Escalated issue to RBI Ombudsman for guidance and resolution.
- RBI investigated, directing Bank to remove loan account due to non-matching KYC.
Step 5
Outcome
- Unauthorized loan account removed from Kiran's credit report within 45 days.
- Credit worthiness regained.
Resolution Timeframe
- Case resolved within 45 days.
Key Takeaways
- Prompt escalation to regulatory bodies (RBI) ensures resolution.
- KYC verification is crucial for account authenticity.
- Regular credit report monitoring helps identify errors.
Customer Benefits
- Removed unauthorized account.
- Improved credit score.
- Enhanced financial standing.
Recommendations
- Regularly review credit reports for errors.
- Verify account authenticity through KYC.
- Escalate disputes promptly to regulatory bodies when necessary.
This case study demonstrates our expertise in resolving credit report discrepancies and commitment to protecting client interests.