Name of Complainant	Santhosh Kumar
Date of Complaint	May 13, 2021
Name(s) of companies complained against	Zest Money
Category of complaint	Corruption
Permanent link of complaint	Right click to copy link
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Text of Complaint by Santhosh Kumar:

Sub: No Dues Certificate and False Reporting to Credit Reporting Agencies

Honourable Sir,

In today’s world, you are aware of how important the Credit Score for A person who Running a Business or Person who living with salary.

Due to the increased presence of Online Commerce portals and the easy availability of desired products, much economic price, I started purchasing products from Amazon, Flipkart etc.…. A Small-Scale Business Man, I used some Online Funding companies support and paid everything on time and done purchases.

In such transaction, I used, three Financial Company Services

• Zest Money
• Amazon Pay Later
• Flipkart Pay Later

Earlier I done some blunder and my Cibil Score come down due to some mistakes My accounts people committed.  When I realized the importance of Ontime Payment and the value of Credit Score, I took over the Money Handling. In the past nearly 5 Years, I never Failed to pay dues on time and even closed all loans well before the Due Date. Due to that Reason, My Credit Score started to grow up from “0” to 820 in Cibil and In Experian, it Gone up to 840. As per the Standard, it is one of the best scores that can achieve with a span of 4 Years.

I Trusted, Zest money because it is one kind of Startup lead by Professionals. They are one of the Fintech Company Started Non-Credit Card (Cardless EMI First Time India) for Online Purchase. They initially Started a Loan for a Small Amount – it is around 12,000 One and Half Years Back and Now due to my Perfect repayments they increased it to ₹30,700. Their Thump line is “Increase your Credit Balance by paying your EMIs on time”

Moreover, I do not have a Credit Card for small-time online purchase and due to the following reason, I opted for Zest money and took nearly 13 consumer Loans and closed all well before its First Installment Date Start.

• Avail EMI without a credit card
• Instant approval
• Easy account opening
• Flexible EMIs to suit your convenience
• Repay any time without any prepayment penalties (foreclosure charges)
• Transparent fee structure
• No hidden charges

For Ontime Repayments, they Rewarded some cashback earlier and increased the loan to me. I am not failed to pay on time and Mostly I closed the account since they Offred Foreclosure without any penalties. Moreover, I just used their services for rolling day to day funds effectively.

Even the COVID 19 Situation, I never failed to pay any of my Loan or never failed to pay rents on time. I Had Business Loans from LendignKart and one I closed after One Year and they offered Higher Loan due to my perfect repayments.

 

Zest Money Said that Their Loans and Its on-time Repayment helps its customers to build CREDIT SOCRE SYSTEMATICALLY, WHOM DOES NOT HAVE NO HISTORY OR POOR HISTORY.

 

I planned well used I felt – My monthly expenses systematically and considering high-end purchases on zero cost EMIs can help you focus on your long-term goals.  That the reason I opted for them, I thought I am wise. But not 

 

I trusted their assurance every timely payment that you make towards your Zest Money EMIs gets reported to CIBIL. As timely payment is the most important factor in deciding your CIBIL score, your score will gradually improve over time.

 

When I opted for their Services, that time My CIBIl Score was very Hing and it is almost 805 or more. I want to be my score to 850, I was taking Loans and paid on time, but I started to Notice it is started to come down, rather than going up… It comes down

 

It comes down to 744 and I stopped purchases and it has gone up to 78) + (This one not knows me) I started to identify the issues in Jan 2021

 

Due to my doughty, I Send an email to Zest, because some accounts showing non-payment or late payments by some unknown companies to Me. I understood it later, by reading the people who reported to CIBIL, EXPERIAN who partnering with ZESTMONEY. They do not have any direct Link with me.

The Two Companies Whom Partnering with Zest Money who reported One is INCRED FINANCIAL SERVICES LIMITED AND VISU LEASING AND FINANCE PVT LTD

 

I reported via CIBIL and Experian directly to them, for wrong information, and the company not done anything and score come down in EXPERIAN from 840 to 755 and 704 and now it is less than 605

 

I started communicating to Zest money and these two companies, after a long fight of almost 4 to 5 months, the CIBIL report account closure reported but payment shown late and even reported overdue. On both accounts, I paid on time and I have recurred for the same. But the companies not reported to other agencies and my score down, at the lowest ever.

 

 

 

One of the replies given by Zest money in Jan 2020 following

 

“Dear Santosh,

Thank you for reaching out to us!

We are extremely sorry to hear this and we sincerely apologize for the inconvenience caused.

We understand how important this issue is and your frustration is completely justified. As discussed over the call today with Manoj, we have gone ahead and forwarded your request to our legal team related to CIBIL correction and they are working towards the same, hence please allow 15 business days of time so that we can revert with an update. We will try our best to not let problems like this affect the experience of our customers in the future. Please bear with us this one time.

Feel free to contact us if you need any further assistance by replying to the same email thread.

 

Regards,

Suraj

Team ZestMoney”

 

SAME TIME THE COMPANY WHO RESPONDED FOR THE MAIL FOLLOWING

 

Dear Customer,

 

Greeting from InCred.

 

We request you find the below-given loan details with remarks.

 

Loan No	Customer Name	Loan Status	Remarks
LXCMB31720-211014448	Santhosh Kumar	Active	Loan is still active in our system Please contact to Zestmoney
LXCMB31720-211457002	Santhosh Kumar	Active	Loan is still active in our system Please contact to Zestmoney
LXCMB31720-211939671	Santhosh Kumar	Active	Loan is still active in our system Please contact to Zestmoney
LXCMB29020-211911238	Santhosh Kumar	Active	Loan is still active in our system Please contact to Zestmoney
LXCMB28919-200827682	Santhosh Kumar	Closed	Loan has been closed in our system & we have raised the request to all other Bureaus (Experian/CRIF/EQUIFAX) to do the necessary changes in your credit profile.
LXCMB25620-210895399	Santhosh Kumar	Closed	Loan has been closed in our system & we have raised the request to all other Bureaus (Experian/CRIF/EQUIFAX) to do the necessary changes in your credit profile.
LXCMB31720-211264517	Santhosh Kumar	Closed	Loan has been closed in our system & we have raised the request to all other Bureaus (Experian/CRIF/EQUIFAX) to do the necessary changes in your credit profile.
LXCMB31720-211270542	Santhosh Kumar	Closed	Loan has been closed in our system & we have raised the request to all other Bureaus (Experian/CRIF/EQUIFAX) to do the necessary changes in your credit profile.
LXCMB31720-211461019	Santhosh Kumar	Closed	Loan has been closed in our system & we have raised the request to all other Bureaus (Experian/CRIF/EQUIFAX) to do the necessary changes in your credit profile.
LXCMB29020-211587001	Santhosh Kumar	Closed	Loan has been closed in our system & we have raised the request to all other Bureaus (Experian/CRIF/EQUIFAX) to do the necessary changes in your credit profile.
LXCMB29020-211667922	Santhosh Kumar	Closed	Loan has been closed in our system & we have raised the request to all other Bureaus (Experian/CRIF/EQUIFAX) to do the necessary changes in your credit profile.

For any further assistance, you can write us back or call us at 1800-102-2192, we will be more than happy to assist you.

We value your business and assure you the best of our services.

You can also download our InCred Mobile App, Click Here and enter your registered mobile number to know more about your loan account.

Warm Regards,
Prabhu Kharik
Customer Experience Team”

These all account active as of today with Experian and other credit reports but now cibil report it closed after 5 months of efforts. Plz note the payment closure dates are incorrect and overdue and late payments reported

I Lost my Sleep, I become restless, seeing these things.

I had an agreement with Zest Money Only, But Credit Reporting Done by Their Partner who Funded through Zest Money. They not contact me or send email regarding loans. I asked them why they are not solving and why they reporting. They clearly said in their email, they do not have any contact directly and everything we have to communicate to ZESTMONEY.

From My experience, I found the major fault or crime is committed by Zest Money. They Misused the funds that I paid in a single shot. They misused the fund and not paid to their Lending partner, who reported non-payment to credit reports. That was I studied from credit reports. I never paid as an instalment, I closed it in a single payment. But it is reported some loans, I closed it in 3 or 4 instalments. And some Payment ZEST MONEY NOT PAID to The Lending Partner, it reported overdue and outstanding in EXPERIAN AND OTHER CREDIT REPORTS. I send all proof for Payment on time, but Experian or CRIF or CIBIL refuse to rectify the error or not communicated properly to the people who report. I am attaching the Loan agreement to know the terms and conditions, which clearly said, I have to pay to Zest Money and all communications to Zest Money. And I wonder, How the other person reporting on me.

Zest Money cheated and they misused the funds I paid a single shot and their partner reported Credit reports for non-payment or late payment. It’s let down my score.

I am, a victim of the White-collar crime of Zest Money. I need Justice. I lost sleep and I become a restless person. This communication I am drafting at 1 AM, kindly help me to overcome the situations. I should get compensation worth of 10,00,000 from Zest Money and My CIBIL, EXPERIAN and other Credit scores should re-instated and Plz supports me to overcome the hurdle.

Image Uploaded by Santhosh Kumar: