How to update PCFIN Ceased Terminated loan in CIBIL?
Is your CIBIL score being affected by a ‘PCFIN Cease Terminated’ loan in your CIBIL report? You have taken an instant personal loan from PC Financial Services Pvt. Ltd; but now you have been facing difficulties with loan repayment or CIBIL updation, especially after the cancellation of the license by Reserve Bank of India (RBI). If you’re experiencing the same hardship, then here’s some good news for you. Recently, the RBI has introduced a new credit information reporting mechanism for such license-cancelled entities. So, let’s understand the RBI’s new guidelines, and how they help you to update the PC Financial loan account in your CIBIL report.
PC Financial Services Private Limited was incorporated in 1995 as a Delhi-based unlisted private limited company. Later in 2002, they obtained the RBI license and started their journey as a Non-Banking Financial Company (NBFC) in India. Lastly, in 2019, they launched their mobile app “Cashbean” which became one of the most popular digital lending platforms in a very few days.
However, it eventually turned into a trap for many borrowers. Customers who availed of short-term loans through the Cashbean app began facing harassment by their collection agents.
They often charged usurious interest rate and other charges from their customers. In view of violation of RBI directions and the Fair Practices Code, the Reserve Bank of India (RBI) cancelled their Certificate of Registration (CoR) on 24th February 2022.
Difficulties faced by the customers:
After being terminated by the RBI, PC Financial Services was no longer considered a “Credit Institution (CI)” under the Credit Information Companies Regulation Act (CICRA) 2005.
As a result, they stopped updating customers’ loan repayment histories with all credit information companies, including TransUnion CIBIL.
As a consequence, the borrowers, who paid off their loan outstanding or served their monthly instalments before termination, those details are not reported properly in their CIBIL report. Ultimately, all these outdated and incorrect information affects on CIBIL score severely.
To overcome all the hardships faced by the customers, recently on 10 October 2024, RBI introduced a new credit information reporting mechanism for such license-cancelled entities.
So, let’s understand the key features of the guidelines so that you can use them in terms of updating the PCFIN cease terminated loan account in your CIBIL report.
RBI new guidelines for cease terminated loan in CIBIL:
- All the regulated entities, whose license has been cancelled by RBI shall continue considered as “Credit Institute” under CICRA 2005.
- The cease terminated entity shall continue to report credit information for those borrowers, who were onboarded or reported to CIC prior to the cancellation of the licence. The entity shall also have access to the credit information report for such borrowers.
That means if you availed a personal loan from PC Financial before February 2022, they are now obligated to update the loan account in your CIBIL report until the loan’s lifecycle is completed.
The process to update PC Fincease terminated loan in CIBIL:
RBI announced the guidelines last year on 10 Oct 2024 and instructed to implement them within six months of the date of the circular. However, you have to put some extra effort to update the PCFIN Cease Terminated loan in your CIBIL report. Let’s explore how:
• Contact with PC Financial customer support team:
Your first and foremost task is to contact the PC Financial customer care team. After the termination, most of their communication channels have been shut down, and their Cashbean loan app has been officially banned and removed from the App Store.
In this regard, you can email them at their customer support email ID: [email protected]
If you have any pending dues on your PCFIN cease terminated loan account, request them to provide the standard loan closure details. It’s important to collect the payment details in writing so that you can use them as evidence for future reference. Once you make the payment, be sure to collect a No Dues Certificate.
If you’ve already made the payment prior to the termination, ask them to update the loan status in your CIBIL report. Attach your CIBIL report and payment proof to the complaint letter. Maintain consistent follow-ups and keep all records as evidence.
• Raise online dispute in CIBIL:
Previously, when borrowers raised concerns with CIBIL authorities, they were not entertained because PC Financial Services was not included as a “Credit Institution” under CICRA 2005.
However, with the implementation of new regulations, CIBIL is now obligated to forward disputed details to PC Financial Services Pvt. Ltd. and make the necessary corrections based on the lender’s confirmation.
You can raise a dispute in CIBIL by following two different channels:
i. Raise an online dispute through login to your my CIBIL Portal:
This is the most convenient option to raise an online complaint in CIBIL. If you are a first-time user, then first register with CIBIL by using your KYC details. Or if you already have an account in CIBIL, log in to your CIBIL portal along with the CIBIL User ID and password.
Navigate to the “Raise a dispute” section and make the necessary corrections in the dispute form. Review the dispute and submit the dispute. After successful submission, a dispute ID will be generated starting with P07072025…… Save the dispute ID for future reference.
ii. Write a complaint letter in CIBIL
In this method, you can elaborate your complaint in detail along with the supporting evidence. If you have already made the payment or have NOC, then this method can be most suitable for you. Visit the CIBIL support section for account-related disputes: https://youtu.be/GS1VGR3s9QI?si=yqo3z7OQu8V8xYiw? Fill out the dispute form and describe your query within 3000 characters.
Attach your KYC, CIBIL report, and payment proof, etc. The attachment should be in PNG, JPG, JPEG, or PDF format within 5 MB. The documents should not be password protected. Finally, submit the complaint. After completing the process, you will receive a Service Request Number in your email as well as through text message.
• Email sent to CIBIL higher authorities:
Usually, TransUnion CIBIL take 30 days to investigate the matter with the concerned lender and resolve the customer dispute. In case CIBIL customer support team fail to resolve your query within 30 days or you are not satisfied with their responses, then you should highlight to their higher authorities
CIBIL Escalation Desk:[email protected]
CIBIL Nodal Officer:[email protected]
• Registered RBI Ombudsman complaint:
Even after several follow-ups with CIBIL authorities and the PC Financial Services, if you are unable to update the PCFIN cease terminated loan in CIBIL, then you can approach the RBI and register grievances against PC Financial Services and TransUnion CIBIL through the below-mentioned channels.
- Register complaintsthrough their online CMS Portal
- Send an email to [email protected]