Hey I recently got actress to bullet.I have asked this question to customer service team but didn’t receive any satisfactory answer. I want to know one think from any one from you. Does the bullet limit approved get reflected in credit report(especially CIBIL) under any loan or not like any other paylater account(Flipkart and Amazon)?
Your credit report is fetch by Equifax.
Does a loan account show in the credit report?
I have not checked yet.
i am using bullet since may 2021 and many other pay later services but many has not reported anything in any credit report. but they may report if you default in repayment.
flipkart and amazon pay later service report the transaction with cibil and others.
so, its upto them when they start reporting to the credit rating agencies.
Thanks for confirming this.
I noted the same thing that no other paylater services other than Flipkart and Amazon report to CIBIL.
But the service of Bullet is super fast. While doing offline merchant payment it doesn’t even take 2 secs to complete the transaction. That’s what make Bullet the best for paying at offline stores.
I haven’t faced any problem so far with Bullet, It’s a good sign.
I have to see one thing How bullet tackle the refund of transaction failure/pending. If they could fix problem within very short time then I would say they are the best in the business.
There’s no customer support contact number for both Bullet and Jupiter. I hope they introduce it soon.
From what I know,
Mobikwik Zip reports every new transaction as one new Loan Account, significantly hampering your score negatively.
Paytm Postpaid does report to CIBIL (idk about other credit bureaus) (I am through Aditya Birla Finance as loan, not sure about IDFC)
LazyPay does report, but very delayed with incorrect loan amount (maybe waiting a few months will make it the right amount if I don’t get any more enhancements) (Payu Finance as loan)
Simpl Pay later won’t report to anyone until you default
Flipkart will report as loan
Freecharge Pay Later, not sure but will report if you default probably to all bureaus as Axis Bank.
Amazon Pay Later does report as loan
Galaxy Card Pay Later does not report unless you default
FreoPay (formerly Chillpay) does not report unless you default
Ola Postpaid, IDK MAN
Airtel Black Pay later, probably not they may just suspend the hell out of your services and call you 10 times a day for a month and then might report
HDFC and ICICI, I have no clue but they probably do as high-profile banks
Sezzle Pay later does not unless you default
First of all Mobikwik Zip Partner (Incred) do this only my Mobikwik Zip Partner is (Faircent) didn’t report anything to any credit bureau like I utilise of my any zip limit.
Paytm NBFC Aditya Birla Finance Group recently reported to CIBIL.
You covered almost all pay later services man.
Actually I don’t use much pay later service apps. Some of the pay later service apps I use include Flipkart, Lazypay and Bullet.
I used to use Paytm but not using since Aditya Birla Finance become the lending partner.
I don’t use those apps which charge interest for using them or could affect your credit score(Freerecharge and Mobikwik).
By the way thanks for bringing out most of the apps in this discussion
Pleasure’s all mine! Paytm charges a fixed convenience fee which is just terrible from such a big fin tech company. They want to expand credit to people and such a shame they do it by charging convenience fees . Flipkart’s ₹10 charge on bill above ₹1000 is bad but not as bad is Paytm, it just disgusts me. You should only be penalized when you make a mistake. Sure Credit card charge fees, but they also reward you when you use them. Paytm doesn’t reward you, . Freecharge actually credits the interest to your account when you repay which I don’t find an issue with. But, I can completely understand the other perspective too. I also didn’t know Mobikwik had interest, Mobikwik really needs to start upping its standards with partnership with AMEX strengthening.
Totally agree with you Bro.
One thing I don’t like about Freerecharge is that they are charging the interest but also crediting the same to your wallet. They show it as cashback which is actually not. I don’t want to add money to my freerecharge wallet unless I need to. This is something I’m not fascinated with.
I am pretty sure its to boost the revenue of Axis and Freecharge in the Balance sheets, I am not quite sure what their benefit from this is but there is a general consensus of a business benefitting from cycling cash in a similar way like this.