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Cibil defaults wipe off?
- Thread starter cardex
- Start date
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- Tags
- cibil cibil report settlement
nrj1007
TF Premier
There are 2 summaries in CIBIL for 3 years and 7 year period. After 7 years there should not be any impact.
sumitlehri
TF Buzz
Yeah even i pay 10 20 ruppee extra but i dont know how i missed this time..I called customer care and raised request but he was not sure of cibil..Mailed on all hdfc email id.Lets see how it would turn out
All the best. I'm sure they would understand that it happened inadvertently and no one would default for 0.36. They can suppress the information 😊
Correct. Most do, some will not until you have high NRV/TRV with them, Axis, Federal, Stan C comes to mind straight away. They will keep rejecting applications stating the same old "internal policy" nonsense.
Off topic, RBI should give more stricter directives to the banks to disclose reasons for CC rejections, So that one can rectify those reason for rejections if possible or just stop applying with the same bank if the reason stated for the rejection is beyond their control. Most banks UK / USA abroad do it, so no reason why Indians banks cannot do the same.
me too confirmed it from CIBIL, they said we are only able to erase it after 7 years of closing date so, till that date you have to bear the consequences.
this is not true, from the same year onwards you can start with a secured credit card and then request bank to give you credit card most likely the chances are they will give it you. Initially, you'll a low limit card but you can build on that limit so, after 3-4 years of 0 late payments you'll start getting high credit limits.
Au
Surprised to see Axis in the list. I guess because the loan was settled & not a write-off !
The person from CIBIL who said it must have been really high on weed or didn’t know what he was talking about.
ALL loan / CC account (irrespective of the status i.e closed/settled/defaulted) drops of from Experian on the 7th year.
Accounts once reported in TRANSUNION-CIBIL stays in the report “FOREVER”, irrespective of its status.
Period.
ravipr
TF Buzz
ravipr
TF Buzz
Btw a question is can I pay and close that settled loan now? Will that remove the settled mark? Does anyone have any experience regarding this?
Correct. If you would not have settled paying a certain amount to the bank, the Written-off status would have read "write-off / Wilful default / default".
Absolutely. Have you ever seen anywhere in the world where a bank says "NO" to money ? If it is a sarkari bank you might have to visit the loan processing centre to pay it off & collect the acknowledgement / receipt, however in case of a private bank just write them an email, take the confirmation, pay however you wish, receive the NOC & wait 45-60 days in that order & you will the the write-off in CIBIL has changed to closed & per se there is NO time limit to do this & if the bank refuses / is reluctant, get the RBI ombudsman involved straight away !
However, am curious why do you want to do this if you're getting approved for everything !?
As far as DPDs are concerned there are two summaries, 1 & 3 years ! Cibil keep records of DPDs for upto 3 years & lifetime for any credit account.
So if you have made a late payment & the account is active for the next 36 months, then the DPD reflecting the late payment will fall off & it will seem as if you never had a late payment on the account, however if the account is closed before 36 months from the late payment date, then the late payment DPD will continue to reflect for a lifetime !
If you “settle” any credit account or are late with your payments then the effect will be negligible after 3-4 years, provided you need to have some other credit accounts open in cibil with NO further late payments on those.
However, if the account status is default / wilful-default then get ready to wait for at least 7-8 years before getting fresh credit, subject to one having other previous credit accounts still open in cibil & makes no further late payments on those.
That is how CIBIL works & hence some lenders pick up defaults someone made even 15 years back & may still ask questions for a big ticket loan !
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ravipr
TF Buzz
My CIBIL is 798, experian 840 even with the Settled mark. They are giving me CC's immediately and I have plenty now.
But I know in a year or so I will need to get home loan and I feel then the settled remark will cause some issue.
