-
Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.
Cibil drop due to late payment
- Thread starter tanvi
- Start date
A missed payment means a drop of 100 points atleast. Even if you recover the score, the dark mark of delinquency stays on your report for 7 years.
techsearch
TF Select
For 6 days if you talk to bank they may agree to not to report it to credit beuro, if you can convince them to reverse late fee charges it will get upated in their system that there were no late payments...if you have paid all bills on time till date then mostly they will agree...AU has much better customer support service.
No idea about amex.
No idea about amex.
Talk to Amex once in the morning and get it in writing what all they are agreeing to.
techsearch
TF Select
did you ask whether they will report it to Credit bureau or not ?
I recently missed payment of HDFC CC by 4 days...they said they will not report it...but i am not sure about it because my RM was not confident.
If Amex waives off a part of late payment charges then they "used" to not report it as a late payment. But he was late by 12 days so it must have been 5--50.
Don't have a clue about Au but with HDFC & ICICI if you miss the payment by 4 days they usually report it as STD instead of "0". Which some other do even if you pay on time & there in NO negative effect on score.
However I got ICICI to change that too, from "STD" to "0" by escalating
Cibil only show payment history for 3 years, no?
Yes, the most recent 3 years for active accounts. However if you close the account within or before 3 years of the late payment then the late payment in the DPD reflects forever & takes longer for the score to recover ! That is what he meant.
Yes, it makes sense to keep the accounts open for 3 more years to get rid of the late payment. However, if he were to close the account with that, it will stay in CIBIL forever, and not be wiped out in 7 years though.
"the dark mark of delinquency stays on your report for 7 years."
In Experian & Equifax "closed" accounts fall off after 7 years, so any late payment on those accounts will fall off only after 7 years of account closure. Unlike CIBIL, all the other 3 bureaus reports DPDs from the account opening to closure date.
Not sure about CRIF.
Only in CIBIL it stays for ever of the account was closed before 3 years from the date of the late payment, falls off after 3 years if the account is active, however the account itself never falls off.
So all the bureaus work differently, for e.g A settled account will continue reflect for ever in CIBIL but will stay in Experian & Equifax only for upto 7 years and then the account will off.
TIL for me. I have always focused on CIBIL, never checked the other reports. Maybe I should fetch my other reports and peruse them.
That makes it even trickier. Have to wait for 3 years to remove the mark from CIBIL and then close the account and wait for 7 more years to take it off the other reports
Since OP referenced only to CIBIL in his title, assumed the other poster was also referring to the same.
Experian would be worthwhile .. Don't sweat about the rest especially Equifax. Only HDFC that I know of checks all the 4 bureaus while making a credit decision. TU & Experian are the bureaus where you should keep an eye.
One Score would be good place to start as they provide 1 free report for both every month
Well if you want NO late payments showing up in DPDs across all bureaus & want a 100% On-time payment record then, yes, that is how you play it after you make a late payment.That makes it even trickier. Have to wait for 3 years to remove the mark from CIBIL and then close the account and wait for 7 more years to take it off the other reports
Well, he mentioned credit report & not specifically CIBIL, however I agree it seems a little confusing, but from what he wrote that only holds true only for Experian & Equifax and that too for closed accounts
Similar threads
