to remove name from CIBIL
jeet Singh
(Querist) 04 October 2016
This query is : Resolved
I had applied for car loan 2 lac in Hdfc bank. But the rejected my loan application by saying that my name is shown in CIBIL list of loan defaulters of SBI BANK which I had cleared with one time settlement one year back. Even I got no objection from SBI BANK manager. I took student loan SBI BANK and cleared after becoming NPA. Now please suggest me what should I do because I need money now. How can I remove my name from CIBIL list because that loan is already cleared. Any other options.
Kumar Doab
(Expert) 04 October 2016
Settlement is adverse entry.
You erred while negotiating OTS. You should have made it a part of negotiations and obtained in writing.
As per SOP M/s SBI may not remove your name from CIBIL, say..... upto 7 years.
Rest you may check with them if M/s SBI agrees without any payment or against payment ...................that might be balance from Principle+balance from interest + Interest for delayed period + any fee etc etc...............
You may check with your own counsel specializing in banking/consumer matters and your counsel may opine that order from DCDRF may help you.
Rajendra K Goyal
(Expert) 05 October 2016
Settlement of loan account is not payment in due course.
You can talk with SBI.
Kumar Doab
(Expert) 06 October 2016
M/s SBI compelled due to its own SOP may not agree to call your name back from CIBIL.
However you may apply your skills and try.
Prefer check with your own counsel specializing in banking/consumer matters and your counsel may opine that order from DCDRF may help you.
Guest
(Expert) 06 October 2016
The first step is get your credit report from credit rating agency - Online Request Form
The next step is to read it carefully and know the reason why your name is in the default list?
1- It could be due to Human Error e.g. Wrong - Name, DOB, Gender, PAN, Passport Number, Address etc.
2- It could be due to Incorrect Reporting/Mistake e.g. Wrong Credit Cards Details, Ownership - Accounts that aren't yours, but in your credit file, Late Payments - Reports of late payments in your credit file, when you paid on time or you may be a victim of identity theft.
3- It could be due to Loan Default e.g. Loan Defaults, Credit Cards Default, Late Payments and any other factors that are negatively impacting your CIBIL score and history.
For first reason, you would just need to report it to CIBIL with valid proof and they will fix it.
The second reason is also easy to fix. In these cases check out - who put you on default list e.g. Bank Name. If you have any acknowledge letter or any proof (related to above problem) from the bank or financial institution just submit that to CIBIL. If you don't have, you have to follow up with that bank and got a letter and forward it to CIBIL. CIBIL then verify the proof with the bank and incorporate the update on your credit file. With in few days the correct info will be displayed in your credit report.
If bank is not cooperating with you then write a letter to bank to fix it with a copy to CIBIL. If you don't hear from them in 30 days or not satisfied with the action you can lodge a complaint with Banking Ombudsman to resolve the issue.
The third reason could be that you have indeed defaulted on a loan and hence your name was entered in the defaulter list. If this is the case, You need to take up this with the defaulted bank and settle it out. And submit that settlement letter to CIBIL. The default will remain on your file but show as settled.
If you don't want to settle it than it will remain on your file for seven years and it will destroy your score. During this period no one will give you any loan or credit. After this seven year period, you again need to start rebuilding your credit by paying your loan and credit card bills on time.
Rajendra K Goyal
(Expert) 07 October 2016
CIBIL is only an agency, does not take any change by itself but shows as received from the Banks / institutions.
If it is due to SBI settlement, you can produce no dues certificate from SBI to concerned Bank from which you have applied for loan.
However, all depend on the Bank to accept it or not.
jeet Singh
(Querist) 08 October 2016
Thanks a lot for these informations
