Credit rating problem

The principle card holder erred at the time of settlement. Settlement is done by CC Company by writing off the unpaid amounts. Written off/settlement lowers the credit score.

CIBIL Credit Report.

“Status: Options include: Suit filed, Willful default, Suit filed (Willful Default), Written off, Suit filed and written off, Willful default and written off, and Suit filed (willful default) and written off.”

The principle card holder should have ensured at least the min. amount due is paid on time.

The principle card holder should have obtained a written agreement from CC company that the settlement shall have no adverse bearing on the credibility, credit rating, loan taking ability in future and CC company shall clean the credit history, delinquency from record of credit rating agency including but not limited to CIBIL, Experian, Equifax, and bad customers list maintained by CC company and MCNF.

Now if the customer wishes to repair the credit score he shall have to wait for say 6 months or approach CC Company which may demand an amount.

If there were issues pertaining to deficiencies/lapses by CC Company leading to non payment by customer he might have succeeded.

Valuable advice of learned experts/members is sought.

 

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