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Ask CreditSmart: Can You Improve Your CIBIL Within 30 Days?

Ask CreditSmart: Can You Improve Your CIBIL Within 30 Days?

Good CIBIL Scores Are Not Built Overnight

From reader Santosh we received the following email:
We need loan for my sister marriage. When I checked my cibil score is show my cibil is 560 . 2 year back I am taken 1 consumer loan and I have paid all payment . But they complain and destroy my cibil score now I got to know that I have to pay more 7000 . However I want to know if I will pay 7000 is it improve my cibil score with 30 days. Please help me

 

Finding The Exact Cause of the Low Score
Thanks for emailing us at CreditSmart! We are sorry to hear of your problem. First of all, there is no fast way to build CIBIL score. While you may see an incremental increase each month, a major score increase does not generally happen in just 20 days. You cannot simply pay off fees or loans and have it increased quickly. Improving your CIBIL score only happens through months and years of maintaining good credit habits. Paying bills on time, using credit responsibly, not carrying large balances, etc.
Regarding the 7000 they say you owe, make sure you actually owe it first. If you have record the loan was paid in full and the amount they say you owe is wrong, then find any related documents and proof of payment as you may need them.
Improve your CIBIL Score
If your loan has indeed been paid, it should be reflected on your CIBIL report. If it’s not, you should look into it. If there is an error on your CIBIL report, meaning false information, that may be bringing your score down, you can work with CIBIL to remove the error by filing a Dispute Resolution here: https://www.cibil.com/dispute-resolution
As far as improving your CIBIL in a general way, I suggest you start by reading our large amount of articles directly on this topic of improving CIBIL score. You are sure to pick up some tips on how to improve your CIBIL score.
Best of Luck,
CreditSmart Staff CreditSmart

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