CIBIL Defaulters List Guide and Information
Not a single one of us wants to find our name on a CIBIL defaulters list in 2016, and CreditSmart.in is committed to keeping your name off there through 2016 and beyond! If you need help managing your credit or are interested in taking your CIBIL score to the next level, then the first thing you should do is frequent our site. Join the CreditSmart forums and discuss credit with like minded people also working toward financial goals.
However, everyone makes mistakes and the CIBIL defaulters list is a reality. Unfortunately some of you may be on it. Here is a quick guide to check if you’re on the 2016 defaulters list, and how to get off it.
The only place that holds all the information about lenders, borrowers, banks, and other financial institutions is CIBIL itself. They are the last word in India when it comes to tracking all this data.
When you first applied for your loan, the bank had you submit plenty of personal information for them to pull a CIR, which stands for Credit Information Report. The data inside is compiled and analyzed to see if you were credit worthy for the amount. This includes things such as outstanding loans, paid off loans, inquiries for new credit, and on time payment history. Each time you apply for a new loan, this information is re-assessed.
How Do I Get My Name Off The Defaulters List?
Now the information you need regarding the CIBIL defaulters list is the Control Number (CN). A control number is produced each and every time a bank or financial institution asks CIBIL for a CIR. This is a nine digit number unique to you which makes your credit report easily traceable and retrievable. The CN is found on the upper right hand corner of your CIR.
How Do I Get My Credit Information Report (CIR)?
No matter what you may read online, there is only ONE way to get your actual CIR. Unfortunately it’s not free. You must purchase your CIBIL Score and CIR through CIBIL.com here. For your money you will receive your current CIBIL score as well as a detailed CIR showing your complete history of open and closed loans. Any loans you may have defaulted on will be seen here, and from there you can take steps to recitify the situation so you can remove your name from the defaulters list.
Can I Get My CIBIL Score For Free?
Right here at CreditSmart we offer a free CIBIL Score Calculator Tool, which asks you a few short questions and can quickly give you an accurate estimate of what your actual CIBIL score is. This tool is incredibly useful to use frequently to estimate your CIBIL as your financial circumstances change. This is a great way to get your CIBIL score estimate without paying.
How Long Does It Take To Remove My Name From The Defaulters List?
In some cases, it can be just a few days. If there are human related errors such as wrong data entered in Passport number, PAN, Name, Birthday, Gender, Address, etc then simply contact CIBIL with the required information and they will amend your account. This also holds true for mistakes such as accounts in your name which you did not open, incorrect accounting resulting in inaccurate late fees, debts paid in full that are not properly reflected. Faxing CIBIL this information and your credit report should be updated within days.
However, if the reason is something serious like an actual loan default, the time it takes varies depending on how fast the financial institution manages your attempts to clear your debt. They can’t drag it out too long though. If the bank you defaulted on is slow to respond to you while you’re trying to settle your debt, then you can submit a letter of complaint to the Banking Ombudsman who is required to escalate the issue.