Help and Advice

Steps To Remove Your Name From The CIBIL Defaulters List

CIBIL Defaulters List

Remove Your Name From The CIBIL Defaulters List in 2016

Warning: This is NOT a hack, nor is it a cheap and risky shortcut. This is a practical way to work a certain reality-magic and get your name off that dratted CIBIL defaulters list. Even you will be frustrated to see yourself there, to say nothing of what lenders will think when they catch your name on that list and see your loan application on their tables.

  • Get hold of your credit report. There is a free one given once a year after which you need to pay; make use of this opportunity.
  • Using this report, you are going to ask yourself, ‘Why am I even on the defaulters list?’
  • All sorts of inaccuracies are possible and CIBIL reports are by no means far off that mark. Addresses, PAN, passport numbers, date of birth, your name, and even gender can be wrongly inputted. While a few of these details do not really matter when it comes to default payments, they hint at other errors that could leave an impact in all the wrong places.
  • These pertinent errors include wrong accounts in your credit file (are they yours?), mistakes in credit card details, identity theft (happens more often than expected), wrong reports of default payments (you skipped that payment? honest? someone else, maybe?).
  • On a direct note, you are on the defaulter list because you are yet to close balance payments; general loans, credit card defaults, other outstanding amounts.

You need to get your hands on solid proof before you raise a dispute on the matter with CIBIL. This is actually a straightforward way to get yourself off the list. You find mistakes, report them, wait, and voila you’re off the hook.

  • Another relatively simple way to slide off the defaulter list is to know which bank or financial institution put you on there to begin with; CIBIL is merely the main regulatory authority.
  • All you will need is a proof, an acknowledgement letter from that place validating your claims to wrongful entry and CIBIL will get things done that much faster, and you gain added security.
  • If you follow up with that institution, you can have them send the details to CIBIL directly.
  • If you believe, the bank is in error and they are refusing to work with you on this matter, write to both CIBIL and the bank; original to bank, copy to CIBIL.
  • If thirty days come and go and you feel abandoned, send in a complaint to the Banking Ombudsman.

Finally, we arrive at the part where all the data is correct, meaning you have officially defaulted on the loan. There will be a bank or other institution at the other end of this tether who sent in the default complaint. You will need to settle things with them directly and keep CIBIL updated on your actions; no behind the scenes work. Settlement letters will need to be made. While your report says ‘settled’, the default will remain on file as having happened.

If you do nothing, that default remark is going to weigh down your report/score for seven full years. All the financial possibilities that can arise during this time will take diversion and avoid you. You will receive no credit or loan from anyone do not even try. It is only after this 7-year time frame and only after you have resolved the debt will you be able to start rebuilding your credit and credibility.

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