Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Cibil - need an expert advise please

(Querist) 17 December 2014 This query is : Resolved 
Dear Sir,

I haven't seen an expert in these forums on this particular topic, answers to my earlier questions have been generic.

I defaulted on 3 credit cards from 3 different banks as I was jobless. I settled these cards in December 2011. 2 Banks stopped reporting it to CIBIL after the amount was settled. One bank continues to report it to CIBIL even to this date. And they say they will continue to report until the waived off amount is paid.

My question is
1. How long can they continue to report to CIBIL even though the account is settled.

2. How is that 2 banks stopped reporting and 1 continues to report. Is there different regulations for different banks.

I ask this question because CIBIL maintains the record of a closed account only for 7 years after the bank has stopped reporting. But the third bank will continue to ruin my credit score till the time I am alive.

Please help.

Regards
Abraham.
Devajyoti Barman (Expert) 18 December 2014
Inform CIBIL about settlement of dispute and send them all papers in relation thereto.
Rajendra K Goyal (Expert) 18 December 2014
1. CIBIL would continue to show status till informed / reported by the Bank as otherwise.
2. CIBIL is just the agency which shows the reports received from Banks. It does not take decision without information from member bank.
3. You can inform the CIBIL by sending settlement letter received from the Bank and request to update the status. You can write to Higher authorities of the Bank to update the status with CIBIL.

Some Banks give little weightage to the default of credit card payment if settled.
Guest (Expert) 18 December 2014
CIBIl do not have any Right to Decide the Status of any one.It is just an unofficial Informer.Until and Unless a Suitable Petition is Filed For Defamation They will Prolong their Activities
ajay sethi (Expert) 18 December 2014
agree with Mr goyal
Nadeem Qureshi (Expert) 18 December 2014
agree with the experts.

apart from the above, you may file a complaint before consumer court and claim compensation against the bank who is informing the same to cibil and due to this CIBIL report you may loss of your business or loss of your dignity or respect.

Feel Free to Call
Anirudh (Expert) 18 December 2014
Dear Discography,

You say that "I settled these cards in December 2011."

Please indicate whether you settled the credit card dues with all the banks in the same manner i.e. settled all the demands or there were some waivers by all the banks. (Pl. indicate whether there was any waiver by the two banks which have stopped reporting to CIBIL)
Guest (Expert) 18 December 2014
CIBIL does not add, substract or amend any information at its own in the credit records of the debters. These records are submitted to CIBIL by banks and other lenders, on a monthly basis based on which that updates its records. So, any defamation petition against CIBIL will be a futile effort leading to waste of time and money.

So, any bad debt on account of default in loan dues on the part of the debtor would continue to appear on the record of the CIBIL until cleared by the bank.

One time settlement with bank cannot assure improvement of credit record, until cleared of the bank records. CIBIL cannot help in any way to improve the record of the debtor until and unless the bank writes off the remaining part of debt from its own records. So, better request the bank to write off the remaining unsettled portion of debt/interest from their records. Else there is no other way to improve the credit record with CIBIL except by payment of the unsettled balance of debt.
Guest (Expert) 18 December 2014
"Dear Discography "Are you already Known to Experts like Mr/Mrs Anirudh.
prabhakar singh (Expert) 18 December 2014
If you find experts not adept then please consult elsewhere.

Why ruining your time here.
Advocate. Arunagiri (Expert) 18 December 2014
Dear author,
You have stated in your query

"I haven't seen an expert in these forums on this particular topic"

If haven't seen in this forum, try elsewhere.


malipeddi jaggarao (Expert) 20 December 2014
If you do not have trust on the experts of this forum why do you post your query again here? However, expert Mr.P.S.Dhingra has advised your query perfectly. Either by payment of the residual amount to the Bank or by convincing the Bank, there should be a report from the Bank to the CIBIL to remove your name from defaulters' list. That is the only way.
T. Kalaiselvan, Advocate (Expert) 24 December 2014
Many experts have very properly addressed your query but you seem to pass sarcastic remarks on experts. If you so keen to get a very particular solution to your problem, have an appointment with the local consultant by paying him his nominal fe and get clarified instead of approaching such forums like this and pass remarks after getting free advises.
discography (Querist) 24 December 2014
Many thanks for the advise. I chose to file an RTI which I did with ministry of finance department of financial services. I forwarded the RTI form to HDFC bank. They seem to have got scared and now updated cibil database as closed instead of settled. Even RBI ombudsman couldnt help me on this but RTI did wonders. Thanks so much. My intention was never to hurt the experts. Sorry for my remarks that experts couldn't help me
discography (Querist) 24 December 2014
Many thanks for the advise. I chose to file an RTI which I did with ministry of finance department of financial services. I forwarded the RTI form to HDFC bank. They seem to have got scared and now updated cibil database as closed instead of settled. Even RBI ombudsman couldnt help me on this but RTI did wonders. Thanks so much. My intention was never to hurt the experts. Sorry for my remarks that experts couldn't help me
Guest (Expert) 24 December 2014
You are welcome. But, in future post your question, only if you can pose some trust on the experts here.


You need to be the querist or approved LAWyersclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :