Statute of limitations on a debt

Hemal (Querist) 05 September 2015 This query is : Resolved
Hi, i read few of questions and answers on the same subject, however i wanted to know if there's any specific statute limitation set which will put stop to the negative reporting on CIBIL apart from what on this website that we shouldn't get into any payment arrangements.
Hemal

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SAINATH DEVALLA (Expert) 05 September 2015

CIBIL doesn’t maintain a defaulters list. They maintain the credit history of individuals as reported by Member Credit Institutions. The decision to grant a loan is solely dependent on the credit policy of the Credit Institution. In order to check your credit history in detail and to identify any possible discrepancies/ errors that might be reflecting against your name.

As per the Credit Information Companies (Regulation) Act of 2005, CIBIL cannot modify any information in the database without confirmation from the relevant Credit Institution. Credit Institutions submit data every 30-45 days to CIBIL and if you happen to purchase your CIR within 45 days of closure/ pay-off of your accounts it may not be updated in CIBIL records

Kumar Doab (Expert) 05 September 2015
The record on payment history, delinquency,default may remain in record of credit bureaus like CIBIL for 7 years or even more.

If the debt barred by limitation is 'Written Off' in books then the status updated as 'Written Off' is also repelling to lenders.

Therefore if record in CIBIL is your worry then either pay the whole debt (without record updated as settlement) or if there were issues obtain order from DCDRF/Court to cleanse your credit history.