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Preethu (Student)     24 December 2012

Credit rating problem


I have client wants to file a suite his relation for spoiling his credit rating score. Accordiing to him, he had taken add-on credit card in his relation name with high limit and given to relation, he maxed out the limit and was irregular in paying minimum balance on time for contineous few years and settled the balance with CC firm. the CIBIL rating dropped from 800+ to mare 550 due to this act which he is facing problem with obtaining further loans. he decides to take legal action for the act. Where does this complaint/suite fits into (criminal/Civil/etc.). What are the option one does have in this situation. Thanks for the suggestion. Preetham-


 2 Replies

Kumar Doab (FIN)     26 December 2012

The principle card holder erred at the time of settlement. Settlement is done by CC Company by writing off the unpaid amounts. Written off/settlement lowers the credit score.

CIBIL Credit Report.

“Status: Options include: Suit filed, Willful default, Suit filed (Willful Default), Written off, Suit filed and written off, Willful default and written off, and Suit filed (willful default) and written off.”

The principle card holder should have ensured at least the min. amount due is paid on time.

The principle card holder should have obtained a written agreement from CC company that the settlement shall have no adverse bearing on the credibility, credit rating, loan taking ability in future and CC company shall clean the credit history, delinquency from record of credit rating agency including but not limited to CIBIL, Experian, Equifax, and bad customers list maintained by CC company and MCNF.

Now if the customer wishes to repair the credit score he shall have to wait for say 6 months or approach CC Company which may demand an amount.

If there were issues pertaining to deficiencies/lapses by CC Company leading to non payment by customer he might have succeeded.

Valuable advice of learned experts/members is sought.


Attached File : 386073031 welcome to cibil 1.htm, 386073031 welcome to cibil.htm downloaded: 110 times

Sudhir Lal (Expert)     19 April 2013

I had a similar problem with CIBIL. I got in touch with Credit Sudhaar( www.creditsudhaar.com ) They are a crack team run by professionals from the financial services industry. Excellent responses, always available to take my queries.. These guys at Credit Sudhaar are ever reliable. you can contact them on 022-67886788

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