How to erase 7 yr old cibil
7 yrs ago owed std chart 1,20,000 in credit card dues, paid 75,000 in a settlement. But they posted me on cibil which blocked even business loans and cc limit. What to do? Thanx.
Settled Credit card
Whenever you SETTLE a loan or credit card, the lender will report you to the credit bureau with a SETTLED status. This is considered a negative status by many lenders and future loan applications are likely to be rejected. The best way to remove the SETTLED status is to contact the lender and determine what amount needs to be paid to convert this to a CLOSED status. Typically, it would be the shortfall at the time of the settlement. Credit bureaus recommend that lenders stop reporting loans that matured or closed more than 7 years ago, but lenders continue to report this to the bureau. If you require any assistance with resolving this issue and need help to co-ordinate with lenders, you may contact CreditMantri. We have services that could be of interest to you..