Interested in financial products
CreditMantri
Processing

Many credit users must be having a question about the defaulter list of CIBIL™, especially while checking their credit reports. However, it is important to note that there is no such thing as a defaulters list with credit agencies. Credit agencies collect and organise data related to every credit user’s repayment history. This data is often exhaustive and includes aspects such as timely payments, defaulted payments, etc.

Any individual who has used some form of credit can get a report from the credit bureau along with information such as repayment timelines. In cases where repayments have been late or not made at all, it will result in a drop in the credit score. Here, we will throw light on some of the important aspects of the CIBIL™ defaulter list that every credit user must know.

How to Search Your Name in CIBIL™ Defaulter List?

There is no such thing as a CIBIL™ defaulter list. Hence, at the time of applying for credit of some kind, the lender will check your credit score as published by the credit bureau. If you have a bad credit score, you may be denied credit or get it with harsher terms like high-interest rates.

How to Take Off Your Name From CIBIL™ Defaulter List?

Although CIBIL™ does not publish a defaulter list, here is how a credit user can ensure that the credit report does not reflect a poor credit history/credit score:

  • Regular Review of Credit Report - Careful examination of credit history is one way to keep off a defaulter list. This can help you in understanding credit-related mistakes and you can ensure that the details contained in the credit report are accurate at all times.
  • Clearing Off Dues – An easy way to stay off the defaulter’s list is to work towards improving your credit report. As a first step, make sure to clear off your all-outstanding credit. In case you are facing a financial crunch, you should discuss the same with your lenders and chalk out a joint solution. After clearing all your bills, you can wait for 3 months and check back your credit report.
  • Timely Repayments - A delay in loan repayment or credit card bill payments can hurt your credit history. For improving your credit score, you should aim to repay your loan or credit card bills before the due date.
  • Judicious Use of Credit Limit - Try to avoid spending more than 30% of the available credit limit. This will reflect that you are cautious about credit utilisation and have a positive impact on your credit report.
  • Avoiding Multiple Loans – If you take multiple loans at the same time, it will reflect that you are credit hungry. Using short duration loans may also impact your credit report. Therefore, opt for one loan at a time. This way, you can make the repayments easily and ensure positive credit behaviour in your report.

How to Maintain a Good Credit Report?

  • The best way to maintain a good credit report at all times is by ensuring that you use loans and credit cards judiciously.
  • To ensure timely repayments, try and schedule the monthly payments so that you don’t end up missing any. All your credit payments should be on time and done in the right manner. This can help in improving your credit score within a short duration and make your credit report look better.
  • In case you have multiple credit cards and loans, it may portray your hunger for credit and lenders could be unwilling to grant further credit. Therefore, you must restrict credit card usage to essential requirements to ensure a low credit utilisation ratio and thereby a good credit report.

Is There a Separate Loan Process for a CIBIL™ Defaulter?

It is possible to get a loan application approved even if you have a poor CIBIL™ score or report. Here are some of how CIBIL™ defaulters can get a fresh loan or credit:

  • Showcase your Latest Salary: This will help you in getting your loan application approved. If your salary has increased, no matter the CIBIL™ score, lenders may not be as hesitant to grant you fresh credit. An existing relationship with the bank or lender can act as an added advantage.
  • Use Spouse’s CIBIL™ Score: If you have a poor CIBIL™ score, you can use your spouse’s good credit score for making a fresh loan application and getting it approved.
  • Approach Special Credit Bodies: Some credit bodies look after the loan requirements of individuals who have a poor CIBIL™ score. They may ask for a higher interest rate but still approve fresh loan requests from past defaulters.
  • Peer to Peer Lending: India is slowly opening up to this concept. It generally has high-interest rates and limited loan amounts but it can benefit those who have been on the defaulter list.

Conclusion

CIBIL™ defaulter list is similar to having a poor or bad credit report. It is important to check the credit report to ensure that one is not denied loans or credit.

FAQs

1. How can I check my name in the CIBIL™ defaulters' list?

To check if your credit report reflects a payment default, you must go to the official CIBIL™ website and download the report. For a detailed CIBIL™ report, you have to pay the fees as stated on the website.

2. How many years will CIBIL™ keep a record of defaulters?

CIBIL™ retains credit records of individuals for up to 7 years.

3. How do I get out of the CIBIL™ defaulter list?

Note that there is no such thing as a defaulter list. So, you don’t have to worry about getting your name out of the list. To ensure that you have a good credit score, you must work towards good credit behaviour. Ensure lower credit utilisation ratio and close all pending dues. If your name is falsely appearing in the default list, you can report the same to the credit agency and request for remediation.

4. How can I check my CIBIL™ history?

You can check your credit history by looking up the CIBIL™ report. A free basic credit health assessment can be sourced from CreditMantri and a detailed version can be availed from the CIBIL™ website.

5. Can CIBIL™ defaulter get a loan?

If an individual has improved his/her credit track record and worked towards ensuring good credit behaviour then some banks/lenders may be willing to grant fresh loans.

Apply for a credit score

POPULAR LINKS

How To Check Cibil Defaulter List - Customer Reviews

4 / 5 (3 Reviews)
2 Jan 2020

Usefulness of information,

×Thank you! Your comment will be reviewed and posted shortly.

CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.