How to remove Post Written Off Settlement from the CIBIL report?

 

If you have a post written off status in your CIBIL report, then you will find difficulty in applying for a loan in any bank or financial institute. 

Now a days most banks use software for loan purposes. In this case, all the loans will be rejected if the loan application is done via software. The software will detect the PO written off the settlement.

Any well-reputed bank will reject your 90 % loan application if they find post- settlement status in your CIBIL.

 The topic of today's discussion is how to remove post-written off settlements from the CIBIL report.

First, we need to know when we get a post written off status in your cibil report. Suppose you have taken a loan from a bank and you missed 3 consecutive EMI dates. In this case, the bank will show delayed payment status. 

If the payment is delayed more number days, then the account is marked as a  substandard account. if more delay is found in EMI payment then the shown bank considered it as a loss account. the status is shown as LSS.

Every loan is considered an asset by the bank. If the amount isn’t paid back to the bank, then It gradually increases with each failed EMI payment date.

 Penalty, bounce charges and overdue charges will be charged to this loan account. This will increase the overdue amount in the bank's book. The asset side will increase but the recovery chances will be quite less.

Once the bank finds out that the repayment for this account is doubtful. They will write off the amount from their book. Now in the cibil report, you will see it marked as written off.

Now if the customer plans to pay off the amount overdue, this is seen as a post written off the settlement.