You have applied for a loan and your loan has been rejected. Then you will go straight to the bank manager asking him the reason behind this rejection. You will tell him clearly that you have provided the bank with all the necessary documents and also you are eligible for the loan.
The bank manager might tell you that your CIBIL score isn’t good. You might argue that by saying that you pay your EMIs on time and previous loan accounts are closed. And not just this, but also your CIBIL score is good.
The Bank manager might point out that you have a credit card
account which has settlement status. Now you might be surprised by this because
previously your car loan, house loan and gold loan application were easily
cleared. But if you have applied for a credit card loan or personal loan.
If you have settled a credit card loan then you might get a
home and car loan. That’s because you have been a good client. But in other
cases, unsecured loans and credit cards are not easy to get approved.
Previously if had settled a personal or house loan, then you won’t
get any loan from a bank.
Now the question
stands how to remove the settlement from the CIBIL report.
I have worked as a CIBIL score repairer for years and today I
am going to share my knowledge regarding the removable of settlement from the CIBIL report.
Many of my clients came to me with settlement issues. Many of them got their settlement removed from their CIBIL report.
I am going to discuss
two cases with you. One from a private bank and the a other from customer PSU bank.
Let’s start.
The person with the private bank problem tried taking a loan
from SBI bank. SBI bank rejected his loan application because he has settled
one of his credit loans. And hence SBI will not provide any loan to him.
The customer came to me and said that he had a credit from SBI and he paid all the amount. But in CIBIL, it is showing settlement as status. I started to investigate this problem. Then I found out that the customer was telling the truth. He has paid off all his debt against the credit loan account.
I also found out that there is another credit from HDFC bank, in which the customer did a settlement. So, after this, we sent a mail to HDFC bank for removable of settlement status.
The bank asked us to pay the overdue
amount and then will remove the settlement from the CIBIL report. My customer agreed to pay off the amount overdue.
the bank informed us The customer that as the payment has been made, the status will be changed
within 45 days. Then it was removed within 10 to 15 days.
The next customer had a problem with SBI bank. The customer took an unsecured loan which he settled later on. Then he planned to take another loan from SBI which was rejected.
He spoke to the manager of the bank and he was
informed that just because his previous loan was settled, he won’t get a further
loan. A customer asked the bank manager how to solve this problem? And bank manager asked him to pay his
previous pending amount and then he will allow taking a loan.
Then we send mail to
the bank manager and also talk to him over the phone. But it took months before the
problem could be solved. It took nearly six months.
PSU banks take a long time to clear any dispute. In this case, the manager took so much time because according to him the loan account was closed
and he won’t accept any more payments. And it’s a true thing, if have already closed
an account then no transactions can be made.
The alternative was to pay the overdue amount to the bank's suspense account.
Many bank managers don’t know about this process. But the rest are so packed up that they don’t want to indulge in this type of case.
If the manager isn’t cooperating with you, talk to some senior officer or mail the customer service department saying that you want to pay off the pending amount.
If they agree then deposit the money in a suspense account and then collect NOC from the bank.
Doing this won’t solve the problem. After getting the NOC, e-mailed it to CIBIL and the bank. But the process was so slow from their end that it was 6 months.
This happens because
if the account is active, then gets status is updated within the regular interval. But if the account has settlement, it will not be updated, it has to
go through some process. In PSU banks the process is too slow.
After creating a dispute, you need to do a proper follow-up.
Then only it will help you to speed up the process.
After the settlement account was removed, he got a loan from
any bank reputed bank and financial institute.
Read More:
1. How to remove the written-off status from the CIBIL report
3. How to raise a dispute in the CIBIL report
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