Today’s topic is whether having a savings account affects your CIBIL score?
Before answering this question, I would like to tell you that
before making this article I google the exact same question on google.
In Google, it mentioned that a saving account does not affect your CIBIL score. it’s true because a savings account is meant for your savings.
The CIBIL report is prepared on the basis of your credit or loan account. The
individual credit report is called an individual credit report.
On a different website, I read that no matter how many
transactions you do in your savings account or if you get any negative charge on
your saving account it has no effect on your CIBIL.
I have searched for this on YouTube. I have found two videos, and in
both of them, it is said that savings and the current account don’t show in the CIBIL report.
I run a company named Naskar Financial Services, in which I
and my team work on correcting CIBIL errors and boosting CIBIL scores.
In the past few months, many clients came to me that their current
and savings account in my CIBIL report.
So today I am going to share with you all the information about
this topic.
Case study 1: one of my Kolkata customers came to me with a problem with his commercial credit report or company account there is one current account detail.
In the above CIBIL report, you can see that
it's mentioned as an ICICI bank overdraft account, not a current account. The
overdraft-sanctioned amount is around 11000.
I enquired from the customer whether he took any overdraft facility? He said he didn’t apply for any such thing. He also informed me that the bank has charged a few amounts on this account which he wasn’t aware of.
He launched a complaint. His total bank balance was gone and 5000
rupees negative balance showed in the account instead.
Generally what happens in some well-reputed banks, is that if they are happy with your transactions then they will give you an overdraft facility.
His CIBIL report, it's showing standard
and his balance is also zero. In the repayment schedule, it's mentioned as DPD. The
DPD remark on your CIBIL makes a bad impact on your CIBIL whether it’s a company CIBIL or individual CIBIL.
Case study 2: Next we have a customer from Orissa. He called me up and Informed me that there is an account whose balance is less than 200 but it has sanctioned limit.
Afterwards, we look into this account
and found out that it was his savings account. this saving account is not maintained
by the customer anymore.
Case study 3: I had a third customer from
Mumbai, complain that in his CIBIL report he found two savings accounts. one
account has a sanctioned limit of 325 rupees.
This account has an overdue amount of Rs325. This
account also has the status LSS (LOSS). LOSS MEANS an account where loss has been identified and
remains uncollectible.
In his CIBIL it comes as an overdraft account, not a saving account.
This is his second overdraft account whose
sanctions overdraft is 110 rupees. His overdue amount is zero and even his payment
history has no negative remark.
These two accounts have created a bad CIBIL report for the customer.
Case study 4: the fourth customer is from Kolkata. He opened a savings account in axis bank 7 years back. When the bank person opened his savings account, he was told that he will never need to pay any amount for transactions.
But later on, it was found that due to his
transactions money was deducted and his balance was gone. His current balance
was negative 3000 rupees.
He launched a complaint against his bank and
requested them to close the account immediately.
Then when he applied for a loan, he got
rejected.
In his CIBIL this account is seen as closed, with no due, and no current balance but the status is shown as written off. The written-off status is the worst kind of status in your CIBIL report.
I have been working as a CIBIL repairer for the past 10 years. In the beginning, I used to work for some company that time I had 3 salary accounts in HDFC bank. When I used to work, I used to get zero amount saving account.
I frequently changed jobs. The first two accounts were normally transferred to a saving account. bank pressed maintenance charge on the accounts and finally, they decided to close the account. one account remained open, which was later closed to me.
I wrote a letter to the bank asking it to close
my account and I didn’t pay any charges for that account.
These accounts never showed up in my CIBIL report, though all of them were savings accounts.
I have many current accounts in different
banks. One of the banks did suspend my current account which had a cc limit.
but non of these accounts showed up in my CIBIL report at any point in time.
Now if any of having any savings account in their CIBIL report, then it could be removed. You have to visit that bank and ask them to close it. You may have to pay off the due amount.
If they don’t agree then contact customer care and tell them your problem and send them a CIBIL credit report. Also, tell them you are ready to pay off the balance.
One’s you get the demand amount pay it off and collect the NOC. This takes up to 45 days to get your CIBIL report updated.
Sometimes even after 45 days, this update is never done. The reason is credit
account is updated one’s every month but the rest account is left untouched.
How to correct the CIBIL report, I have made a
video on YouTube. Please go and check it. The link is given in the description.
Read More:
1. How to remove SUB and LSS from CIBIL report?
2. Improve CIBIL score from 0 to 750+
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