Improve CIBIL score from 0 to 750+

 

Today we are going to discuss how to increase your CIBIL score from 0 to 750+.

Suppose you wanted a secured loan from a good financial institute with less rate of interest. Just because you have a low CIBIL score your loan gets denied. The CIBIL score required in this financial institute is 750+ or close to 750.

Then you checked your CIBIL  report and found out that the score is 0.

Now you must be wondering when a person gets a CIBIL score 0 

The answer is simple, if you have never taken any loan from any financial institute or bank, then it shows zero. You even don’t have a credit card. You have never been a guarantor for any friend or family member and also u have never been a co-applicant. Hence the score shows 0.

Now how to raise your zero scores to 750+? And how long will it take to raise your score?

Today I am going to share my personal experience and tips in which your CIBIL score will raise to 750+.

I took a small loan and paid it off within 3 Instalments. Then I checked my CIBIL score it took a hike from zero to 729. Then after that 8 months when I checked my CIBIL report the score was about 746.

I have a big brother who took a personal loan and one year later when I checked his score it was 780+. Before taking this loan, his score was -1.

-1 and o score is given to those who never took any loan or didn’t have any credit card.

Just apply for a single loan and your CIBIL score will be raised to 720.

If you want to raise your score up to 750 within a year then take 2 loans and pay of its Emi properly. You will easily achieve your target without doing much.

If you have a good credit mix then your CIBIL score will be good.

Take a consumer loan along with a gold loan. You can add a third loan to your list. Then the score will automatically increase.

All this process will improve your score and will build a strong CIBIL  report.

 

The only thing you need to keep in my is to pay off your Emi without fail and on time. If you fail to do so then you will take time to reach a 750 score.

Once your CIBIL score falls, it takes a huge time to recover back.

Suppose your CIBIL score is currently 750+. then you took a loan, you failed to pay it off properly then your CIBIL score went down to 650. Now you have to work really hard to get it back to 750+.

The first time when you took a loan and reached 750 was easy but this time it might take years just to reach your previous position.

If somehow your CIBIL score is less than 500 and you want it to reach 750. Then I have made a detailed YouTube video which will help you to gain the score.

The link is in the description below.

When the CIBIL score shows “NH”?

 Suppose you took a long 5 years ago, and u paid off the debt without any problem. Then you didn’t take any loan or credit card loan for 3 years or more, your CIBIL report will not be updated and it will show you NH.

 

If your CIBIL score is bad or the  CIBIL report is weak, how you will rectify it? I have a detailed YouTube video. Please check, the link provided in the description. 

This will help you improve your CIBIL score.

Read More:

1. How to remove the "written off" status from the CIBIL report?

2. CIBIL SCORE REPAIR AGENCY

3.Increase CIBIL score from 550 to 750+ | CIBIL score calculation method  

How to remove "written off" status from the CIBIL report ?

 

Suppose you have applied for a loan from PSU or a Private bank, and suddenly you get to know that your loan application has been rejected. after talking to the bank manager, you find out that there is a written-off status in your CIBIL.

Written-off status is a very bad status in your CIBIL report. You will face tough challenges in getting approved for any loan. Most of the reputed banks and financial sector will just cancel your request.

Myself Ramesh Naskar I have been working for years as a CIBIL repairer. I have many clients who came to me with this written-off issue.  

So today I am going to tell you the process and methods that will help you to remove the written-off status from your CIBIL. And then you will easily get a loan.

Now the first question is why do we have written off status in our CIBIL report?

If you don’t pay your loan money then it will be marked as written off in future. But just because you didn’t pay your loan payment it will not show you written off. Banks and every financial institute have processes that they follow.

 Now the process is if the customer is failing to pay off his/her emails then, the bank is going to press charges like bouncing charges, and overdue charges and the loan amount reaches a high point. 

Bank can’t continue adding charges to this account. this account is considered an asset. If the amount can not be collected back then it is a loss account for the bank. Bank will then close the account in their books by making it a written-off account.

After the bank has considered the loan account as Another reason for loss or written off, then it will be seen as written off in your CIBIL.

 Other reasons for showing written off is when some other client’s account details are wrongly updated in your account. this is called a data mixing error.

If you have taken some loan from any PSU bank and then made a settlement for that account. then in that case few banks show written off in your CIBIL status. In this case, it is possible that the current balance and overdue are zero. Even the account is seen closed. But still showing written-off status.

Private banks prefer to do settlement after written off and hence the status is shown as settlement or PO written off the PSU settlement.

In my career, I have seen many cases when PSU bank never removed the written-of status even after the settlement is done.

 

Now let’s go back to the question of how to remove written off from the CIBIL report.

1)    Data mixing: if the written-off is seen in your CIBIL because of a data mixing error. Then you can simply raise a dispute in CIBIL and ask them to remove it. 

     Inform them about the account does not belong to you. They will remove it within 45 days after the dispute is raised.

2)    Fail payment: if you have taken some loan and because of your financial problem you couldn’t pay it off. 

     Then it will automatically get to the point of being written off. The best solution, in this case, is that you have to pay all the money and then the written-off will be removed by their end. The important thing you need to know.

If you have a written-off account many years ago example 5 years ago. You don’t have to pay only the amount that was written off. The bank won’t put charges and penalties for 5 years.

Don’t compromise your written-off amount, because it will then show as PO written settled.

 This will give a bad effect on your CIBIL report. You won’t be able to take a loan in near future.

3)    Asset reconstruction company: sometimes when you have taken a loan from a bank or any credit institution long back ago. You couldn’t pay off the loan at the time and it was written off from the bank.   

     Bank has the authority to sell that account to some asset reconstruction company. Then in the CIBIL, it will show some other companies’ names like Kotak bank, and phonics.

This type of company buys off the dead asset account and then collects the money. in this case the amount gets more than written off status.

I have a  customer who had taken a consumer loan from Bajaj finance. He paid the last few Emi in cash to a collection agent. The collection agent took the money and gave the customer the receipt. my customer made a wrong move which was he didn’t collect NCO from Bajaj.

After 5 years when the customer checked his CIBIL report, he was shocked to find that there was a loan account with Bajaj finance as a consumer loan with 83000 overdue amounts.

When he came to me, I told him about this loan and its actual written-off status is 3000. He told he has already paid that consumer loan amount long back and he also talked about his last 4 Emi paid in cash.

After this discussion, I directly went to the Kotak bank ARC department which asked me to provide the statement for this account. The recovery manager gave me the Bajaj finance report, which was huge in a number of pages. 

After checking it I found out that Bajaj has charged overdue 2 or 3 times per month. I asked question that is there any new rule to charge overdue 2 to 3 times for a single month. 

I informed him about the payment made in cash by the customer and showed him the payment receipt.

Kotak bank manager told me that as the customer has paid his dues, he doesn’t need to pay much amount now, just pay 5000. His loan account will be closed.

 In cases like this manager ask the customer to pay half of the amount of 83000. And customers do pay them because they fear if they don’t pay then they won’t be able to take a loan in future. 

 The written-off status is 3000 any amount more you pay them it’s your loss.

You paid off the PSU bank loan amount still the status shown is written off. If you don’t clear the written-off status then you won’t be able to get a loan from any bank or financial institution.

To remove this status, you have to pay off the written-off amount. Contact the bank to pay your deficit amount and then don’t forget to take NCO and payment receipt.

After this mail bank’s customer service and CIBIL about the payment made by you and get the written-off status removed.

Read More:

1. How to raise a dispute in the CIBIL report 

2. How to write a complaint in CIBIL 

3. Increase CIBIL score from 550 to 750+ | CIBIL score calculation method  

How to remove "settlement" status from CIBIL report

  

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 

2. CIBIL Score repair agency

3. How to raise a dispute in the CIBIL report

 

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.

What is SMA (Especially Mentioned Account)? How to remove SMA From CIBIL report?

 

In 2014, RBI (Reserve Bank of India) introduced a new guideline, which is about the delayed payment days of an account in the CIBIL report.

 

Generally, when a PSU Bank/NBFC has sanctioned a loan, then it is an asset for Bank. But if the customer could not pay the EMI amount for a long time (more than 90 days) then the loan account became NPA (Non-Performing Asset). Simply SMA helps to define those accounts in the CIBIL report. 

 

SMA (Especially Mentioned Account) has three categories to identify the accounts, based on the no of repayment delay days:

 

1.    SMA 0 (Repayment delay for 0 to 30 days)

2.    SMA 1 (Repayment delay for 31 to 60 days)

3.    SMA 2 (Repayment delay for 61 to 90 days)

Most of the time, the repayment delay days are represented as DPD in individual CIBIL reports. And the DPD (Days Past Due) is represented by number of days (0 to 999). 

                   Picture 1: Repayment delay days represent in term of DPD 

 

But nowadays, most of the PSU Banks are mentioned SMA in place of DPD rather than NBFCs. It creates a negative impact on that specified account in the CIBIL report. If once your account is defined as Specially Mention Account, then your CIBIL Score will go down rapidly. 

 

Picture 2: Repayment delay days represent in term of SMA 

 

Since PSU Banks are not create too much pressure on their customer for payment like any other NBFCs. For that reason, people pay later their PSU Bank’s EMI, which is very bad in practice. So, it is advised to all of you that you must be serious about PSU Banks’ EMI like any NBFCs’. 

 How to remove SMA From the CIBIL report? 

 1.   If someone paid his entire outstanding amount to close the account. And also, he collected the No Due Certificate from the bank. Then the last must be STD/000/XXX.

 

 If there, SMA

 has been mentioned in the last of your repayment history, then it is   an error in that specific account of the CIBIL report. In that case, the customer can

raise a dispute in that account by login into the CIBIL portal. 

Picture 3: Last Repayment history represents in terms of SMA 

 

2.    If some customer could not pay their EMI on time, then there is mentioned SMA in the repayment history. In that case, the customer can remove Specially Mention Account with the help of poxy. In that case, it's very less chance (20%) to remove that genuine SMA.

         Read More:    

       1. How to download CIBIL report (Free) CIBIL report in PDF format?

      2. CIBILSCORE REPAIR AGENCY

        3. CIBIL dispute resolution time | How to resolve (CIBIL) dispute fast and               improve your score? 

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How to download CIBIL report (Free) CIBIL report in PDF format.

You have applied for a loan in some financial institution or bank. Afterwards, you find out that your application is rejected because of a low CIBIL score or bad CIBIL score. When you ask the bank for a copy of the CIBIL report they failed to provide one.  

The reason behind this is that even if the bank has some restrictions, it can’t share any CIBIL report with its customer.  Sometimes the bank does provide the report but details regarding the loan account will be hard to understand, a few details are kept hidden.

To get all the details of your loan account you have to log in TransUnion site and download the CIBIL pdf.

I have been working as a Cibil repairer for a decade. Many of my clients complain that their loan has been rejected because of a low or bad Cibil score.

So, I ask them to tell me the reasons why their CIBIL report is bad. Most of the customers couldn’t give me a proper answer.  Then I am left with only one option, I ask them to send their CIBIL report to me to discuss their issues and solutions.

Most of the time customer doesn’t have CIBIL report with them.

Here is what you have to do.  

1. Go to google.com

2.Then go to Cibil.com 

After the page opens up, you will see an option called subscription. If you subscribe you will be able to generate CIBIL for a long period of time for free.

I am going to explain the process of how to get your How to download CIBIL report (Free)  CIBIL report in PDF format. The report is in pdf with the help of one of my existing customers named Mukul.

Mukul has already subscribed to the CIBIL website. So, we are going to log in with her mail id and password.

Once I have logged into Mukul’s account you will first see the Cibil score and then all the credit summary.  Just because Mukul’s subscription has expired, we can’t view the details properly.

Now you have to click the credit report in the dashboard.

After clicking it you a control number. 

Then you see some options like

Summary

Personal information

Contact information

Employment information

Enquiry information

 Then you have to click on personal information. Once you click personal information, you will see a print option appear on the right corner of your screen.

Once you click the print report option, you will see that report opened on your screen.

 

 

Then press ctrl +p, the print option will appear you will save the document in pdf and select a location and save the file.

 

Now you have learned to download a CIBIL report on your computer. 

I have a video on YouTube about how to read your CIBIL report, please check it out. The link is given in the description. 

Read More:

1. Improve CIBIL score from 0 to 750+     

2. How to remove SUB and LSS from CIBIL report? 

3. How to raise a dispute in the CIBIL report?

Credit Bureau I CIBIL | Equifax | Experian | CRIF Highmark | Difference between CIBIL V/S Equifax

 

People who have applied for loans in any bank or any financial institute have come across the term CIBIL. CIBIL is a very vital piece of information which decides if you will get a loan or be rejected.

Now the question is where does CIBIL come from?

 CIBIL comes from a credit bureau named TransUnion bureau.

Many clients who come to me, often complain that their loan has been rejected for low credit score or due to some error in their credit report. We then check the customer’s report and if we find any error, we fix it. But even after fixing it, they get their loan application rejected. Why does this happen?

The reason why loan application gets rejected even after CIBIL is fixed is that there is 3 more CIBIL credit bureau. 

1. Equifax

2. Experian

3. CRIF Highmark

 These above mention credit bureaux also provide CIBIL  reports to banks and financial institutes.  

So, the banks or financial institutes from which the customer got rejected may have checked the CIBIL report from the above-mentioned bureau.  This means customers' CIBIL from TransUnion is fixed whereas another CIBIL is left with an error.  Hence his/her loan may not be passed, unless and until the error is taken care of.

The credit report from any other bureau is called a credit bureau score WHY? This is because CIBIL is the first ever company that got a license to keep records for customers' loan history and generate a credit on basis of that.

The full of CIBIL is CREDIT INFORMATION BUREAU INDIA LIMITED. CIBIL got its license in the year 2000. Every bank manager from 2000-2010 used CIBIL to check CIBIL  reports for checking customers' CIBIL scores and passing the loan. 

In the year 2010, the other companies got licenses to collect customer data and generate CIBIL reports and scores. After this many banks and financial started checking CIBIL reports from the other 3 companies.

Now, what’s the difference between the 4-credit bureau report? Is there any difference??

The answer is NO. there is no difference in the parameter for making a CIBIL report. but yet you find a difference in scores in all CIBIL  reports. The reason behind the difference is the algorithm.

They go through the same process; they collected all data related to customer loan accounts from different banks and institutions. They see the payment structure, dues, settlement, written off, etc. every company has their own algorithm and hence the out of the report varies from one other.  

Some customers or banks or financial institutes prefer another institute report because the cost for the TransUnion CIBIL report is high then the other three credit bureaus.

 As per RBI rule, every credit bureau gives one free CIBIL report free of charge once a year. But if want to get more credit reports then you have to subscript to their site. The subscription charge depends upon the time period you like to get enrolled for.

 

To date, the bank and other financial institutes prefer TransUnion CIBIL. Many financial institutes and the banking sector check other credit bureau report but they also check TransUnion report too.

Some PSU banks will check Crif high mark report because in this report they get details about customers’ microfinance loan accounts and payments.

I have made a video regarding how to generate a free CIBIL report, you can check it.

During generating a CIBIL report from a different credit bureau, you will find some different processes.

 For example:

 In Crif high mark:  after filling the first page a link will be sent in your email.  Then from the link, you have to fill up the form and then submit the form.   You get the report within 48 hrs in your email account.

TransUnion CIBIL:  in this, you need to fill out the form, OTP will be sent and you get your report instantly. some times you have to go through a bit of length verification. Sometimes they verify account details.

 

I have made many YouTube videos regarding all kinds of CIBIL -related problems. please that I am providing you with a YouTube channel link. 

Read More:

1. 10 Ways to improve your CIBIL score. Best ways to improve your CIBIL score.

2. How often CIBIL Score is updated?

2. CIBIL Score Repair Agency near me.