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Your CIBIL score gets affected when you begin to miss your repayment deadlines or due dates. Consequently, you turn into a loan defaulter for the TransUnion CIBIL.
In such a situation, you have to take several measures to remove your name from CIBIL defaulters list. So keep on reading to know about those measures thoroughly.
Firstly, individuals should know that there is no CIBIL defaulters list. Neither CIBIL nor any other credit rating institution issues a list of this sort. Instead, the credit reporting body asks for the CIBIL report from TransUnion CIBIL whenever you ask for any credit.
CIBIL will recognise you as a defaulter if you fail to make your repayments on time. This is when you buckle up to remove your name from CIBIL defaulter list.
When you fail to repay your loan, the lender files a complaint to a court leading to a lawsuit. Now, you must be wondering how to remove your name from CIBIL defaulter list?
In this regard, you can contact your lender to request an out-of-court settlement. You can pay the total due amount and ask your lender to withdraw the complaint. Your lender will have to inform the court to withdraw the lawsuit. They must also report to CIBIL to update its record.
However, as easy as it may seem, it has some consequences. Your CIBIL report will show a ‘settled account’ if your lender provides any concession on the dues, which shall reflect for the coming 7 years.
Now that you know how to remove your name from CIBIL defaulter list, let’s proceed to learn how to not get into it.
A low CIBIL score impacts your loan approval the most. But the loan approval is likely to be rejected if you are considered a CIBIL defaulter.
The impacts of being a CIBIL defaulter are as follows:
You probably had planned all your repayments before applying for a loan. However, everything does not always go the way you plan it. As a result, you may fail to make repayments.
However, if you further want a loan or credit card, you must remove your name from CIBIL defaulter list.
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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