Loan Is Closed, but not updated on CIBIL: If your loan has been closed but the status isn’t updated in your CIBIL report, you’re not alone. This discrepancy can affect your creditworthiness, but OneNDF is here to help you navigate the resolution process efficiently. Here’s what you need to do to ensure your credit report accurately reflects your financial status.
Understanding the Delay
After your loan is closed, lenders typically update the loan information on your CIBIL report within 30 to 45 working days. However, if it has been over 45 working days, it’s time to take action.
Steps to Resolve the Issue
Step 1: Contact Your Bank
If your loan status hasn’t been updated after 45 days, get in touch with your bank. Provide them with all necessary evidence showing that your loan was fully repaid.
Step 2: Raise a Dispute via CIBIL Dispute Resolution Process
Follow these steps to raise a dispute through the CIBIL Dispute Resolution Process:
- Visit www.cibil.com and create an account.
- Choose the ‘Credit Reports’ option and click on ‘Dispute Centre’ before selecting ‘Dispute an Item’.
- Complete the online CIBIL dispute form and select the relevant section.
- Select the ‘Dispute Type’, submit a value if you are disputing data inaccuracies, and click on ‘Submit’.
Once you have submitted the CIBIL dispute form, TransUnion CIBIL will verify the authenticity of the information with the concerned lender. The status should be updated within a month.
How OneNDF Can Help?
OneNDF takes proactive steps to ensure your credit report accurately reflects your financial history. Here’s how we assist:
- Register the Dispute: We first register the dispute with your lender. If the lender acknowledges the dispute, the report is corrected.
- Follow Up: We follow up with CIBIL to ensure they contact the lender and update the records.
- Escalation: In the rare cases where disputes remain unresolved, we can escalate the issue to the Consumer Financial Protection Bureau (CFPB) to get it addressed.
Client Testimonial: “OneNDF helped me resolve a long-pending issue with my CIBIL report. Their proactive approach and regular updates made the process hassle-free,” said a OneNDF client on condition of anonymity.
Understanding Your CIBIL Score
A CIBIL Score is a three-digit numeric representation of your creditworthiness, ranging from 300 to 900, based on your credit history as shared by your lender. It includes details on the credit you have availed, such as home loans, personal loans, credit cards, and overdraft facilities.
Maintaining a strong CIBIL score is crucial for securing better loan terms and increasing your borrowing capacity, which supports your business growth.
Understanding Your Credit Score
A credit score, ranging from 300 to 900, reflects a person’s creditworthiness based on their repayment history and credit files across different loan types and credit institutions. In India, there are four licensed credit information companies: CIBIL, Experian, Equifax, and Highmark.
Your credit score is crucial when applying for loans for personal and business purposes. Banks and financial institutions consider a range of factors beyond just the credit score when assessing loan applications.
Check Your Credit Score for Free with OneNDF
OneNDF has emerged as the go-to platform for businesses seeking credit facilities or loans. The company has disbursed over Rs 3,000 crore in loans, including working capital credit facilities, and empowered over 2,000 businesses. Here’s why OneNDF stands out:
- Expert Tips: Get tips to improve your credit score and guidance on enhancing your complete credit profile.
- Soft Credit Inquiry: Our platform conducts a soft credit inquiry, which does not negatively impact your credit score.
- Free Extensive Credit Health Report: Receive a comprehensive credit health report at no cost.
- Tailored Offers: Benefit from tailored offers from our network of over 100 funding partners.
FAQs
Q.1 What should I do if my Credit Card balance doesn’t match my statement/latest payment?
Your bank/financial institution will report any recent payments on your credit card to TransUnion CIBIL within 30-45 days. The amount mentioned in the report might differ due to the date of data submission to TransUnion CIBIL.
Q.2 What should I do if I have closed/paid off the accounts but they still show as unpaid/open?
Your bank/financial institution will report any recent payments on your loan account/credit card to TransUnion CIBIL within 30-45 days. If you have recently made a payment, it will take 30-45 days after the payment date for the same to appear in your CIBIL Report.
Q.3 How to initiate a CIBIL dispute?
- Log in to your CIBIL Dashboard: Ensure you are referring to your latest updated report to reduce incorrect disputes.
- Complete the dispute request form: You can raise several dispute requests at a time.
- Await your bank/financial institution’s response: CIBIL will diligently follow up with the concerned lender, typically processing time may take up to 30 days.
Q.4 How can unresolved credit discrepancies impact my business loan applications, and how can OneNDF assist?
Unresolved credit discrepancies can negatively affect your credit score, leading to higher interest rates or loan rejections. OneNDF assists by raising disputes on your behalf, ensuring accurate reporting, and providing expert guidance to maintain a strong credit profile, thereby enhancing your chances of securing favorable loan terms.
By following these steps and leveraging OneNDF’s expertise, you can ensure your credit report accurately reflects your financial status, supporting your business’s financial health and growth.
