Can you remove Post Write off closed status from CIBIL Report?

 

Your CIBIL report is one of the most important documents to understand an individual’s creditworthiness. It describes a brief about your financial history and the details of your loans, credit card payments, or defaults, if any.

A Post Write Off Closed in CIBIL indicates that an individual has taken a credit facility in the past, and the credit facility became delinquent due to non-payment. Later, the borrower closed that credit facility as standard closure procedure.

But the question is that is there any way to remove Post Write off closed in CIBIL? Let’s discuss about it.

Understanding the Post Write Off Closed status:

If a borrower hasn’t paid a loan or credit card for a long time, the lender has the right to declare it as "written off." This essentially means that they have already reached the stage where they have accepted the loss and, therefore, have taken the loan out of their account of deposits.

When the money owed by the borrower is finally paid, the lender would change the status to Post Write Off Closed in CIBIL, which means that the debt was paid off after being written off. Though imparting such an update is considered a good deed as it is releasing the borrower from the burden of debt, this status will detrimentally affect your credit score and will also give you a hard time when trying to borrow in the future.

·       Steps to Remove the Post Write-Off Closed in CIBIL

Removing the Post Write Off Closed in CIBIL might be challenging but not a hopeless situation to get over. Here are a few steps that can be quite helpful in the process of removing it:

1. Convince your lender - Get in touch with your lender and convince them to remove Post write off closed in CIBIL. As you have paid the entire outstanding amount to them against the credit facility.

2. Submit online dispute in CIBIL – Once the lender agrees to remove Post Write Off Closed from your CIBIL, you can submit an online dispute in your CIBIL Portal to speed up the process.

 

Getting rid of "Post Write-Off Closed" status from your CIBIL report can be tough, as the new guideline implemented by RBI to report those credit facilities as Post Write-Off Closed, which became delinquent earlier but now closed by paying the outstanding amount. 

That is why most of the lenders follow this and report the new status in CIBIL, but among them, many of lenders remove, if an individual convinces them properly. But it is completely the choice of the lender to make any changes.

Can you remove written off and account sold status from CIBIL Report?

 

A CIBIL report is a crucial document that reflects an individual's credit history and financial behaviour. It plays a significant role in determining creditworthiness and eligibility for loans or credit cards. However, the remarks Written Off and Account Sold in CIBIL can severely impact one's credit score and financial reputation. Understanding these terms and the steps to address them is essential for anyone aiming to improve their credit profile.

 

Understanding Written Off and Account Sold in CIBIL:

The term Written Off and Account Sold is reported in CIBIL, when a lender concludes that the borrower is unlikely to repay the outstanding loan amount for a very long time and sells that credit facility to any Asset Reconstruction Company (ARC). 

The lender writes off the amount as a loss in their account books and sells it to an interested ARC or entity. This often occurs when the lender decides to recover the debt through a third party rather than pursuing the borrower directly.

 Step you can follows to remove Written Off and Account Sold in CIBIL:

1. Contact the Lender: The first step is to reach out to the primary lender and to convince them to remove the status from your CIBIL report to initiate the process of status removal.

2. Raise a Dispute in CIBIL: Another step to is to submit dispute against that status, as the disputed status of your CIBIL report will be forwarded to the primary lender to make any kind of changes.

3. Monitor the Report: Regularly checking the CIBIL report ensures that the changes have been implemented or not.

But due to latest guidelines implemented by RBI. A Financial institution can report Written Off and Account Sold in CIBIL, cannot be removed from the credit facility of an individual’s CIBIL report.

Conclusion

The Written Off and Account Sold in CIBIL can be daunting, as it is irreversible. But individuals can rebuild their financial credibility by maintaining a disciplined approach to financial management and timely repayments are the key to avoid such situations in future.

CIBIL repair agency in India

 

A CIBIL repair agency is dedicated for giving service to their customer to improve their credit score and creditworthiness. A CIBIL repair agency, after analysing the credit report, can identify errors and give a personal solution to their customer to fix the errors. Therefore, with services provided by these agencies, a customer will be able to achieve dispute resolution, personal financial consultation, and professional debt management. Services provided by a CIBIL repair agency are as follows:

1. CIBIL Report Analysis: A CIBIL repair agency analyses their customers’ personal details along with the incorrect information, credit account details reported in their customers’ credit reports for verification of errors.

2. Dispute solution: They will also submit disputes against the errors reported in the CIBIL report of their customers to both the Credit Bureaus and the Financial Institutions.

3. Debt management: It is always expected that CIBIL repair agencies will always provide help to their customers to manage their debts very efficiently and effectively.

4. Credit behaviour counselling: They also advise individual to develop a healthy credit behaviour toward a positive financial situation.

5. Real-time tracking: The tracking of credit report with notification to customers by some agencies that can affect their score.

Importance of CIBIL repair agencies: CIBIL repair agencies provide an important help to help a significant help in the method of financial rehabilitation. A commendable credit score receives better debt terms and low interest rates between other financial opportunities.

 Returning errors in credit reports, with some practical advice, works for customers to make those agencies efficient in rehabilitation of financial reputation. 

Challenges and moral dilemma There are many disputes about CIBIL repair agencies among customers. Most of them make promises that are unrealistic.