I recently discovered a few unfavourable accounts on my CIBIL report and was wondering how to remove negative accounts from CIBIL. After doing some research, I learned that there are a few steps one might attempt and get bad accounts off of their CIBIL report.
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How to remove CIBIL negative issues?
- Close Your Loan Accounts:
Be careful to close the loan account after you have completely repaid the loan. This is an extremely important step because there are many instances of people forgetting to deactivate their credit cards just to discover that their previous card has accumulated some fines.
Due to compound interest, these fines will keep rising until they are paid in full. Your credit report will suffer as a result of these unpaid debts.
Calculate your EMI on a home loan via the NoBroker EMI calculator- Avoid Minimum CC Payments:
It's crucial to emphasise the need for prompt and complete payment of your credit card balance. Many credit card users make the error of only making the minimum payments each month; for some, it has become a habit.
This is a serious mistake. Full payment demonstrates to credit bureaus that you are a reliable individual. Over time, your credit score will increase steadily if you consistently pay all of your credit obligations in full.
- Maintain 30% Credit Ratio:
Try to utilise no more than 30% of your available credit if you have a tendency of utilising credit cards for all of your purchases. A common mistake among borrowers is to use their credit cards to the fullest extent possible each month.
This may seem normal but the credit reporting bureaus, however, will state that you have used up all of your available credit. Negative information will appear on your credit record, which will lower your credit score. Make sure to perform a free credit score check occasionally to preserve the proper credit ratio.
- Don’t Apply For Multiple Loans At Once:
The bank might believe that you are not creditworthy if they discover that you have applied for many loans or credit cards through various credit checks.
Applying for numerous loans also has the drawback of lowering your CIBIL score with each credit check. Therefore, applying for many loans may result in numerous credit checks, which will seriously harm your CIBIL score.
I am following these steps on how to remove negative accounts from CIBIL. My last resort is to wait for these negative collections to fall off my credit report. I hope this helps:)
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How to Remove Negative Accounts from CIBIL?
Sahil
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1 Year
2023-06-28T16:49:32+00:00 2023-06-28T16:58:02+00:00Comment
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