How to remove settled loan from CIBIL report?

 

To remove settled loan from CIBIL report, you should follow these steps to address and correct any discrepancies:

 

 1. Obtain Your CIBIL Report

 

   - Get CIBIL report: To remove settled loan from CIBIL report, get your credit report from CIBIL either through their website or by contacting them directly. You’re entitled to one free credit report per year.

 

 2. Review the Report

   - Check Details: Verify that the loan is indeed settled and confirm that there are no inaccuracies in the report. Ensure that the status is marked as "Settled" and not "Default" or "Outstanding."

 

 3. Gather Relevant Documents

   - Loan Settlement Documents: Collect all documents related to the settled loan, such as the loan settlement letter, No Objection Certificate (NOC), and any correspondence from the lender confirming the settlement.

 

 4. Contact the Lender

   - Verify Updates: Reach out to the lender (the bank or financial institution) that issued the loan. Confirm that they have updated their records to reflect the settlement status accurately and request them to notify CIBIL to remove settled loan from CIBIL if they haven't done so already.

 

 5. Raise a Dispute with CIBIL

   - Online Dispute: Go to the CIBIL website and use their online dispute resolution tool to file a dispute. Provide the necessary details and upload copies of your supporting documents.

   - Offline Dispute: If you prefer, you can send a written dispute letter to CIBIL’s address along with copies of the supporting documents.

   - Details to Include: Mention the loan account number, the nature of the dispute (e.g., incorrect settlement status), and include evidence such as the loan settlement letter or NOC.

 

 6. Follow Up

   - Track Dispute Status: Monitor the status of your dispute on the CIBIL website or through customer support. CIBIL typically resolves disputes within a few weeks.

 

 7. Review the Updated Report

   - Obtain a New Report: Once CIBIL has addressed the dispute, request an updated credit report to ensure that the loan status has been corrected.

 

 8. Maintain Records

   - Keep Documentation: Retain copies of all communications with CIBIL and the lender, including dispute resolutions, for future reference.