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

 

 A CIBIL report is an important document that reveals an individual's financial history and credit management behaviour. CIBIL plays a crucial role in determining the creditworthiness and eligibility for different credit facilities. But the remarks Written Off and Account Sold in CIBIL can severely impact an individual’s credit score and financial reputation. Understanding the 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 mentioned in an individual’s CIBIL, only 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 to follow, 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 status.

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.