Can You Remove Post Write-off Closed Status from CIBIL Report?

 

It so happens that sometimes when an individual in India checks their CIBIL report they may come across several phrases that might sound a bit vague or may be hard to get through, but at the same time. Here is one such term "Post Write-off Closed". 

Many borrowers get worried and panic about it by seeing the words saying that their CIBIL scores will forever be destroyed, and yet that is where one has to take a step back.

 So what does it actually mean, and why is it being shown on your report? More importantly is there any step you can take to remove PostWrite-off Closed status from CIBIL ?

 

What does 'Post Write-off Closed' actually mean?

·        Write-off: When an amount owed to the bank is either written off or not being recovered any longer, the bank or lender marks it as a write-off, and this happens usually when payment has not been made for months on the due date.

·        Post Write-off Closed: This actually means that at some point the lender has written off the amount, and he has now finally Closed it off by taking all dues from the borrower. Hence, on the borrower's part, the dues are clear though at one point in time, it was a pending due to credit facility in question.

 

Can you remove the post write-off closed status from CIBIL Report?

The actual truth is that 'Post Write-off Closed' can usually not be removed from CIBIL report, since neither the user nor CIBIL Officials have access to edit any entry. The actions to remove Post Write-off Closed status from CIBIL can only be taken by the lender that actually reported the 'Post Write-off Closed' status, if they wish.

Despite that, here are some practical solutions that one might look forward to:

Pay off your outstanding dues: It's recommended that you clear off all the remaining amounts that are outstanding on your account, and then see if the lender could remove Post Write-off Closedstatus from CIBIL report.

Talk to the Lender: In cases where you do not face much difficulties with the bank officials you could try discussing the issue of removing this status from your CIBIL report.

 Raising a dispute: One may also try filing a dispute on CIBILs web portal or online and claim that you are wrongly assigned this 'Post Write-off Closed' status. CIBIL may take it up with the lender to review your account once again.

 Let Time Pass: Certain negative entries on CIBIL like write-offs may stay on your CIBIL report for a significantly long duration of time, but as the number of years increases, the value of these negative entries gets reduced and they will not pose much threat.

 

What does this 'Post Write-off Closed' do to your Credit Score?

 The 'Post Write-off Closed' entry definitely causes huge damage to your credit score.

 Hence, future loan providers may view it as a red flag and might hesitate to approve your loan applications.

 Even though you have settled the dues, the fact that a write-off had occurred might still reflect your record, and thus, it causes a setback.

 

Soyes, there might be issues that arise from previous non-payment. However,you can remove Post Write-off Closed status from CIBIL.

 

Steps you could consider for improving credit:

 Pay in time: Make sure that you pay your monthly instalments on time every single month.

 Analyse the loan mix: If you have too many loans, then the lender may view it with a bit of suspicion.

 Responsible Credit Use: Credit cards should only be utilized up to 30% of the overall limit.

 Frequently Check Credit Report: You must regularly check your CIBIL reports to spot any errors or negative entries so as to take immediate action.

 

Conclusion:

As concluded that you cannot remove Post Write-off Closed status from CIBIL report, directly, by simply asking the bank or the lender to do so nor can one make changes themselves. It essentially just reflects a credit account that has made previous payments but the amount is not repaid back to the bank.

 This is an account that would have been cleared by the lender after it has been reported as 'Post Write-off Closed' which, if is recorded in CIBIL remains there for quite some time. The ideal step to consider would be to improve your CIBIL scores and rebuild them by simply acting responsibly with regard to credit, and this would only take time, patience, and consistent effort.