October 14, 2016
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6:39Now PlayingExpert: Harsh Roongta, Chartered Accountant and a SEBI registered Investment Advisor
Question: When an individual repays old debts, banks do not update our CIBIL score. What can be done? How can I update my CIBIL score once I repay my loan?
Answer: Get a copy of your own credit report from the credit bureau. From next year you will be able to get 1 copy of the report free of cost every year including your credit score. If the bank has not updated the repayment within 30 days of the end of the month in which it has been repaid you can file a grievance with the credit bureau and it will coordinate with the concerned bank to update the records. But please note that the fact that you had delayed the payment will continue to stay on the record just as much as the fact that you eventually paid off the loan. Over time say 2-3 years the impact of the delay in payment will reduce especially since you have repaid the loan in full.
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