How Will It Affect My Credit Report If The Loan Status is Active Even After Repayment?

If you have repaid your loan in full, and your credit report status shows the loan is active, you should contact the credit bureau. You can either call the customer service or send a written notice to the credit bureau official email address. As you know Transunion CIBIL is the most trusted credit bureau in India due to its free CIBIL report service. Read this post and know father about CIBIL score report.

How do I Fix Errors in Credit Report

CIBIL has provisions to help you remove errors in your credit report. You just need to follow these steps below, so you can clear your credit history from any errors.

  • Approach Bank – The free CIBIL report is based on the information of your bank or financial institution. Because if your bank has reported a personal detail or financial data incorrectly, it will be shown to your credit report. You should fix it by discussing it with your bank.
  • Raise Dispute with CIBIL – First go to the dispute resolution section on the CIBIL official website, fill out a complaint form, provide your nine-digit number as on your credit report. When CIBIL receives the request, it cannot edit your details, but will approach your bank to ascertain if your complaint is legitimate. The resolution can be expected within 30 days.

CIBIL Score Report Advantages

You must have known till now that CIBIL plays a crucial role in your finances. Because a bad CIBIL can hinder your ability to get credit. The following is a list of CIBIL score report advantages –

  • Easy Credit Line – when your credit report is good and there are no errors present on it, you can borrow a loan without any hassle either from a bank or non-banking financial institution. 
  • Negotiation Power – the borrower automatically gets power over his/her lender if he/she has a good CIBIL score report.
  • Low Interest Rates – you will get a lower interest on your loans because of your credit report.
  • Quick Approval – compared to any other applicant if you have a good CIBIL score report, you have better chances of getting a loan approval quick. 
  • High Limits – on the basis of your credit report the lender can offer you a  higher credit limit because of your no due status.

The most convenient way to manage your CIBIL score report is by using the paid CIBIL services. Because with the paid CIBIL you will be able to use the following services –

  • For the paid CIBIL you have to pay INR 550, 800, or 1,200 + GST depending on your chosen plan
  • It gives you an unlimited access to free CIBIL score report a month, 6 month or a year
  • You can use tools such as Score Simulator, Credit Monitoring Services to improve the CIBIL score.
  • And you can find the suitable loan offers as per your CIBIL score at CIBIL only

There are three types of CIBIL plan which are Basic, Standard and Premium.

Note: Now you can manage your CIBIL score report easily as CIBIL provides new customers a 20% discount on CIBIL Score login. To use this benefit enter promo code: “SAVE20”.