About Barclays Wrong Report in CIBIL

POSTED BY ramanaidug ON October 27, 2013 4:00 pm COMMENTS (8)

Dear Sir / Mam,

I have just got my CIBIL report, in that the barclays credit card after going for settlement & paying the demanded amount also, showing as written – off.

I am surprised to see such status, i have setteled this card in 2009 or before.

Even then my cibil score is showing 787. how good is that score?

Kindly explain one thing, in the past when my financial status worsen during 2009, i have setteled all banks credit cards, almost by paying 90% due amount or as bank demanded. I did this when i have no chance of making payments to them, but i paid honestly to all banks as they demanded, i have nothing left to pay today, all of them setteled almost 3-4 years back.

May be thats the reason for the credit score improvement, only thing shows wrong is barclays credit card, dispite i paid setteled amount.

How may I improve my rating further?

Can I go for a FD worth 70-80000 with any bank to avail secured credit card? does this help?

I can afford only this much amount for now, as my LIC premium is due now. (3 in total between Nov to January)

Thats almost 75K to pay towards premium, so maximum i can afford 75K to go for FD.

Is it really good tactic to improve more?

Kindly suggest more ways to get the better CIBIL Score.

Thanks

8 replies on this article “About Barclays Wrong Report in CIBIL”

  1. ashalanshu says:

    Dear Ramanaidu, please avail a secure CC as of now and use it wisely. Regarding aplying for a loan in future, please declare the Barclays thing on your own to the bank. Meanwhile, put a dispute with CIBIL on Barclays thing.

    thanks

    Ashal

  2. ramanaidug says:

    To Credexpert Ji,

    Dear Sir,

    Thanks for your valuable suggestions.

    When the issues are settled with banks, why still this impact the credibility?

    I have no dues as on today, the dues cleared long ago (3 years back), even then my credibility will affect?

    How long the CIBIL rating will show as settled, any time period in which the issues gets cleared permanently?

    Is there any other way, I can get this done?

    Any other methods where I can improve my credit rating?

    Because I am planning to apply for a house loan, thats why i am worried.

    How frequently CIBIL update the score or other banking / loan / credit card information?

    CIBIL is only link to Credit cards, loans? why they are not adding information related to individual’s investments such as policies or FD’s, or income tax filing etc.

    When they compile such data, banks will have more ways to understand the credibility of an individual.

    Please suggest all methods to help myself to avail loan in next 4-5-6 months

    With Regards & Thanks

  3. ramanaidug says:

    To ashalanshu Ji…

    Dear Sir,

    Thanks for prompt reply.

    Unfortunately, I don’t have the settlement letter, as its settled long long ago, I have not kept that safe.

    But its the 1st bank I paid full amount, except interest & fines.

    I never thought it will happen this way, as every bank send accurate information about settlement matters to CIBIL, the letter i have received from them is not kept with me for these many years.

    This I settled in 2007 approx. so its almost 6 years. I have no idea now how to approach them.

    Meanwhile I found on other forums about this bank doing same to all members even after settlement as well. Some other members also complained that the same thing happened to them as well. The status for them too same as mine.

    That means they purposefully did same to all members, does CIBIL look into such matters?

    Kindly suggest.

    Thanks & Regards

  4. Credexpert says:

    Dear Raman,

    Your CIBIL credit report should have a “settled” remark on it, as this card was not written off but settled. However, both the remarks individually are viewed negatively by lending institutions as it indicates your inability to service the loan/credit card. Credit card is an unsecured loan and settling too many, will be viewed negatively by the lending institutions.

    The outstanding balance against all your settled credit cards would show “o”, however, if you decide to repay the balance amount that was waived off in 2009 then, the lending institution could consider removing the settled remark.

    All said, 787 is a good credit score but negative remarks like “settled” or “written off” could hinder any of your future loan/credit card applications. Making the payments towards your settled account will entirely depend on your financial capacity to make the balance payments towards your dues (credit cards / loans).

    As rightly mentioned by you opt for a secured credit card, make timely repayments against this credit card and over a period of time your credit score could improve further more. Apart from this if you have any running loan / credit card in your name, please make sure you make timely repayment towards the same.

    Regards.
    Credexpert
    http://www.credexpert.in

    1. ramanaidug says:

      To Credexpert Ji,

      Dear Sir,

      Thanks for your valuable suggestions.

      When the issues are settled with banks, why still this impact the credibility?

      I have no dues as on today, the dues cleared long ago (3 years back), even then my credibility will affect?

      How long the CIBIL rating will show as settled, any time period in which the issues gets cleared permanently?

      Is there any other way, I can get this done?

      Any other methods where I can improve my credit rating?

      Because I am planning to apply for a house loan, thats why i am worried.

      How frequently CIBIL update the score or other banking / loan / credit card information?

      CIBIL is only link to Credit cards, loans? why they are not adding information related to individual’s investments such as policies or FD’s, or income tax filing etc.

      When they compile such data, banks will have more ways to understand the credibility of an individual.

      Please suggest all methods to help myself to avail loan in next 4-5-6 months

      With Regards & Thanks

      1. Credexpert says:

        Dear Ramana,

        The settled remark could be reported by the lending institution to the credit bureaus for a minimum of 7 years. Settlement means certain percentage of the total outstanding dues was waived off by the lending institution and the balance was recovered from the consumer. This indicates inability to service the loan on the consumer’s end and hence affects credibility.

        The more recent the late payments, settlements, write offs; higher is the negative impact on your credit bureau score. Lending institutions update borrower’s credit data to the bureau ideally on a monthly basis.

        Currently, information related to consumer’s savings, fixed deposits, income tax are not being considered as factors for the calculation of credit scores. Undoubtedly, this could be one comprehensive way of judging an individual’s credibility.

        As suggested earlier, you could opt for a secured credit card and make timely repayments against it to improve your score. Monitor the increase in your score before applying for the home loan.

        Regards,
        Credexpert
        http://www.credexpert.in

  5. ashalanshu says:

    Dear Raman, please file a complaint with CIBIL for wrong entry made by Barclays. On your Behalf, CIBIL ‘ll discuss the issue. Interstingly barclays has shut shop in India and sold it’s Cc business to other institution so your query may take a longer period to get a solution.

    By the way, are you having any settlement proof or No Due Certificate from Barclays? if yes, keep it with you for future reference. 787 is a good score and you may start with even a 30-40K FD to get a secured CC.

    Thanks

    Ashal

    1. ramanaidug says:

      To ashalanshu Ji…

      Dear Sir,

      Thanks for prompt reply.

      Unfortunately, I don’t have the settlement letter, as its settled long long ago, I have not kept that safe.

      But its the 1st bank I paid full amount, except interest & fines.

      I never thought it will happen this way, as every bank send accurate information about settlement matters to CIBIL, the letter i have received from them is not kept with me for these many years.

      This I settled in 2007 approx. so its almost 6 years. I have no idea now how to approach them.

      Meanwhile I found on other forums about this bank doing same to all members even after settlement as well. Some other members also complained that the same thing happened to them as well. The status for them too same as mine.

      That means they purposefully did same to all members, does CIBIL look into such matters?

      Kindly suggest.

      Thanks & Regards

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