POSTED BY November 28, 2012 11:38 pm COMMENTS (2)ON
I had a fraud with SCB in the year 2009 and now, on checking the CIBIL report, i found out that the amount has risen from 11K INR to 65K INR. On following up with SCB, the Collection team came back giving 2 options – No dues (41K INR) or Settled (25K INR)
PLease let me know the advantage of No dues status in Cibil over Settled status for my future.
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2 replies on this article “Advantage of ‘no dues’ status over ‘ settled’ status in CIBIL report for Credit card dues”
Better go for no dues with 41k , else the settled option will anyways not help you for future !
If you have a “settled” remark on you report, it means you failed to pay off the loan/credit on time making you financially irresponsible/untrustworthy. It might affect you in future where banks will certainly look into your settled remark and might be hesitant to give you loans (any kind, Car/House loans, new credit cards).Also, the settled remark remains in your report for a minimum of 7 years. Its better to pay off the amount and get yourself a no due.
Read this for more information : https://www.jagoinvestor.com/2012/03/loan-settlement-hurts-cibil-report.html