Cibil defaults wipe off?

[cardex]

When is this settlement likely to be erased from cibil? Or such defaults stay forever?

 

[plastikman]

When is this settlement likely to be erased from cibil? Or such defaults stay forever?

Likely never 😐

 

[Shubham Yadav]

When is this settlement likely to be erased from cibil? Or such defaults stay forever?

If you don't mind tell us what was happened?

 

[cardex]

If you don't mind tell us what was happened?

cc settlements

 

[ARV]

When is this settlement likely to be erased from cibil? Or such defaults stay forever?

It will not be removed, it only be changed to closed. You have to pay the full outstanding to get it closed. You will not get any other card until its closed

 

[cardex]

It will not be removed, it only be changed to closed. You have to pay the full outstanding to get it closed. You will not get any other card until its closed

I heard it gets wiped off after 7 years?

 

[ARV]

I heard it gets wiped off after 7 years?

No it does not. I had the same issue, i had settled in 2009 and remained like that till 2018 when i finally closed as i was not getting any cards

 

[cardex]

No it does not. I had the same issue, i had settled in 2009 and remained like that till 2018 when i finally closed as i was not getting any cards

Well I seem to be lucky one, I am holding cards from same bank issued a year back , and other banks😆

 

[ray8285]

I heard it gets wiped off after 7 years?

In Transunion CIBIL it does NOT. In Experian & Equifax it will drop off after 6 years, i.e on the 7th year !

 

[ray8285]

When is this settlement likely to be erased from cibil? Or such defaults stay forever?

In Transunion-CIBIL yes it will stay forever, however on Experian & Equifax it will drop off (get deleted) after completing 6 years !

 

[ray8285]

No it does not. I had the same issue, i had settled in 2009 and remained like that till 2018 when i finally closed as i was not getting any cards

Closed as in ? Repaid back the balance amount from the total dues minus the settled amount ? If you do not mind which bank was it & how did you approach them after so many years ?

 

[cardex]

In Transunion CIBIL it does NOT. In Experian & Equifax it will drop off after 6 years, i.e on the 7th year !

7ty year.from? Default report date or settlement date? Beside are not Experian and Equifax reports are useless as hardly any banks refers to them it seems? We don't get a hard enquiry notification from these, but CIBIL.

 

[ARV]

Closed as in ? Repaid back the balance amount from the total dues minus the settled amount ? If you do not mind which bank was it & how did you approach them after so many years ?

Yes, total amount (written off amount) - settled amount. HDFC bank, reached out to their branch and they gave me an address for their collection branch. Visited them and they gave a letter with payment details and made the payment and they issued NOC. Status changed to closed in CIBIL after 60 days.

 

[ray8285]

7ty year.from? Default report date or settlement date? Beside are not Experian and Equifax reports are useless as hardly any banks refers to them it seems? We don't get a hard enquiry notification from these, but CIBIL.

7th year from the settlement date, for sure. Yes, both are not as popular in India when compared to Transunion-CIBIL, however now a days more & more lenders are checking Experian too i.e HDFC, AXIS, YES, ABFL, RBL to name a few !

Few banks check historic data too & will never issue you a card / loan if your DPD for any CC or loan shows a DPD of "90" or more irrespective of your "current" score & payment history ..

 

[cardex]

7th year from the settlement date, for sure. Yes, both are not as popular in India when compared to Transunion-CIBIL, however more & more lenders these days are checking Experian too these days i.e HDFC, AXIS, YES, ABFL, RBL to name a few !

Few banks check historic data too & will never issue you a card / loan if your DPD for any CC or loan shows a DPD of "90" or more irrespective of your "current" score & payment history ..

So any bank which offers cc on C2C basis, without income docs without physical verification just on the basis of card image and card statement, and on good cibil and excellent Experian?

 

[ray8285]

Yes, total amount (written off amount) - settled amount. HDFC bank, reached out to their branch and they gave me an address for their collection branch. Visited them and they gave a letter with payment details and made the payment and they issued NOC. Status changed to closed in CIBIL after 60 days.

Thanks so much for the info. Did they correct the DPD too ?

Is it true that apparently HDFC never issues you a card again if you have previously defaulted on a HDFC CC or if your card has gone into collections with them, even if you pay the entire dues off ? HDFC apparently will just keep your card account in suspended / inactive for use status & never issue you a card again even after receiving the full payment on the defaulted card citing "irregular payments on previous card" ? Did HDFC issue you a card again after you paid the total amount ?

Any information in regards to this will be helpful. Thank you bro

 

[ray8285]

So any bank which offers cc on C2C basis, without income docs without physical verification just on the basis of card image and card statement, and on good cibil and excellent Experian?

Try Rbl, Sbi, Yes bank in that order

 

[cardex]

SBI I have 2 cards, RBL yes yet to try Had a hard enquiry on cibil just yesterday afraid to generate one more so soon.

 

[ray8285]

SBI I have 2 cards, RBL yes yet to try Had a hard enquiry on cibil just yesterday afraid to generate one more so soon.

Up to 3 hard enquires in 3 months is acceptable. Also, hard enquiries drop off from CIBIL after 3 years. So, you can try if you didn't have too many enquiries in the recent past.

 

[cardex]

Up to 3 hard enquires in 3 months is acceptable. Also, hard enquiries drop off from CIBIL after 3 years. So, you can try if you didn't have too many enquiries in the recent past.

How to distinguish between hard and soft enquiry like I applied for card, got a enquiry mail from cibil, your status has changed after 10-15 minutes, that a soft or hard? The enquiries shown in reports of app like gpay, one score are they hard or soft?