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If you have paid the full installments of your loan and have also received the No-Dues Certificate (NOC) from the bank. Still, if that loan is visible as ‘active’ or outstanding in your CIBIL report, then be careful.
Whenever you apply for a new loan, banks first check your credit report. If the old loan appears open in the report, the bank will understand that you still have the loan. Due to this, your new loan may get stuck or may even be rejected.
1. First check the loan closing papers (NOC)
Before starting to repair your credit report, ensure that your loan is completely closed in the bank’s records.
- No-Due Certificate (NOC): Keep the NOC loan closure letter or zero balance statement received from the bank safe.
- Payment Receipt: Keep the receipt of payment of last installment and the record of entry in the bank passbook safe.
- Difference between Closed and Settled: If you have paid the full amount then ‘Closed’ will appear in the report. But if you have reduced some amount by talking to the bank, then ‘Settled’ will appear. This affects your CIBIL score.
- Important tasks for car loan: At the end of the car or bike loan, do not forget to remove the name of the bank from the RC after paying the bank dues.
2. Contact the bank and ask for written proof
Credit bureaus (like CIBIL, Experian) do not change any records themselves; They show only the information that the banks send them. Therefore it is very important to talk to the bank.
- Contact Bank: Visit your bank branch or call the official customer care number of the bank.
- Show required documents: Provide the bank with your loan account number, loan closure date and copy of the NOC.
- Ask for confirmation in writing: Ask the bank for proof in writing (or over email) that your loan has been closed and the information has been sent to CIBIL.
- Handle Complaint Number: Keep the reference number and email of your complaint handy. Don’t rely only on verbal assurances.
3. Complain online on CIBIL website
If the error in the credit report is not corrected even after talking to the bank, you can lodge a complaint directly on the CIBIL website:
- Select incorrect information: Visit the CIBIL website, select your loan account and mark the error (like the ‘Active Status’ of the loan or the outstanding amount).
- Upload Paper: If you get the option on the portal, upload the photo/PDF of your NOC or loan closure letter and note down the ‘Dispute Number’.
- 30 days time: CIBIL doesn’t delete entries immediately when you ask; He checks with the bank first. After thorough investigation by the bank, it takes approximately 30 days for the report to be correct.
4. Complain to Nodal Officer and RBI Ombudsman
If the bank or CIBIL does not resolve your issue within 30 days, you can escalate your complaint to:
- Nodal Officer: First of all, contact the senior officials of the bank (Nodal Officer/Grievance Redressal Department) and present your views.
- RBI Portal: If correct response is not received from the bank within 30 days, then the Reserve Bank of India portal (cms.rbi.org.in) and lodge an online complaint with the Banking Ombudsman.
Caution: Avoid fake CIBIL fixing agents
Beware of people on the internet or social media who claim to increase CIBIL score overnight by taking money or erasing old loan records.
No outsider or agent can make changes to the government/official records of CIBIL. Keep all your documents (NOC, receipt etc.) safe and apply for correction only through the official website of the bank or CIBIL.
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