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I am granter for home loan
10 months ago
sir I am granter for home loan,
But first person not pay EMI on time .Bank write off loan amount and affected on my CIBIL score,so how can remove my name from CIBIL Record.Pls give me suggestion.
A.Dear client,
When someone agrees to act as a guarantor, a new CIBIL account is formed, and the guarantor's CIBIL report is updated to include information about debt repayments made by the applicant. In regards to your inquiry, you should contact the involved bank where the borrower obtained the loan to inquire about the loan's status. If you discover that the borrower has paid back the loan and it has been wiped off, you should contact the bank and CIBIL authorities to request a change in the guarantor's status on the CIBIL record. Normally, upon loan repayment, the status of both the borrower's and the guarantor's CIBIL Records is automatically altered upon the bank's notification to the CIBIL Authorities.
When someone agrees to act as a guarantor, a new CIBIL account is formed, and the guarantor's CIBIL report is updated to include information about debt repayments made by the applicant. In regards to your inquiry, you should contact the involved bank where the borrower obtained the loan to inquire about the loan's status. If you discover that the borrower has paid back the loan and it has been wiped off, you should contact the bank and CIBIL authorities to request a change in the guarantor's status on the CIBIL record. Normally, upon loan repayment, the status of both the borrower's and the guarantor's CIBIL Records is automatically altered upon the bank's notification to the CIBIL Authorities.
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A.Dear Client,
When an individual becomes a guarantor, a separate CIBIL account gets created and information regarding debt repayments made by the applicant appears in the guarantor’s CIBIL report as well. So far your query is concerned, you need to make a query about the status of the loan from the concerned Bank, from where the loan was availed by the Borrower, In case you found that the loan is repaid by the borrower and written off, you should approach both Bank and CIBIL authorities for a change of status of guarantor in the CIBIL record. Usually on repayment of loan, the status of CIBIL Record of both borrower and the guarantor is automatically changed on the reporting by Bank to CIBIL Authorities.
When an individual becomes a guarantor, a separate CIBIL account gets created and information regarding debt repayments made by the applicant appears in the guarantor’s CIBIL report as well. So far your query is concerned, you need to make a query about the status of the loan from the concerned Bank, from where the loan was availed by the Borrower, In case you found that the loan is repaid by the borrower and written off, you should approach both Bank and CIBIL authorities for a change of status of guarantor in the CIBIL record. Usually on repayment of loan, the status of CIBIL Record of both borrower and the guarantor is automatically changed on the reporting by Bank to CIBIL Authorities.
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