CIBIL SCORE
8 months ago
I have a writen of personal ,it was impacting on my cibil score is it give good cibil if i go for loan settlement,can my cibil score will become strong after the loan settlement
A.Dear Client,
When a loan is termed as settled, it will subtract a few points from your CIBIL score. The borrower's credit score will drop by 75-100 points and will hold this record for the next 7 years. So, if the borrower is planning to take a loan during this period, no lender will allow him to do so due to his CIBIL score. If your loan case is marked as “Closed” then it is a good sign and shows that you have closed the loan by repaying the loan amount along with the interest rate on time. But “Settled” will show that the loan case was settled and never closed due to the inability of the user to repay the amount along with interest.
When a loan is termed as settled, it will subtract a few points from your CIBIL score. The borrower's credit score will drop by 75-100 points and will hold this record for the next 7 years. So, if the borrower is planning to take a loan during this period, no lender will allow him to do so due to his CIBIL score. If your loan case is marked as “Closed” then it is a good sign and shows that you have closed the loan by repaying the loan amount along with the interest rate on time. But “Settled” will show that the loan case was settled and never closed due to the inability of the user to repay the amount along with interest.
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