CIBIL & Credit Card Settlement

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My current CIBIL score is 812. Had 4 personal loans in the past and cleared the same with timely re-payments.I recently applied for my CIBIL report online and received it today. The report reminded me of a forgotten payment of 20K towards a credit card from HSBC (i was under impression that i closed this CC account) . And now the outstanding amount being shown is beyond my current financial capability (around 1lac 60 thousand). and now If i settle my credit card at a payment of 40 to 60% against the total due, will i have problems in future in getting home loans, Personal loans etc.,

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Tags: asked February 3, 2012
radhakanth
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1 Answer

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Firstly a credit score of 812 is excellent and surprising given the deafult reported in your credit report. It is good that you got to know about this so soon. If you pay the bank less than 160k, the bank may report this either as written off or waived. The word "written off" has negative connotation. Where as the word waived does not have any negative implications. 2.As far as the possibility to settle the amount is concerned, I feel the possibility is very high as the bank has already written if off. I would advise you to request to the bank that the bank reports the amount forgone as waived while reporting this to CIBIL. Please request for your fresh CIBIL report within 45-60 days, once the amount has been settled. The bank would have reported this matter to CIBIL. Approach the bank directly and explain them the situation. I am sure this should be closed amicably. The fact that you settled the issue will be a positive point in your favour in teh future though it will be a little while before you will be able to get any new home loans or unsecured loans.
Harsh Roongta
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