What does account sold mean?

1 : a statement showing the net result of a purchase or sale transaction made by one person on another’s account or behalf with commission and all other charges included.

How can I remove settled from CIBIL report?

Reach out to your lender and request them to consider an out-of-court settlement, where you pay the entire amount due. If your lender does consider this option, they will have to report this to the court and withdraw the lawsuit filed against you. However, the case will be withdrawn only once you’ve settled your loan.

What is written off in CIBIL report?

Written Off: When you are not able to make payments against the outstanding loan/credit card amount for more than 180 days, the lender is required to “write-off” the amount in question. If the CIBIL Report shows a “settled” or “written off” status, then it may get difficult for the individual to obtain a loan.

How long cibil holds the record?

7 years
The CIBIL holds this record for over 7 years. So, if the borrower has to take a loan during that period, it is likely that the lenders will be vary of the borrower and try and stay away from giving the borrower any loan.

What is the meaning of account sale who prepares it?

Account sales is a statement specifying the price at which the goods are sold, the commission earned by the consignee, the expenses incurred by the consignee on behalf of the consignment and the net balance for which the consignee is liable. It is prepared by the consignee and does not have a fixed or specified format.

Can I get loan after written off?

Yes, the written off term is applicable to loans and credit cards that one gets from banks and non-banking finance companies (NBFCs). The term actually means that the lender could not recover the outstanding dues from you despite repeated attempts.

What is a CIBIL report and how to get it?

A CIBIL Report has detailed information on the credit you have availed, such as home loan, automobile loan, credit card, personal loan, overdraft facilities. You can download the Understand Your CIR document here for your ready reference.

What does it mean if my CIBIL account is closed?

In other words, it means you have paid off your loan in full and the bank has reported this account as “Closed” to CIBIL.

What is a good CIBIL score for your credit report?

Your CIBIL score, calculated based on your credit behavior as reflected in the ‘Accounts’ and ‘Enquiries’ section of your CIR, ranges between 300-900. A score above 700 is generally considered good.

Can I get a loan with a “settled” CIBIL score?

If the CIBIL report shows a “settled” or “written off” status, then it may get difficult for the individual to obtain a loan. If the CIBIL report shows a “settled” or “written off” status then it may get difficult for the individual to obtain a loan. A healthy CIBIL report and score increases one’s chances of getting a loan.