Credit Cards Settlement?

Question

Dear Sir, 
I have paid a settlement amount on my credit card of  Bank but they are not giving any clearance from my cibil score. Please let me know if I can get the Credit Card account be removed from my CIBIL score as it is already been settled and closed. Please help any other means.I am having problem for any financial assistance to be availed.
Thanks
Lalitkumar Mayengbam

Answer 1

Dear Lalitkumar

At the outset, let me clarify that this site is designed and managed by a group of Senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

In settlement cases, the CIBIL score continues to be affected.  To have a clear score of CIBIL, you are required to clear off entire dues and not just the settlement amount.  This is a normal procedure / system adopted by both the CIBIL and Banks.  If you need to have a clean score of CIBIL, need to pay off the balance dues of the credit card issuing bank and ask them to inform CIBIL to correct the score by treating the dues being fully paid rather than settlement amount.

RAJA