How to Check CIBIL Defaulters List Online

TransUnion CIBIL specialises in calculating, generating, and issuing credit scores and Credit Information Reports (CIRs) for individuals and Company Credit Reports (CCRs) for enterprises and businesses, based on the credit information provided to the credit bureaus by financial institutions. It does not maintain any CIBIL defaulters list of borrowers.

Neither any Credit Information Company nor a credit bureau issues any defaulters list. However, if you want to check your loan defaults, you can directly contact your lending bank or NBFC and gather information regarding your debt obligations.

CIBIL defaulters list is usually misunderstood as one of the components of the CIBIL report and as a special list that is maintained by the credit bureau. TransUnion CIBIL does not maintain any defaulters list but the RBI does maintain a list of ‘wilful defaulters’. The wilful defaulters are those borrowers who intentionally do not pay back the borrowed amount from the lenders in time or afterward. To be categorized as wilful defaulters, the amount owed by these defaulters should be Rs. 25 lakh or above to financial institutions. The RBI issues this list of defaulters publicly so that lenders make informed decisions regarding lending money to these individuals in the near future.

How To Check Your Name in the CIBIL Defaulter List

Checking your name in the CIBIL defaulter list is needless, as there is no such list that exists. One of the primary things that lenders check is your CIBIL score before any loan sanctioning, so you need to make efforts to improve it further. If you maintain a CIBIL score of 750 and above, your loan application will be approved instantly, post you clear the eligibility criteria as defined by the lender. However, if your CIBIL report shows any default in the past, the chances of your loan approval shall lower drastically.

Lender’s Action on Your Credit Applications

When you apply for a loan, the respective bank or NBFC shall request a copy of your credit report from either of four credit bureaus, such as TransUnion CIBIL, Experian, Equifax, and CRIF High Mark. This action is performed to evaluate your creditworthiness and repayment capability. In case you have a low credit score or a record of delayed repayments; the credit institutions shall reject your loan application. They will eventually disapprove your loan application, considering your missed, delayed, or defaulted payment record. Banks usually consider the same in the case of credit card applications.

How to Remove Your Name From CIBIL Defaulter List

The credit bureau only maintains a record of your repayment history and does not maintain any CIBIL defaulters list. Your credit report contains the data of loan defaults from the past, if any. It may take approximately seven years for this entry to vanish from your credit report.

Maintaining a Good Credit Score

As we have already stated above, there is no particular list released by CIBIL on the defaulters. So, the only possible way of avoiding loan disapproval is by working on your credit score, rebuilding your credit profile, and maintaining a good credit score. Try maintaining it above 750 and as close to 900 to avail the hassle-free loan.

Also Know: What are the Top 9 Ways to Maintain a Good Credit Score?

To ensure that the banks are more than willing to lend you the money, you must work on the two things listed below.

• First and foremost, you must never delay or skip any payment. Any late payment or defaulted payment against your loan or credit card can affect your credit score adversely. When you make timely repayments of your credit card obligations or the loan, your credit profile will naturally improve for the better
• Secondly, you must clear all the overdue payments. Further, avoid settling accounts as it signifies that you have not been regular in your credit repayments and can lead to negative impact on your credit score. Any amount outstanding hurts your credit score.

Any delay in loan repayment will lead to the piling up of the dues. As a result of this, you may have to pay a much larger amount to get rid of your total overdue amount. Moreover, when you keep delaying the repayment, your credit score is further affected adversely. Generally, there are no benefits of postponing your credit card or loan repayments.

Also Read: How to Improve CIBIL Score – 7 Ways to Increase Your CIBIL Credit Score

Suggested Read: Pros and Cons of Owning Multiple Credit Cards

FAQs on CIBIL Defaulter List 

Q. How to clear the CIBIL defaulter list?

Ans. As there is no CIBIL defaulters list that exists, so it becomes needless to clear it.

Q. How do I get my name out of the CIBIL defaulters list?

Ans. You need to pay off all your existing loan or credit card debt and receive a No Objection Certificate (NOC) from your lending bank or NBFC to get your name removed from the defaulters list.

Q. Can a CIBIL defaulter get a loan?

Ans. An individual gets a loan primarily as on his/her Credit Score. In case the credit score is 750 and above the chances of getting a loan are higher and in case his score is low his loan application might be rejected. However, a defaulter will have a very low chance of loan approval.

Q. How can I check my CIBIL history?

Ans. Here, you can check your free CIBIL report to check your CIBIL history, as well as receive monthly updates. Secondly, you can visit the official CIBIL website to get your report. Getting your CIBIL report directly from the bureau will cost you some amount, as it is free only once per year.

Q. How long does it take to rebuild credit after loan settlement?

Ans. There’s no exact timeline to rebuild your credit after loan settlement. It depends upon your credit profile i.e. your creditworthiness and how good or bad your credit has been.

Suggested Articles: