What does status like 'closed', 'settled' and 'written off' in your credit report mean

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What does status like 'closed', 'settled' and
'written off' in your credit report mean?

• mymoneykarma 20/11/2017

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Overview

• Get to know about
• Closed
• Written Off
• Settled
• According to CIBIL Report.

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Overview
A healthy CIBIL report and a chance to get a loan
will increase. According to research data
analysis based on CIBIL (Credit Information
Bureau (India) Ltd., 79 credit and credit cards
of credit and credit cards have been approved for
individuals 750 and above. The first step
towards developing a healthy CIBIL report is to
understand its contents. One of the most
important components of the Credit Report is the
"Accounts" section. The loan amount includes the
type of creditors (home, auto, personal,
overdraft, etc.), account numbers, ownership
details, date of opening, last payment date, all
loan and credit cards including you, loan amount,
current balance and Monthly record of payments
(up to 3 years). This section also provides
"status" in the account which defines the
"health" of the account. In a person's credit
report and what they mean is that there are some
common status flags here
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Closed

• If you find a date near the 'Closed' field in
  your account section, the loan account lender has
  closed. In other words, you have closed your loan
  completely and report this account as "closed" to
  CIBIL.
• After closing the loan, it is very important to
  get the (NOC) from the lender, banks issue a No
  Dues Certificate (NCD) or Closing Letter, Closing
  the Debt and "Covered" to your CIBIL Report.

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Settled
If you have partially deducted a debt or credit
card, the status of your credit report reflects
"settling". When you have an account settled, the
credit company agrees to accept the minimum
payment amount of the original payment amount. As
the lending institution loses the risk, the
"settled" status can be considered negative and
the possibility of loan approval is considered to
be detrimental. Your CIBIL TransUnion score does
not affect the "Settlement" flag, your credit
history will show a "settled" status in your
CIBIL report and reflects Day-Past-Deu because
the loan payment is not timely. Each bank has its
own policy of looking at a "secured" status and
determines your future loan applications.
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Written Off

• When you can not pay more than 180 days for an
  outstanding loan/credit card, the lender needs a
  "write-off" in question. The lender then reported
  on your CIBIL report as "retained off". A lender
  who is willing to give credit or credit card to
  those who do not repay their debts or credit
  cards is a risk of approval for your loan or
  credit card applications.
• If the CIBIL report shows a "settled" or "written
  off" status, then the person may be harder to get
  a loan.
• "Finance ready" helps you understand the points
  in your credit history and work them to better
  cibil report and build a score.
• The number of reports to be paid by the CBIL
  report is between Rs 550 and Rs 1200. For
  companies, CIBIL reports a flat rate every time
  and charges 3000 a company request for a score.
  But you can get free credit score with analysis
  at free credit score mymoneykarma

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