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Your Cibil Report could reject your home loan

Monday, October 28, 2013 by Rajiv Raj

cr116n16Before you work towards removing derogatory remarks from your credit score it is important to understand the reason for such remarks:

DPD: Days past due indicate that how many days the payment is due for the month of reporting. Any status other than "000" or "STD" as per Asset Classification is considered negative by the lenders

Suit filed: This is the worst remark you can ever have on your Credit file. This simply means lenders have taken legal recourse to collect your debt.

Written-off (WO):This means that you have not made repayments to one of the loans and lender has written-off the loan since they are unable to recover this loan amount

Post (WO) Settled: This is another not so good remark to see on a credit score. This simply means that you post account being written off, the lender and the individual have settled the loan (this settlement amount is generally lower than the actual amount due).

Account Purchased and settled: This indicate that the current lender had purchased this account however both lender and individual have reached a settlement with regards to amount due.

Account purchased and written off:  This means that the lender that this loan was purchased from other financial institution and has now been written off.

Written off and sold:  This states that the lender has written off the account and sold to another lender/ financial institution.

So know what each of these derogatory remarks mean and work towards removing each of them. Else every remark could pull down your score drastically.

MadanRajiv Raj

Rajiv is a credit expert with 10 years of experience in personal finance and consumer banking industry and another 7 years in credit bureau sector. Rajiv was instrumental in setting up India’s first credit bureau, Credit Information Bureau (India) Limited (CIBIL). He has also worked with Citibank, Canara Bank, HDFC Bank, IDBI Bank and Experian in various capacities.

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