CIBIL masking is an offer that is given to the defaulters to pay off the remaining outstanding with whatever the penalties & interest that are due to the bank. If you accept the cibil masking offer given by bank then they remove settled status from the cibil database ( check your credit score now) & It’s a huge request from my end not to take decisions unknowingly read and understand your cibil report before you take any action.
In many cases, the lender or agency that you take loan misuses the cibil masking they just tell people to pay the remaining outstanding to improve your cibil score that’s not the real truth please read and understand the documents or credit report carefully before you take any decision
As i mentioned earlier cibil masking once the loans or dues are cleared with interest then they are removed from cibil defaulter list but it costs you a lot.
In the above example, the defaulter’s intention is to clear the arrears. This should be separated by CIBIL masking. She was betrayed by a false promise by CBIL masking the Recovery Agency that was not authorized by the agency. So, as a borrower, you should be careful when you accept any offer of CIBIL masking. Let’s check the important points.
1. Only the Bank or the original lender can help in CIBIL masking:
As I said earlier, in my other posts, the bank or the original lender is the authorized entity to make any changes in your CIBIL report. You should be careful about any promises from law firms, recovery agencies, credit enhancement agencies, ARC etc. They can not help in CIBIL masking. Most of these independent companies, commission agents or buy outstanding accounts at a huge discount. For example, they can buy an account with a loan of Rs.50,000 on the basis of the probability of recovery in the recovery agency. More than 10,000 rupees profit to the recovery agency. As a recovery agency, I promise Sibil Masking, Rs. 30,000 will demand. You must deal with the bank or the original lender.
2. The Bank’s Terms and Conditions by Telephone Head or Email:
I do not have oral commitments when stressing. A credible factor is to write only in white. If the interaction is in the email, the bank’s responsibility should be with the employer less than the bank’s nodal offices. Because of the existence, the bank should not come back from commitment. The Bank Manager’s oral commitment is NO VALUE.
3. The NOC does not guarantee COUNCIL masking:
It’s a misunderstanding that if you got the NOC it would be nice. In most cases, a clause in the NOC is “reporting on the default CBIL record for the account being defaulted, ie, the old arrears and the same interest paid.”
In one case, I received a legal notice from my client bank. The law firm outsourced and they promised NOC from my client bank. He paid the sum but his CIBIL score improved. When he came to the bank, the bank did not promise to change the CBIL status. The terms shared by me are referred to in the bank NOC. The client felt fraud but how it works. When he contacted me for a solution, I suggested him a few points but nothing in such cases could be done. It is always good to understand and discuss the case with a bank or employ a professional.
How to Apply for CIBIL Masking
Please explain me no standard procedure. I refer to the processes that I have shared with my clients in this post. This is basically how to reach the bank for CIBIL masking. The following procedure is a simple process and can be based on case-by-case basis
1. You should contact the bank with a request to correct your CIBIL report. In your request, you should specifically say that you are looking for CIBIL Making of the Best Debt.
2. This request shall be put in place with the Nodal Officer of the Bank or Nodal Office Desk. I do not suggest bank manager and other employees usually clueless. They will waste your time.
3. Obviously, the Nodal Office will return you the best amount along with your account’s historical details and computation sheet. They will also be given a date so that you can adjust the balance.
Generally, the interest rate demand and penalties (if any) will be revoked.
5. You can reply with your consent and agree to pay the amount you demanded (if that is correct). You can demand detailed terms and conditions of CIBIL masking. Similarly, the number of days to find information, the bank will report to CIBIL from the date of payment. You may ask them to share with you how CBIL will be reported after the DBI’s payments as required by the Bank. Please send details from the bank to the case based on the case. I share only the most common cases in cases.
6. You will be satisfied with the following terms and conditions. You can pay the best arrears in the CIBIL masking arrangement.
7. Share the payment receipt with the interactive employee and ask to initiate the CIBIL masking process.
8. You can demand a new No Dailies Certificate and NOS. The NOC does not guarantee that the COCIL masking is not guaranteed as I share in the NOC ”
9. You can follow the Bank and once you receive a confirmation from the Bank on CIBIL Masking, you can check your CIBIL report as well.
10. At the same time, you can also raise an online dispute with CIBIL. They will check with the bank whether they are the same or updated. You should only use this option if the bank is late.