Question : One of my loan accounts in my CIBIL says “Written off”. How does this impact my CIBIL score? How do I get this fixed?
Answer : Written off is a bad credit rating comment that forbids banks from approving your loan application. Having your account listed as “Written-off” will undoubtedly hurt your credit score. It occurs when an unpaid balance remains unpaid for longer than 180 days.
Evidently, you won’t be qualified for any loans or credit facilities of any kind if you have this status.
Simply ask about the outstanding balance to start, then negotiate a settlement with the next party. Get a NOC from those people once you have paid the settlement sum; this will prove that you owe them nothing further. Repeat the same procedure for each party you owe money to and get NOCs from each one if there are multiple parties to whom you owe money.
After that, ask the bank to notify all credit bureaus of this NOC report so they are updated on your situation.
It would take a while to recover your reputation and earn respectable CIBIL scores from this point on, though.
NOTE : You can get your CIBIL score on your phone for FREE.