Yes, you can improve your credit score. CreditMantri will guide you at every step in improving your credit score and get you exclusive repayment options including discounts and EMIs*.Subscribe now to get started.Subscribe

Yes, even a single payment default stays on your credit report for many years. Every time you delay or miss a loan or credit card payment, the lender reports it to the credit bureau/s and it is noted on your credit report. It can take several years (generally up to 7 years) for the default to drop off your report.

You get negative status on your accounts when you have not paid your loan/credit card dues in full. The lender reports that to the credit bureau, which puts a black mark on your credit report until the dues are paid to your lender in full. Types of negative statuses: Types of negative statuses: Written off: When lender writes off your account. You continue to accrue interest till you pay the amount. Settled: When you have had a settlement with your lender by paying only the partial amount. Days past due: When you have not paid the dues for the specified days All these statuses hurt your loan eligibility and reduce your credit score

When you have a settlement with the lender to pay the partial amount, you won't receive any further intimation from them for full payment. However, since you have not paid the amount in full, the lender has not marked the account as clean closed. Therefore, your account has been given the settled status and you need to pay the remaining dues to your lender to clean close it and improve your credit score. For example, if your outstanding dues including interest were Rs. 2 lakhs and your lender settled for Rs. 1.5 lakhs, your account will be marked as settled status. To clean close it, you will have to repay the remaining Rs 50,000 to your lender.

There is no fixed time for rebuilding your score. Naturally, the lower your score, the longer it will take. On average, it takes 4-12 months to reach a stage where you can become loan-eligible. If your score is between 650 and 700, it will take a few months to reach 750. If your score is less than 650, it will take more time.

CreditMantri does not charge any incremental fees other than what is specified. There are no other hidden fees or levies. However, please note that as per the lender's discretion, there may be a payment that you might need to make directly to them.