Monday, August 8, 2011

Credit card overdue settlement - how does it reflect on the credit information report?

I am in the process of settling a credit card overdue. Part of it is actually payable. The other part is not (charges levied by the bank). If the bank agrees for the part payment, is ready to waive off the balance and issue a no due letter, will it lead to a clean credit information report (CIR) or will it still show as partly written off in the CIR? Is there any communication by the RBI in this regard?

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