Messed up my credit report, do I need to hire a consultant to fix this up?

[pramod]

I was not aware about the CIBIL. So I took loans for my relatives in my name and later on they had defaulted and now when I am in badly need to take loan, no bank is providing me loan. Do I need to hire a consultant to fix this up?

[Expert]

I was not aware about the CIBIL. So I took loans for my relatives in my name and later on they had defaulted and now when I am in badly need to take loan, no bank is providing me loan. Do I need to hire a consultant to fix this up?

Unfortunately, you have to start from the scratch. First apply to your CIBIL Credit Report (http://www.policywala.com/content.php/450-How-to-Apply-for-CIBIL-TransUnion-Credit-Score-and-Credit-Report-Online) and find out the problems, check with the provider, who put you on the defaulter list. If possible pay those loans, otherwise they will be there for next 7 years (http://www.policywala.com/content.php/452-How-to-Remove-your-Name-from-CIBIL-Defaulter-List).

[pramod]

Ohh... my god! … 7 years. I am finished :confused:.

This 7 years period starts from the date we took loan or defaulted on the payment of the loan?

[Expert]

This 7 years period starts from the date we took loan or defaulted on the payment of the loan?

The seven-year clock typically starts 180 days after the account first went delinquent (or defaulted on the payment). Check your credit report, it will show you the date, your bank reported to the CIBIL.

[pramod]

Thanks Expert for your help!