Ans.

If a bank refuses to update or correct your credit report despite you providing valid proof, you still have legal options to ensure your credit history is accurate. Here’s what you can do:

1. Verify Your Documents

• Ensure you have clear, valid proof of payment or correction (payment receipts, bank statements, settlement letters).

2. Raise a Dispute with the Credit Bureau

• File a formal dispute with the credit bureau (such as CIBIL) reporting the incorrect information.

• Provide all supporting documents to the bureau.

• The bureau will contact the bank to verify the dispute and update the report accordingly.

3. Escalate the Issue

• If the bank still refuses or the dispute is unresolved within 30 days, escalate by:

  • Filing a complaint with the Banking Ombudsman — an official appointed by the RBI to resolve banking grievances.

  • Approaching the Consumer Court for unfair practices if necessary.

4. Legal Remedies

• You can seek legal help to issue a legal notice to the bank demanding correction.

• File a case in the appropriate court or Debt Recovery Tribunal (DRT) if the issue impacts your financial status or creditworthiness.

5. How Legal365 Can Help

• Dispute Management: Assist you in filing disputes correctly with credit bureaus.

• Legal Notices: Draft and send formal legal notices to banks for prompt correction.

• Representation: Represent you before consumer courts or tribunals if needed.

• Advice: Guide you on your rights and the best course of action to protect your credit record.

Need Professional Assistance?

Ans.

Yes, you can dispute your CIBIL (Credit Information Bureau India Limited) credit report or status even after you have made a payment. Here’s how it works:

1. Why You Might Dispute Your CIBIL Status After Payment

• Incorrect Reporting: Sometimes, payments you made might not be reflected correctly in your credit report.

• Delayed Updates: Lenders may delay updating your repayment status with CIBIL.

• Errors or Omissions: Your account may still show as “delinquent,” “default,” or “non-payment” even after clearing dues.

2. How to Dispute a CIBIL Status

• Check Your Credit Report: Obtain a recent copy of your CIBIL report and carefully review the entries.

• Identify Errors: Highlight any incorrect or outdated information related to your payments or loan status.

• Raise a Dispute:

  • Visit the official CIBIL website.

  • Use their dispute resolution process to file a complaint or dispute about the specific error.

  • Provide supporting documents like payment receipts or bank statements as proof.

• Lender Communication: CIBIL will communicate with the concerned lender to verify your claim.

• Resolution Timeline: The dispute is typically resolved within 30 days of filing.

3. What Happens After Dispute Resolution

• If the lender confirms your payment and the error, CIBIL will update your credit report accordingly.

• If the lender denies the claim, the status may remain unchanged, but you can escalate the issue or seek legal advice.

4. How Legal365 Can Assist You

• Credit Report Analysis: Help you review your CIBIL report for errors.

• Dispute Filing Support: Assist in preparing and submitting a formal dispute with proper documentation.

• Lender Follow-Up: Coordinate communication with lenders for quicker resolution.

• Legal Guidance: Provide advice if disputes remain unresolved or if you face unfair credit reporting.

Need Professional Help?

Ans.

Yes, banks generally issue a “No Dues Certificate” (NDC) or “No Objection Certificate” (NOC) once you have fully repaid your loan or cleared your outstanding dues. Here’s what you should know:

1. What is a No Dues Certificate?

• It is an official document issued by the bank confirming that you have fully paid your loan and have no outstanding liabilities against the account.

• This certificate protects you from any future claims or liabilities related to that loan.

2. When Can You Get It?

• After complete repayment of the principal amount, interest, and any other applicable charges.

• Sometimes banks may take a few days or weeks to process and issue the certificate.

3. Why is it Important?

• It acts as proof that you have fulfilled your financial obligation.

• Essential for removing any lien or hypothecation mark on your property or assets (in case of secured loans).

• Needed for maintaining a clean credit record.

4. How to Obtain It?

• Request the certificate from the bank’s loan department after loan closure.

• Follow up regularly if there is a delay in issuance.

• Some banks provide it automatically after loan closure, while others require a formal written request.

5. What to Do If Bank Delays Issuing the Certificate?

• Send a written request or legal notice reminding the bank of your repayment and demand issuance of the certificate.

• You can escalate the matter to the Banking Ombudsman or consumer court if the bank refuses or delays unjustifiably.

6. How Legal365 Can Assist You

• Guide you in formally requesting the No Dues Certificate.

• Help draft legal notices if the bank delays or refuses to issue the certificate.

• Represent you before authorities for speedy resolution.

Need Help Getting Your No Dues Certificate?

Ans.

After you settle a debt with a lender or creditor, it is very important to obtain proper proof of the settlement to protect yourself legally and financially. Here’s what kind of proof you should expect:

1. Settlement Letter or Agreement

• A formal Settlement Letter or Settlement Agreement issued by the lender stating:

  • The agreed settlement amount

  • That the full and final payment has been received

  • The loan or debt account is considered closed and cleared

  • No further claims or liabilities remain

2. No Dues Certificate (NDC)

• Sometimes, after settlement, the bank or lender may also issue a No Dues Certificate confirming that you owe nothing further on the loan.

3. Receipts of Payment

• Receipts for all payments made toward the settlement amount, including any lump sum or installments.

4. Credit Report Update

• The lender should update the credit bureaus (like CIBIL) to reflect that the account is settled or closed, which helps your credit score in the long term.

5. Why This Proof is Important

• Protects you from any future claims by the lender.

• Acts as legal evidence in case of disputes.

• Helps maintain a good credit record.

6. What To Do If You Don’t Receive Proof

• Follow up with the lender to provide the settlement letter and receipts.

• If the lender refuses or delays, you can send a formal legal notice demanding these documents.

• Legal365 can assist in obtaining these documents and ensure your rights are protected.

How Legal365 Can Help

• Draft and review settlement agreements.

• Help you obtain official proof of settlement from lenders.

• Provide legal support if lenders refuse to acknowledge settlement.

Need Assistance with Your Debt Settlement Proof?

Ans.

Loan Restructuring

What it means:
Loan restructuring involves modifying the loan’s terms to help you repay more comfortably. This could include:

• Extending the loan tenure

• Reducing the EMI temporarily

• Offering a moratorium or changing the interest rate

Purpose:
To give you temporary relief so you can eventually repay the full loan amount.

Loan Settlement

 What it means:
Loan settlement means you and the bank agree to close the loan by paying a reduced amount. This helps the bank recover some of the funds while relieving you of the remaining burden.

Impact:

• The loan is marked “settled” on your credit report, which can affect future borrowing.

• It’s usually a last resort after restructuring hasn’t helped.

Can you restructure and then settle?

Yes—you can first restructure to reduce the EMI burden, and if that doesn’t work, then explore settlement as a final option.

Process:
Start by restructuring your loan with the bank.
If challenges continue, negotiate a one-time settlement.

How Legals365 and Advocate B.K. Singh Can Help

At Legals365, led by Advocate B.K. Singh, we:

 Analyze your financial situation and find the best approach for you.
Negotiate with your bank to ensure fair restructuring or settlement terms.
Draft and review all agreements to protect your rights.
Offer clear advice on the legal and financial impacts of your choices.

Client Reviews

Ravi S.
"Legals365 and Advocate B.K. Singh handled my loan restructuring with utmost professionalism. They explained every step clearly and helped me get back on track without any confusion!"

Neha M.
"I was overwhelmed with debt and constant calls from the bank. Legals365 guided me through restructuring and eventually settled my home loan smoothly. Highly recommended!"