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 Missing even one payment could affect your cibil report!

Missing even one payment could affect your cibil report!

In our fast paced lives, things have become both simple and complicated at the same time. For instance, it is so easy to skip a single payment while things aren’t so simple after that. So, what happens when you skip a payment or two or a few? Well, obviously there are going to be some setbacks especially if you are trying to apply for a loan or a credit card. Although, it may not seem like much, missing a single payment is definitely not good for your financial health.

You must be thinking, it would hardly make much of a difference; however it does. A couple of things that come into play if you happen to skip payments include:

- reducing your cibil score
- negative remarks/ comments in your credit report
- rejection of your loan/ card application

And these are only some of the effects, but these are definitely the ones with a high impact on your financial life. Why, you ask?

Here’s why.

You missed your credit card bill once, that’s probably okay. Yes, your cibil score will be lowered, but you can get it back up in no time – provided you don’t make the same mistake again.

However, if you have made more than one delay payment or skipped them all together – you are in trouble. Not only will this affect your cibil/credit score but it will also mean that banks will classify you as a ‘defaulter’ and hesitate to grant you a loan.

An important aspect to skipping payments is – its recency. If you have missed your payment and have not fulfilled it within 90 days, then it is definitely a problem. As this will reflect in your cibil report, banks will not think twice to reject your application. Well, because they know you have a tendency to not pay your dues in time - which is as you know bad for them.

Maybe, you didn’t mean to skip your bills, but it happened. Nobody is going to question your character or intention at the time of applying, your report will speak for itself; based on which you may or may not get your loan granted. Moreover, getting rejected is not only going to not get you a loan, but it also a means that in future if you happen to apply elsewhere – your reputation as a prompt re-payer will probably be tarnished because the records will have permanent proof of your late payments.

So, what’s the solution? Like we always say – Prevention is better than Cure. Which is why, avoid missing or delaying payments. But, what if you have already made the mistake? Well, it’s never too late, just ensure that you don’t repeat it in the future. Ever.

Missing even one payment could affect your cibil report! 3.83/5 (76.67%) 6 votes


Priya Rai is a loan consultant.