If you have recently settled a debt and are looking to improve your CIBIL score, there are a few things you can do:
- Make sure the settled debt is reflected accurately on your credit report: It’s important to make sure that your credit report accurately reflects the settled debt. If the debt is not listed as “settled” or “paid as agreed,” it could continue to negatively impact your credit score. Contact the creditor and the credit bureau to ensure that the debt is properly reflected on your credit report.
- Pay your bills on time: Payment history is one of the most important factors that goes into determining your credit score. Make sure to pay all of your bills on time, including credit card payments, mortgage payments, and other debts.
- Reduce your debt: High levels of debt can negatively impact your credit score. Try to pay off as much of your debt as possible, and consider consolidating your debts to make it easier to manage.
- Don’t apply for new credit: Every time you apply for new credit, it can have a negative impact on your credit score. Try to avoid applying for new credit unless it is absolutely necessary.
- Monitor your credit report: It’s important to regularly review your credit report to make sure that it is accurate and up-to-date. You can get a free copy of your credit report once a year from each of the major credit bureaus.
By following these steps, you should be able to improve your CIBIL score over time. It’s important to be patient, as it can take several months or even years to significantly improve your credit score.