Monitor Your CIBIL Score After Closing a CA Loan

Monitoring your CIBIL Score and credit report after closing a CA loan helps you verify that the account information has been reported accurately. The closed loan may continue to appear in your credit history, with its status updated to reflect the closure. Reviewing the report can help you check the account status, repayment history, outstanding balance, and other reported details. A change in your CIBIL Score after loan closure does not necessarily indicate an error, as your score is influenced by repayment behaviour and information across your credit accounts. Reviewing the underlying report can help you understand what has changed and identify information that may require correction. If you have received a legal notice for unpaid CA loan dues, remember that closing or repaying the loan does not automatically remove accurately reported payment delays. Review the notice, outstanding dues, and account status separately.

How can closing a CA loan affect your CIBIL Score?

Closing a CA loan can change your CIBIL Score because the loan forms part of your overall credit history. Once you close the loan, the account is no longer an active credit obligation, which can change the composition of your credit profile. However, the impact varies between borrowers because your CIBIL Score depends on multiple factors, including repayment history and information reported across your credit accounts.

Factors that can influence the impact include:

• Repayment history: Timely payments strengthen your overall credit history, while accurately reported delays may still appear after closure.
• Account status: The loan should reflect the correct closure status once the lender reports the update.
• Outstanding balance: The closed account should show the appropriate balance after repayment.
• Overall credit profile: Changes to your active and closed accounts can affect your credit profile.

A change in your CIBIL Score after CA loan closure does not automatically indicate an error. Reviewing your complete credit report can help you understand the change and identify any information that may require correction.

Check your CA loan closure status through Bajaj Finance

After repaying your CA loan, you can review your loan details through the Bajaj Finance App or My Account portal. Checking the loan status and keeping your closure-related records can help you compare the lender-reported information with your credit report.

Through the Bajaj Finance App:

1. Sign in using your registered mobile number and OTP.
2. Go to My Relations or the relevant loan section.
3. If the loan is not visible under active accounts, check the available account filters for the closed loan.
4. Select your CA loan account.
5. Review the loan status, outstanding amount, and available account details.
6. Check that the account reflects Closed once the closure update is processed.
7. Download or retain the available loan statement or closure-related confirmation for your records.

Through the Bajaj Finance My Account portal:

1. Visit the Bajaj Finance My Account portal and sign in using your registered mobile number and OTP.
2. Go to My Relations or the relevant loan section.
3. Select your CA loan account.
4. Review the account status, outstanding amount, and available loan details.
5. Check the updated account information after the closure has been processed.
6. Access the available Statement of Account or other closure-related records.
7. Save the relevant documents for future reference.

After reviewing your CA loan details through the Bajaj Finance App or My Account portal, keep the closure-related records for future reference. Once the closure is processed, compare the updated loan information with your credit report to check that the account status and other reported details are accurate. If you notice any discrepancy, retain the relevant payment or loan records and contact the concerned lender through an authorised channel for clarification or correction.

First, assess any change in your CIBIL Score after loan closure against the information in your credit report. Don't assume the closure itself caused the change without checking the underlying entries.

Review the following:

• Loan closure status: Confirm that the CA loan is reported correctly.
• Payment history: Check whether the reported repayment history matches your records.
• Outstanding dues: Verify that the closed account does not show an incorrect pending balance.
• Credit enquiries: Check whether any unfamiliar enquiry has been recorded.
• Other active accounts: Review repayment status and outstanding balances across your other credit facilities.
• Incorrect information: Raise a dispute if information reported by a credit institution does not match your records.

Previous payment delays may remain part of your credit history even after you close the loan. Closing the account does not automatically remove accurately reported historical information.