Removing your name from ITC is a task that requires some effort, but it is definitely worth the effort. Being listed in the ITC or the Credit Information Bureau (India) Limited (CIBIL) may have its implications, especially if you're looking to secure a loan or a credit card. It is thus advisable to keep your credit history in check.
First, check your credit score
The first step to removing your name from the ITC is to check your credit score.
If you've already checked your credit score and it seems to be low, then it's best to begin repairing it before attempting to remove your name from the bureau. Having a low credit score may indicate bad financial management, which will limit your chances of being removed from the ITC.
Get a CIBIL report
You will have to pull out your CIBIL report to check the status of your loans and credit cards. If you have any outstanding dues, you must make it your top priority to repay them. It's best to keep your credit usage in check.
Check if your name is included in the ITC list
You can obtain an ITC report by following these steps:
- Step 1: Go to the ITC website.
- Step 2: Click on ‘Get Your Credit Score’ button.
- Step 3: Fill in the required details to create an account.
- Step 4: Enter the OTP sent to your phone number and complete the verification.
- Step 5: Subscribe to the report by paying a nominal fee of ₹ 500.
- Step 6: Download your CIBIL report which will help you identify the reasons for your low credit score and help you improve your credit score.
Ask for a debt settlement
It's never too late to settle debts that have been weighing you down.
Debt settlement is a way to negotiate with the creditor to settle the outstanding amount for an amount that is less than the total due, provided you pay the amount in a lump sum on time.
This step is crucial in your quest for removing your name from the ITC.
Contact your bank
If the steps discussed above don't have immediate results, you should talk to your bank.
Insist on meeting up with the bank officer to discuss the issue of removing your name from the ITC. Explain the reasons for the low credit score, and they may offer solutions.
You'll need to provide any documents requested by the bank to start the process of removing your name from the list of credit defaulters.
Conclusion
Removing your name from the ITC is not an overnight process. It will take time, effort, and resources. However, it is a necessary step in securing your financial stability and will put you on the path of financial freedom.
Follow the steps above, and you'll soon see positive results, which will help you get loans and credit cards more easily, and you'll also have a much-improved credit score.
