If the overdue record is due to force majeure, you can apply for objection elimination. If it is not for this reason, you can only pay off the loan and wait for the system to automatically eliminate it after 5 years. Here is the information about the credit reporting system: Records on the credit system
In this economic era, almost everyone has had the experience of borrowing money. After applying for a personal loan, not every loan will affect the credit report record. Under what circumstances will it have a negative impact on the credit report record? In reality, some people have problems such as interest arrears or overdue payments or advances after borrowing money. These problems are actually quite serious, and the lender will be severely punished.
“Six consecutive bad records” actually means that there have been 6 cumulative bad records or 3 consecutive bad records. This situation is very serious. Most banks must maintain the credit review of borrowers. In the past two years, these situations cannot occur within two years. If there is a bad credit record, no matter how much the loan amount is, you will not be able to get another loan from the bank. The number of years after which credit records disappear
In the process of the development of the domestic credit system, it has actually gone through many different stages. Especially before 2013, the domestic credit system would permanently preserve some bad records. Before this, there was no issue of erasing credit records within 5 years. However, starting in 2013, this credit reporting system has been clearly revised, and some bad personal records will be kept for 5 years.
Does this mean that personal bad credit records will automatically disappear if they are more than 5 years old? In fact, this understanding is wrong, because this record will not disappear naturally. According to the regulations of the credit management system, if there is a non-performing loan within the 5-year period and has been repaid, it will be overdue. All loans were repaid. Push back 5 years after the repayment is completed. At this time, the credit record will not show the previous bad loan. If the bad loan is not settled, this record will be kept on the credit record forever.
One thing that needs special explanation here is that after some people have bad loans, in order to eliminate their past bad credit records, they will believe the words of some scammers, because there are often various rumors circulating on the Internet. Those who help people clear their bad credit records must not believe these messages. These systems are managed by the central bank and have very strict authority regulations for modifying the credit reporting system.
If you want to eliminate bad records, you need the central bank to complete the review step by step. The review procedure is very strict. After the commercial bank submits the corresponding report and stamps the official seal, the central bank's grassroots staff After the review is completed, it will be handed over to the supervisor for review, and finally the system personnel will make modifications. Therefore, do not believe the information circulating on the Internet that you only need to pay a fee to eliminate a bad credit record.