If the overdue credit card or loan product is not paid off in time, the individual's overdue record will be uploaded to the credit information system and kept for five years, which means that once the individual's overdue record is uploaded to the credit information system, it will be impossible to borrow money for five years. Next, I will show you how to restore credit when it expires.
1. Apply to the judicial authorities for credit recovery.
Due to the modern credit information system, all kinds of economic debt disputes will be entered into the system through various institutions, such as arrears of telephone bills, arrears of utilities, credit card arrears and so on. However, due to various special reasons, individuals have overdue records, and the fault party is not caused by individuals. You can sue the other party through the court to get the other party to cancel the overdue records and restore credit.
2. Apply to the credit reporting agency for cancellation of overdue records and adjustment of credit information.
If it is overdue due to special circumstances, such as unemployment caused by the epidemic, first pay off the arrears, then take the initiative to apply for credit adjustment, submit relevant certificates, and make credit adjustment after obtaining the approval of credit institutions (such as banks and loan companies).
The institution voluntarily cancels overdue records and restores the borrower's credit.
3. Continue to use credit cards
Pay off the debt after the credit card is slightly overdue, and then continue to use the credit card and repay it within the specified time every month. If it is not overdue, it can effectively restore credit.
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For example, if someone steals a credit card, the bank is obliged to cancel the overdue record. If it does not take the initiative to cancel, it can sue the other party through the court.