Currently, people with bad debts are mostly refused by banks to approve new loans, whether they are borrowing money to buy a house or to invest in business... Only when the bad debt is cleared can the bank continue to lend money to this person.
According to the provisions of Clause 1, Article 13 of Circular 15/2023/TT-NHNN, bad debt information is stored for a maximum of 05 years on the system of the National Credit Information Center of Vietnam (CIC).
If you are unfortunately classified as a bad debt, the following measures may help you improve your bad debt status and erase your bad debt history from the system:
Pay off loans under 10 million VND: According to the State Bank's regulations, overdue loans under 10 million VND that have been paid off will not appear in your credit history. Therefore, paying off small debts will help improve your credit history.
Allocate funds to pay off loans over 10 million VND: Credit history information is updated monthly and according to regulations, after 12 months of paying off group 2 bad debt, bad debt will be removed from credit history.
Sign up for credit reports: This helps you receive timely notifications, avoiding bad debt group 2 falling into group 3, group 4, group 5, because these bad debt groups take up to 5 years to clear.
Thus, for borrowers, bad debt not only affects personal finances but can also have a negative impact on credit scores and future borrowing ability.
Source: https://laodong.vn/kinh-doanh/bi-no-xau-co-vay-ngan-hang-mua-nha-duoc-khong-1385234.ldo
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