Credit score repair or loan settlement for an upfront fee
An agent promises to raise your credit score, remove late payments or settle your loans cheaply, but takes a fee and does nothing, or hands you a worthless certificate.
Community reports: 0
How it works
- Through an ad on social media or a phone call, an "agent" says he can raise your credit score quickly, remove late payments from your record or settle your loans for a small part of what you owe.
- He asks for an upfront fee along with your PAN, Aadhaar and loan details, and sometimes sends a "loan waiver certificate" or a "no dues" letter that looks official.
- Your score does not change, the certificate has no value, your lender still expects to be paid, and the agent stops answering your calls.
What it looks like
Example messages. Numbers and links are masked.
Low CIBIL score? Loan rejected? We will make your score 750+ in 15 days, 100% guaranteed. Pay Rs 4,999 registration and get your loan approved.
Sir, we are an RBI-approved debt settlement agency. Pay Rs 25,000 now and we will close your Rs 3 lakh loan and send you the waiver certificate.
Red flags
- Promise to raise your score fast
- Fee before any work is done
- Claims to erase true records of late payments
- "Loan waiver certificate" sold for a fee
- Told you need not repay the bank
The one question to ask
Have you seen your own credit report on the credit bureau's website and raised any wrong entry with them directly?
Already paid or shared details?
Call 1930 and file a complaint at cybercrime.gov.in with the call details, the ad and your payment receipts. Do not stop paying your EMIs on the agent's word, and talk about any settlement only with your lender, through its official app or branch. If you shared your PAN or Aadhaar, check your credit report for loans you did not take.
1930 · cybercrime.gov.in
Also seen as
- Campaign promising that your bank loans will be waived, for a membership fee
- Agent offering a bank "no objection certificate" for a fee