Can somebody else lower your Credit Score?

Can somebody else lower your Credit Score?

If somebody asks you this question your abrupt reply will be “How can somebody else lower my Credit Rating or Score!ā€ But hold your breath. It is possible that despite the fact that you have never defaulted in payment of bank loans or in making timely payments of your credit card bills, your poor credit score or rating may surprise you and your bankers. I am receiving numerous complaints against Credit Bureaus like CREDIT and other credit rating agencies. When I thoroughly investigated their Credit Reports, it was found that somebody else was responsible for lowering their credit score and they were ignorant about the real culprits who were spoiling their credit reputation worldwide.Ā 

How to find and locate such Culprits?Ā 

Such culprits are none other than your close relatives, friends, and even family members who might have used your good credit reputation to cheat the lending institutions.

To find and locate such culprits just you need to critically examine your own Credit Report and in the reported accounts just look for those accounts where the ownership type is either Joint or Guarantor.

Use the “Know your Lender Name and Loan Account Number” to get the loan account details of those accounts where your ownership is shown as Joint or Guarantor. Once you have access to the loan account number and the name of the lending banker, approach the lending banker to provide the details of the account by showing your Credit Report. The lending banker will provide you with the following information:

  • Either you are a co-borrower in the loan accountĀ 
  • Or loan has been granted at your specific Guarantee Bond

In both situations i.e. as co-borrower or guarantor you have full right to obtain the following documents from the lending banker:

  • Statement of Account in default.
  • Check the Loan Agreements that you have actually signed the loan agreements as a co-borrower.
  • Check the Guarantee Bond executed by you if the lending banker informs you that you have stood as Guarantor in the loan account reported in the CREDIT report.
  • In case the Bank is not able to produce either a loan agreement or guarantee bond then do not forget to obtain a written undertaking from the Bank officials that you are nothing to do with the said loan account.

Try to recollect the names of the loan account holders, who will definitely be either your close relatives or friends and even family members who might have used your good credit reputation to cheat the lending institutions. At the time of obtaining the loan or credit facilities they might have requested you many times and now it is your turn to request such close relatives, friends, and even family members to regularize or close their loan accounts. It will take more than 60 days time even after regularization and closure of such accounts that those such accounts to be taken off your Credit Report. In the future, think 101 times to become a co-borrower or Guarantor of such persons who might spoil your credit reputation and you may get debarred from taking any loan or credit card from lending institutions.


In addition to the above culprits who can lower your credit score without your knowledge, you can also be a victim of recycled or reissued mobile numbers. If you have got an issue with a brand new SIM from your mobile service provider and you are receiving unnecessary SMSes purportedly meant for the user who might have used this mobile number earlier then you can land yourself in a big problem. While getting issued the fresh SIM and Mobile Number ask your service provider to give an undertaking that it is not a recycled or reissued mobile number.


Last word of caution! Get such loan accounts fully adjusted and closed without any waiver from the lending institution as in case there is any waiver the status of the account will become “Settled Account” and the account will remain forever in your Credit Report. It is a very cumbersome procedure to approach the bank again for depositing the waiver amount as the bankers get the waived amount deposited immediately but never update the status of the account with CREDIT due to technical reasons.

Still, Struggling with your Credit Report? Meet ourĀ Credit Reports ConsultantĀ to get rid of any Credit Report Related issue.

PS: We have no association with any Credit Rating agencies likeĀ CIBIL,Ā Experian,Ā Equifax, orĀ CRIF High MarkĀ ā€“ which are the only Credit Rating Agencies in India

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