The most accurate and free guide to checking bad debt in 2022

To meet their financial needs, many people have chosen to borrow money from banks and financial institutions. However, in some cases, the borrower may intentionally or without conditions to complete the loan when the time is over. And this is called bad debt. Bad debt is a term in the banking and finance industry. Would like bad debt check how?

The following article, lamchutaichinh will guide you to check bad debt for free and most accurate 2022.

Find out what is bad debt?

Find out what is bad debt?
Find out what is bad debt?

Bad debt is a term used mainly in the financial - banking industry, also known as difficult debt or uncollectible debt.

The term bad debt refers to those who borrow money at a bank or financial institution but have not paid the debt in full and are 90 days past the due date.

Bad debts will be listed in the bad debt group, according to information from CIC - the credit portal of the State bank of Vietnam, this group of people will have difficulty getting loans next time.

So how to know if you are on the bad debt list or not, you can use the following ways to check bad debt.

Classification of bad debt groups

According to the credit information portal of the State Bank of Vietnam - CIC classified and amended according to the 2014 law, there are 5 groups of bad debts divided with different levels.

Before checking bad debts, you need to know which of the following 5 groups in the case you check bad debt:

  • Group 1: Customers borrow loans late from 1-10 days compared to the start date of repayment. This case is considered a group of recoverable debts.
  • Group 2: Customers who borrow loans are 10 to 30 days late, in this case they are included in the list of debt groups that need attention.
  • Group 3: This borrower is 30-90 late, this case is listed as a sub-standard debt group.
  • Group 4: Customers who borrow loans are 90-180 days late, this case is listed in the list of debt groups that may lose capital.
  • Group 5: Customers borrowing loans over 180 days late, this case is listed in the list of debt groups that are likely to lose capital.

Above are 5 groups of bad debts that you need to pay attention to when checking bad debts. However, in groups 1 and 2, you have not been listed as bad debt. If you want to borrow from banks, financial institutions next time, you still have the ability to get a loan with a number of different conditions.

How does bad debt affect?

Impact of bad debt
Impact of bad debt

When in the group of bad debts, the biggest impact will be the failure to ensure credibility with banks and financial units. If you belong to the group of 3,4,5 bad debts, you will no longer have the opportunity to borrow any loan packages from banks or financial institutions.

The bank or financial unit will base on the level that CIC - Vietnam's state banking portal evaluates and will decide whether to lend or not, and how much money can be borrowed accordingly.

In addition, people in the bad debt group will receive even annoying calls to family and relatives.

Therefore, before taking out a loan, you need to carefully consider the loan amount, based on your ability to pay to sign a loan contract.

2 ways to check bad debt online for free just ID/CCCD

If you are looking for a way to check bad debt for yourself, for your customers, this is a free way to help you check bad debt just need ID card / CCCD

Instructions to check bad debt on CIC website

Instructions to check bad debt on CIC website
Instructions to check bad debt on CIC website

CIC is the official website of the State Bank of Vietnam. Here will provide a list of bad debts and support for checking bad debts completely free of charge.

With simple, easy-to-use operation, you just need a laptop or phone with an Internet connection, prepare the ID card/CCCD of the subject to check bad debt and perform the following steps.

  • Step 1: Visit CIC's website - the official website of the State Bank of Vietnam. Log in if you already have an account or register for the site
  • Step 2: At the main screen of the CIC website, you click on "challenge the loan demand", click and "personal".
  • Step 3: Provide full name, date of birth, hometown address, email, phone number, identity card number and 3 photos of ID card / CCCD including front photo of ID card / CCCD, back photo of ID / CCCD and a face portrait with ID/CCCD.
  • Step 4: A confirmation OTP code will be sent to the phone number you registered, enter the OTP number on the website to confirm.
  • Step 5: Results will be displayed within 1 day, support staff will call and confirm the results. Along with that, information about bad debt, credit account will be sent to customer's email.

Instructions to check bad debt using CIC . application

Instructions to check bad debt using CIC . application
Instructions to check bad debt using CIC . application

Besides the website, the official website of the State Bank of Vietnam has updated the CIC application on the phone. You can check bad debt by phone with the following very simple steps.

  • Step 1: Go to CHplays/ Appstore and download the CIC Credit Connect app
  • Step 2: Proceed to login or register an account if you do not have an account. Step 3: Enter personal information as required by the CIC Credit Connect app. Wait 1-3 days, the support staff will send a confirmation to your email
  • Step 4: After receiving the confirmation email from CIC, open and access the CIC Credit Connect application and click "Challenge report", the credit account information will be displayed here.

Pay attention to the number at "risk level", it will show which debt group you are in. Check and compare the results table below

How to write off bad debt?

Bad debt is a situation that no one wants to encounter. However, if you are already on the bad debt list after checking bad debt at CIC, you have a desire to write off the debt. Below, lamchutaichinh will guide you to write off bad debt.

  • For debts under VND 10 million: According to regulations, loans with a value of less than VND 10 million after completing payment of both principal and interest will be deleted from the list of bad debts. Therefore, quickly completing a debt of less than 10 million is the fastest way for you to clear your cooking debt
  • For debts over 10 million VND: With a loan of over 10 million VND, if you go to the bank or financial unit where you borrow to complete the payment of both principal and interest within a period of 12 months and get confirmation the debt has been paid off. This will help you to be removed from the bad debt list history without being affected, having trouble getting loans later.
  • For large debts: With this large debt, the borrower will have a term of 5 years to complete both principal and interest for the loan package. When you complete the payment for 5 years, the system will record in your credit history and evaluate your credit score. After 5 years of completing the payment, if your credit score is good, you will be able to get loans from banks to support subsequent loans without difficulty. At the same time, you will be removed from the bad debt list.

Before deciding to take out any loan at a bank, you need to clearly determine the loan package and your ability to pay to avoid falling into bad debt.

Is there a fee to check bad debt online?

Bad debt check is a service, so there is a small fee. Depending on the bank you choose, the service fee will range from 30,000 VND to 100,000 VND.

However, if you check bad debt on CIC, you will not have to pay a fee.

Conclusion

Above, lamchutaichinh has provided you with information about bad debt, instructions bad debt check Free just ID/CCCD. Hope this information will help you. Good luck!

The article was edited by: Lamchutaichinh.vn

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