3 best ways to check bad debt online

14/08/2023

Common causes of bad debt

Bad debt generation is a common problem in financial activities, especially lending. Here are some common causes:

Objective reasons

  • Inability to repay: The customer cannot afford to pay the loan, due to unstable income, job loss, or financial pressure.
  • Uncontrolled borrowing: Borrowing money without a specific repayment plan, borrowing too many times leads to bad debt.
  • Economic difficulties: Problems such as financial crisis or loss in the business make it difficult to repay the debt.
  • Business Failure: A business failure or inability to make a profit makes it difficult to pay off debt.

Subjective reasons

  • Loss of identification: When you lose your ID/CCCD, bad guys can take advantage of this information to borrow money, causing bad debt.
  • Relatives borrow informationb: Just needing ID card/CCCD or phone number to borrow money makes it easy for relatives or friends to take advantage of your information to borrow money without meeting.
  • Risks of borrowing through apps: Borrowing money through apps can lead to the risk of information being stolen and tampered with, bad guys using this information for larger amounts.

Why need to check bad debt by checking CIC?

Checking bad debt by CIC (Credit Information Center) has many benefits for both the bank and the borrower.

Benefits for the bank

  • Risk assessment: CIC test helps banks assess risk when lending to customers. If a customer has a history of bad debt, the bank can carefully consider and apply more secure measures in granting loans.
  • Increased transparency: When considering bad debts, it will improve transparency in the loan granting process. This enhances customer confidence and a sense of security when dealing with the bank.
  • Limiting bad debt risks: Problems related to bad debts and avoiding unsafe lending, helping to protect assets and continue to develop sustainably.

Benefits for Borrowers

  • Higher chance of loan approval: If there is no bad debt in CIC, customers have a chance to get loan approval with higher limit and lower interest rate.
  • Ensure credit reputation: Checking bad debt records CIC helps borrowers ensure their credit reputation. This will aid in future borrowing with other credit institutions.
  • Raise financial awareness: CIC encourages borrowers to raise awareness of their financial situation and ensure proper financial management.

Simple ways to check bad debt CIC

1. Instructions on how to check bad debt through the website

  1. Open your web browser and type CIC, find the page https://cic.org.vn/, this is the official access website of CIC.
  2. On the home page of CIC, go to the "Register for an account" section. Then click on the link to start the new account registration process.
  3. To complete the registration process, you need to provide the requested personal information such as your first and last name, ID/CCCD number, date of birth, email address and contact phone number. Please note that you enter the correct information for the system to check later.
  4. After filling in your personal information, you will receive an OTP from an SMS message to authenticate your account.
  5. The next step is to log in to the CIC system. On the CIC website you will see a "Look up information" section. Click on it to proceed to check bad debt information.
  6. Enter your ID/CCCD number in the search box and click the "Lookup" button to view your bad debt information.
  7. After completing the search process, you will see results showing information about your bad debt situation, including information related to unpaid debts.

2. Instructions to check personal CIC via app

To check bad debt on personal CIC via mobile app, you can follow these steps:

  1. You go to Google Play Store (using Android operating system) or App Store (using iOS operating system) and search for "CIC" (Credit Information Center) application. Download and install the CIC application on your phone.
  2. Open the CIC application after installation is complete, select "Register" to enter personal information, such as full name, phone number, contact address, date of birth, ID/CCCD number and password.
  3. After completing your personal information, you will receive an OTP code via SMS.
  4. You continue to log in to your CIC account by following the link sent in the email. Usually, you need to wait at most 3 days for the system to confirm.
  5. In the CIC app, you will see a section "Look up information" or "Check bad debt." Click on it to view credit information of natural borrowers.
  6. Enter your ID/CCCD number in the search box and click the "Lookup" button to check your bad debt information.
  7. After completing the search process, you will see results showing information about your bad debt situation, including information related to unpaid debts.

3. Instructions to check bad debt of banks via ID card

To check bad debt on CIC at a bank by ID card/CCCD, you can take the following steps:

  1. Prepare identification documents, original or copy of current ID/CCCD.
  2. Contact your local bank or reputable financial institutions
  3. Meet with a staff member at your bank's customer service or financial advisory department.
  4. Request a bad debt check based on information from ID card or CCCD.
  5. Bank staff will conduct information search and review your bad debt situation.
  6. After the inspection is completed, the staff will notify you of the bad debt test results.

How to delete bad debt CIC for faster loan approval?

To avoid a personal bad debt check and increase the chances of your bank approving a loan, you can do the following:

  • Extension of bad debt records: Contact the financial company or bad debt management bank and extend the payment period. This helps to increase the time it takes to pay off existing debt.
  • Pay off bad debts: Ensure timely payment of existing debts. This helps to improve your credit history and gradually eliminate bad debt.
  • Use financial consulting services: Find a financial consulting company for assistance in eliminating bad debts and optimizing credit records.

In addition, depending on each debt, you can prioritize as follows:

  • Debt under 10 million: This is a small debt, so you need to prioritize paying it off as quickly as possible.
  • Debts over 10 million: As loans that need to be paid off both principal and interest, you need to go to the lending bank to confirm the payment time to avoid affecting your CIC score.
  • Large and long-term debt: When checking 5 years, that is, the loan is not able to pay or pays very slowly, it is necessary to continue to split the loan or use the services of financial consulting companies to review records.
author

Quyen is a creative copywriter with a passion for fintech. a degree from the Ho Chi Minh University of Economics. After graduating from the UEH (Ho Chi Minh Economics of University), she's constantly expanding her knowledge through investment and financial literacy courses, seminars, and conferences. Quyen also has experience in banking and credit. Her articles draw on her background in finance to help readers make informed decisions.

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