New Delhi, July 16 -- An essential milestone in your financial journey is loan closure. It decreases debt, and improves cash-flow, and suggests you have borrowed responsibly. However, if the loan still appears to be "active" on your credit report, you may find yourself frustrated and puzzled.

This is a complete, step-by-step process to help you address the issue, and ensure your credit report reflects your financial evolution in a fair manner.

Lenders may take 30 to 60 days to report to credit bureaus that the personal loan has been closed, even if it was fully paid back. During this period:

1) The lender has not updated the internal status, which has caused processing issues.

2) Batch reporting schedules were not working to bureau ti...