If the outstanding as of today is
38,000 and you only pay22,000, this means that the bank is asking you to make the settlement on the said account. The account status will appear as “Settled” on your credit report. This is viewed negatively by the lending institutions and will have a negative impact on your credit score.
Please do confirm with the lending institutions that are they offering you a ‘settlement’. Do confirm with the bank that how this account will be reported in your credit bureau report and also make sure the NOC has the details in it.
It is always advisable to pay the entire amount to clear all your dues and close the account.
To know more about credit bureaus and how they affect your credit life, you can download our free E-Guide on Credit, Credit Bureaus and all that: http://www.credexpert.in/eguide/