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The CIBIL score is a three digit number that is a summary of your account's credit history. It is generated by TransUnion CIBIL and depends on how regular you have been with loan repayments, loan applications, and credit transactions among other factors.
The higher the CIBIL score, the more creditworthy you will appear as a borrower to a potential lender such as a bank or any financial institution. The CIBIL score generally ranges from 300 to 900 and usually a score of 750 is what financial institutions and banks prefer. It is always important to keep a close watch on your CIBIL score so that you do not face any problems at the time of applying for a loan. The CIBIL score can be easily checked online for free in a few simple steps. You can improve your CIBIL score by ensuring timely repayment of credit, utilising your credit efficiently avoiding excessive loan applications and by not exceeding your credit limit.
A CIBIL dispute may occur when certain errors or discrepancies in the CIBIL report can alter the credit score of an individual. Since the CIBIL score affects the credit score greatly, it is important to settle these issues so that you do not lose your eligibility for a loan. The process of resolving the dispute is to raise a request with the credit agency responsible through the myCIBIL website, the CIBIL online portal or offline by postal request.
Let us take a detailed look at the kinds of disputes that may occur with regard to your CIBIL score and how you can work towards resolving them.
There are two types of CIBIL disputes:
1. Individual Disputes
Individual disputes occur due to a few reasons caused by the individual himself. One of the reasons for an individual dispute is the filing of incorrect personal information such as name, age, address in your CIBIL report. It could also be due to problems related to duplicate accounts, that is, when the same loan application is filed multiple times. This type of duplication error in accounts brings down the credit score significantly.
2. Company Disputes
In company disputes, the errors occur due to the filing of wrong information of the company with regard to ownership details or other erroneous data. In case of company disputes, the CIBIL score resolution form must be filed by the company itself. However, it has to be kept in mind that in case of dispute resolutions, there are certain details which cannot be changed or corrected. These include member name, account number, and enquiry date among others. CIBIL score disputes can usually be rectified online through the official website.
There are three ways to raise a CIBIL dispute:
1. Dispute Resolution through MyCIBIL
Firstly, you must log into myCIBIL from the official CIBIL website. Click on "Raise a dispute".
Once you click on this button, you will get an option to select the right section that you wish to raise the request against.
You must choose the account here.
If your dispute pertains to erroneous data, enter the correct details in the space given and click Submit.
If the dispute is in relation to the wrong company ownership details or duplication of accounts, the right field must be chosen under "Dispute type". The dispute reason should be explained here clearly.
2. Dispute Resolution through Online Dispute Resolution
It is possible to submit the dispute resolution form online without going through myCIBIL. The form is available from CIBIL's official portal. There is a separate form for company disputes as well. This is by far the easiest way to apply for dispute resolution.
3. Dispute Resolution through Offline Process
The offline process involves writing a letter to the CIBIL office registered in Bombay. The transaction ID, report registration number, and all the other required details must be mentioned accurately in this correspondence.
The address that you must write to, is as follows:
TransUnion CIBIL Limited One Indiabulls Centre Tower 2A, 19th Floor Senapati Bapat Marg Elphinstone Road Mumbai - 400 013
The CIBIL Dispute Resolution process goes through the following steps:
Grievous errors in your CIBIL report can greatly affect your CIBIL score. This will adversely impact your credibility in the eyes of financial institutions. Thus, it is important to keep the information up to date in your CIBIL report and ensure that your CIBIL score stays on the higher side so that you do not face any issues in the future.
In case you notice any discrepancies in your CIBIL report, it is imperative to act quickly to get the matter resolved as soon as possible. The process of filing a CIBIL dispute is not difficult and can be easily done online through myCIBIL or the official CIBIL online portal. Taking the effort to keep your account information and details in order could save you a great deal when it comes to approaching financial institutions for loans or credit.
What Sort of False Information May be Seen in my CIBIL Report?
a. Ownership: One or more of your personal details may not be accurate in one or multiple accounts.
b. Errors in personal details: Incorrect details pertaining to name, age, pan card number, telephone number, contact address, or income can reflect on the CIBIL report.
c. Wrong account details: Since credit institutions submit information to the CIBIL report within 45 days of the final dues payment, it may not be updated at the time of you purchasing the CIBIL report if it is earlier than 45 days. It is important to keep a tab on this so as to avoid confusion.
If I have noticed an Error in my CIBIL Report, how do I go about filing a dispute? How long will it take for the correction to be made?
a. Through myCIBIL: In order to file a dispute, you can login to myCIBIL and go to the credit reports section. Thereafter, go to the dispute centre tab and click on "dispute an item". A dispute form will be generated which must be duly filled and the specific control number should be noted down. Thereafter, choose the relevant section that you wish to dispute on. Consequently, a value will be assigned to the dispute and sent to the relevant credit institution.
b. Through online process: An online form maybe submitted through CIBIL's official portal without having to go through myCIBIL. This is the easiest process of filing a dispute.
c. Through offline process: You may write to the registered Mumbai office at TransUnion CIBIL Limited, One Indiabulls Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013 The time period required for settling a dispute is around 30 days.
How will I come to know the status of my dispute?
An automated email will be received every seven days regarding the status of the dispute.
What is the next step if I am not satisfied with the results of the dispute?
In case you are unhappy with the results of the dispute, you may contact the credit institution directly. You can also resubmit the dispute request and CIBIL will reverify with your credit institution regarding this matter.
If my CIBIL report is not complete, can CIBIL add information to it?
CIBIL is not empowered to add or delete information from your credit report. It is based solely on the information that is sent by the credit institutions. Thus, any change that needs to be made, must be made by your respective credit institution.
What action will be taken by CIBIL if the credit institution does not resolve the matter within 30 days?
No changes can be made by CIBIL in the report without receiving affirmation from the credit institution. However, CIBIL will send daily reminders to the credit institution to look into the matter of the dispute.
If my account hasn't been updated for over 2 months, what could be the issue?
There are generally only two reasons why your account hasn't been updated. One could be that the credit institution has not sent the relevant information to CIBIL. Another reason could be that there is some ongoing dispute with your account that has to be addressed before your information is updated.