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All about CIBIL errors and how to resolve them

Errors in the CIBIL score or your credit information report is a rare occurrence, but a possibility too at the same time. The patterns of your credit history do not start to immediately affect your credit score, however, it eventually does. Therefore, just like any other document, it is completely possible that you may receive a wrong CIBIL score. For example, you have already cleared off all your dues, but when you check your CIBIL score, your name is showcased in the loan defaulter list. This can be a huge hindrance if you want to apply for a second loan. Therefore, mistakes in your CIBIL score and report can take place, but they are not impossible to solve if you know exactly what and how to correct them. If you are on a deadline for a loan or a credit payment, it is recommended to check your credit score well in advance because there are no ways to correct your CIBIL score immediately. Even after you spot errors in your CIBIL report and file a dispute with the organisation, they will follow their set procedure and therefore, the process will take time. Although CIBIL will definitely act over your request and return the correct report, you cannot expect it to be an instant process. If you do not know how to spot errors in your CIBIL report, keep reading this article as it explains the primary types of errors that are quite possible. Then, it is followed by a detailed section over how to file CIBIL dispute request. Lastly, the FAQs section provides some queries related to the topic.

How to Spot and Fix Errors in CIBIL Report

There are two types of errors that might be in your CIBIL report; minor or major. A minor error might be something as simple as a misspelt name, or wrong date of birth, etc. These problems are easier to resolve. The second type of error is the major problem which can be something as serious as a wrongly credited loan or outstanding credit balance which was issued by someone else. In these cases, there will be a sudden drop in the credit score. This is, therefore, a very serious problem if you have applied for a loan or credit card. The first step is to download the credit report by visiting the CIBIL website. After you have successfully downloaded your copy of credit information report, look for the possible errors from the list below:

  • Incorrect balance : It is very important for you to check the current credit balance in your credit report which must match correctly with the actual outstanding balance of your credit card or loan. Give special consideration to this type of errors in your CIBIL report as it might be easily missed.
  • Inaccurate personal information : Sometimes, there are mistakes in the name, gender, address, or even contact information of the applicant. While going through the CIBIL report, you must give a thorough reading to this and ensure that each entry is correct. You should also ensure that the PAN card number and/or Aadhaar card number is also correctly mentioned.
  • Current balance not updated : The most common error in a CIBIL report is the outdated current balance of the applicant. For example, when you pay your loan or credit card provider, there is always a gap between the time of payment and the submission of your credit history to CIBIL. As a result, these errors are evident.
  • Incorrect overdue : Overdue is the amount that you owe your loan or credit card provider. Sometimes, there are wrong mentions of overdue for the loans that you did not take. Therefore, it is essential that you read the report carefully to pinpoint any such incorrect overdue because they can have a damaging impact on your CIBIL score.
  • Outstanding loans : You must read the section of the outstanding loans or the amount that you are due to pay to ensure that the numbers are mentioned correctly. The facts of the loans must be correct. If there are any variations in the amount, you may even become listed as a loan defaulter.
  • Duplicate account : In the CIBIL report, there might be more than one account that is registered in your name. If you do not actually hold those accounts, you must consider this as a major error because its transactions can also impact your credit history.

In general, look for incorrect dates, amounts, and parties to ensure that all the information that is present in your CIBIL report is legitimate and correct. However, if you have found any of the aforementioned issues with the report, you must start the process of addressing it as soon as possible. For having an issue resolved with CIBIL, there is a need to make a formal application which is to "file a CIBIL dispute request". If you are not aware of it, you have nothing to worry about. Keep reading as we explain the steps to file a CIBIL dispute request that will help you in quickly solving your issue.

Steps to File CIBIL Dispute Request

There are a set of steps that you must take in order to file CIBIL dispute request.

  • Firstly, you must log onto their website and then fill a formal and detailed online dispute form.
  • Make sure that you have the control number, which is a 9 digit identification number to aid CIBIL to recognise the report with errors.
  • Recognise the type of error and then provide information about it in the online dispute form to help them understand the issue.
  • While filling the CIBIL online dispute form, please make sure that all the personal details and other things you mention are completely accurate.
  • After your dispute request has been successfully submitted, CIBIL will forward this request to the concerned lenders.
  • Only after receiving positive confirmation from the lenders, CIBIL will start making rectifications to the report.
  • You will receive the notification once your information has been rectified by CIBIL through email.
  • However, the entire process will take at least a total of 30 days. Having a good CIBIL score is the determining factor whether banks and other financial institutions will provide you with a loan or not. Therefore, it is essential that your CIBIL score is as high as possible. For that purpose, it is necessary that no errors are present in your report that you do not know about. Therefore, it is recommended to regularly generate your CIBIL report and make sure that your credit history is not tainted with any of the mentioned errors.

FAQs On CIBIL errors and how to resolve them

What is a CIBIL report?

CIBIL generates a score and a credit information report (CIR) which is an analysis of your credit history. This is a huge determining factor of whether you will receive the loan or credit you have applied for since banks and other financial organisations will only issue credit based on your report.

What are the possible errors that can be in my CIBIL report?

The various types of errors that can be present in the CIBIL report are minor mistakes such as wrongly mentioned name, address, or other contact details to major issues such as a wrongly credited loan, overdue amount, duplicate account, wrong account balance, and much more.

What should I do if I notice an error in my CIBIL report?

If you have noticed any of these errors in your CIBIL report, do not worry as the process of getting your dispute resolved is very easy. You simply have to file a CIBIL dispute request.

What is the process of CIBIL dispute resolution?

You must go to the CIBIL website and fill out the online dispute form. Make sure that you fill the correct information and mention the issue clearly and accurately. CIBIL will then forward it to relevant lenders and after receiving their confirmation, they will rectify your report.

How long will it take to rectify my CIBIL report?

Whatever the issue, it will not be rectified immediately and the whole process can take at least 30 days. Although you will receive an email notification, once it is successfully rectified.

Why should I get my CIBIL report rectified?

It is important to rectify the mistakes in your CIBIL report because if the errors are left uncorrected, for example, an overdue amount, it can surge overtime and this can cause a huge issue for you in the long run. Also, not correcting the error in the CIBIL report can cause a sudden and unexpected dip in your CIBIL score.

Why is my CIBIL score so important?

If even as the result of an error, the CIBIL score is low, you cannot receive loans or credits across financial organisations because you will not be eligible for receiving credits due to your risky CIBIL score. If you really need credit suddenly, it will become impossible for you due to the errors in the CIBIL report.