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