How To Resolve Errors In The CIBIL Report
The Credit Information Bureau of India Limited (CIBIL) report has an important place in the home loan borrower's life. Much has been said about how to read and comprehend the CIBIL report, and on why it is important to have a good CIBIL score while applying for a home loan. But, how can one get rid of credit mistakes or errors, effectuated knowingly or unknowingly, off the CIBIL report?
This is exactly what you will find out in this article.
MakaaniQ tells you how to resolve CIBIL report errors.
What does your CIBIL report comprise of?
- Personal information
- Contact information
- Employment information
- Credit or loan account information
- Credit or loan enquiry information
What could be the possible errors in your CIBIL report?
- Duplicate account- There can be multiple accounts registered in your name in the CIBIL report.
- Ownership- Applicants must verify whether the outstanding loans mentioned in your credit report are factually correct.
- Incorrect personal details- Applicants must carefully check their personal details in the CIBIL report like name, addresses, date of birth and PAN card details.
- Loan amount overdue- Applicants should ensure that there are no over dues reflected in their CIBIL report, if they have always made their loan instalments and credit card payments on time.
- Inaccurate current balance- Applicants must check their current balances of credit in the CIBIL report. This should match the actual outstanding balance of your loan or credit card.
- Not updated current balance- This is the most common error, because there is always a time gap between the payment in the last loan instalment, and in your lender submitting the credit information to the credit agency.
How are the CIBIL errors resolved?
- Keep in mind that the CIBIL will not make rectifications as soon as you raise a dispute on the CIBIL's website.
- The CIBIL will send the dispute to the concerned credit institution (i.e. bank or financial institution) which will verify if the dispute is legitimate or not.
- Your CIBIL report will only be updated if the credit institution authenticates the disputes you raised.
- Your dispute will be verified from the bank or financial institution's database.
- You will be informed after the dispute is resolved.
- The CIBIL takes 40-60 days to resolve any dispute, depending on the time taken by the credit institution to get back to the CIBIL with the relevant facts and information.
- The CIBIL only corrects the information in your report based on the verification done by the credit institution.
- In fact, the CIBIL takes at most 10 days to update the data after it receives details pertaining to disputes, from the concerned credit institution.
How is the CIBIL dispute raised?
- Log in to the CIBIL's website and initiate a dispute request by submitting a duly completed online dispute form
- You must have the control number (it is a nine-digit number that helps the CIBIL to identify your report on which you need rectification).
- Identify the nature of error and mention a brief description of the error in the online form.
- You should also provide personal details that must be accurate enough for the CIBIL to initiate the dispute process and contact you once it is rectified.
- CIBIL will verify details with concerned banks and financial institutions.
- You will also get an email notification about the status of the dispute raised and resolved.
You may also read: How Mortgage Influences Your CIBIL Score?