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How to raise a dispute and fix errors in your CIBIL report?

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Yours CIBIL Report or commonly known as a credit report plays a crucial role in your financial life and errors in it can have a significant impact on your creditworthiness. Even if the mistake is small, it can adversely affect your CIBIL score. However, you have the right to object to inaccurate information and have it corrected. This article will guide you through the process of raising a dispute and fixing the errors in yours CIBIL Report.

Your understanding CIBIL Report

Before you can address errors, it’s important to understand your credit report. It includes information about your credit history, such as your payment history, outstanding debts and public records. Get a copy of your credit report from each of the major credit bureaus – TransUnion, Equifax and Experian. Review the report thoroughly, paying attention to personal details, account information and negative notes.

Different types of CIBIL disputes

The two main types of CIBIL disputes are listed below.

These disputes may arise in the event of incorrect ownership details, data inaccuracies or duplicate accounts.

These types of disputes may involve errors that persist in an individual’s personal information. For example, the name is misspelled, or the address is entered incorrectly.

Some other types of errors that may exist on your credit report are:

  • Wrong credit limit
  • Incorrect payment history
  • Duplicate accounts
  • Late payment

These mistakes can negatively affect your credit score. Therefore, it is imperative that you raise a dispute and fix these errors.

How to correct an error in your CIBIL report?

It is essential that you keep a check on your CIBIL Report for any major or minor errors. A small mistake could include misspelling your name, a big mistake, on the other hand, could mean a wrongly credited loan. Hence, you should look for the following aspects while checking your CIBIL Report.

  • Wrong balance
  • Incorrect personal information
  • Incorrect delayed
  • Wrong amount of outstanding loans
  • Existence of duplicate account

To fix these, go through the following steps:

  • First, download the latest CIBIL report
  • Identify the error and problems on your credit report as mentioned above.
  • Report bugs according to the instructions provided.
  • After receiving your application, CIBIL will forward it to the respective lenders.
  • After receiving the confirmation from the lenders, CIBIL will start the rectification process.
  • This process can take up to 30 days.

Otherwise,

  • Using your password and username, log in to myCIBIL
  • In the credit report section, select Raise a dispute.
  • Fill in the form, describe the error and select the relevant section.

It is essential to remember that issues such as incorrect personal information can be resolved in less time than issues such as incorrect outstanding amounts.

CONCLUSION

Your CIBIL report is a reflection of your financial history and keeping it up to date is very important for maintaining a healthy credit profile. That is why, it is advisable to regularly check your credit reports for any errors. Mistakes on your credit report can lower your credit score, making it difficult to get loans, credit cards and other forms of credit. By understanding the dispute process and following the steps outlined in this article, you can take control of your credit report, ensure its accuracy, and protect your financial future.

Overall, filing a dispute and correcting inaccuracies on your credit report is an important process that every consumer should understand. You can maintain your financial reputation and ensure you have access to the credit you need when you need it by following the procedures mentioned in this article and staying diligent about your credit profile.

Frequently asked questions

P1. How will I know that my dispute has been resolved?

On your registered mobile number, you will receive an SMS saying that your dispute has been resolved.

Q2. Is it possible to raise a dispute through offline mode?

Yes, you can raise a dispute through offline mode. All you need to do for this is to write a letter to CIBIL registered office in Mumbai. In the letter, you can discuss the matter in detail about the question and make sure that all the important ones are included, such as the transaction ID, order number, your name and address, and then send it to the office address of CIBIL.

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