How to challenge disputes in your CIBIL report?
Credit bureaus across the nation gather personal information and create CIBIL reports. Using a secret formula, they also determine the CIBIL score. Your prospects of being approved for a loan, though, could be hampered by mistakes in your credit report. Things to remember regarding CIBIL dispute resolution:
Online features make CIBIL dispute settlement a straightforward approach. There are a few crucial details to remember, though:
- Online dispute resolution is faster than offline mail-based resolution.
- CIBIL does not charge for its free report dispute resolution service.
- It may take up to 30 days to finish the procedure.
- You can correct numerous incorrect fields using a single dispute form.
This restriction prevents changes to the following fields:
- Reporting date
- Number in control
- Date of inquiry
In addition, following the dispute settlement procedure is finished, you ought to ask for a fresh credit information report (CIR). This will enable you to check that the changes have been performed in accordance with your request. There is no need for speculation when one is aware of the entire procedure and what to anticipate. You can bring up issues and make sure they are resolved quickly. There are other ways to have a positive profile besides starting arguments, though. Here are some recommendations that you can use. Here’s how to challenge inaccuracies on your CIBIL report:
- Submit the form.
To report inaccuracies, you can do it online with the credit bureau. To correct the error, go to the dispute resolution area and complete the form. It should be emphasized that the nine-digit number listed on your credit report that contains the disputed information must be submitted.
- Process
Following the submission of your online complaint form, the credit bureau will contact the bank to confirm the dispute. It should be remembered that credit bureaus are unable to independently alter credit reports.
- Term for resolving disputes
The average time it takes to resolve a disagreement is about 30 days. According to the legislation, banks must provide a formal response to a disagreement within 45 days of the matter being raised. Once it has been handled, you will receive an email notifying you of the outcome. Let’s see how the disputes will be resolved.
Issue 1: A bad credit history
A poor CIBIL score on your CIBIL report suggests past reckless credit behavior, which may make it more difficult for you to obtain additional credit in the future. A low CIBIL score could be included in your CIBIL report for several reasons, including frequent late payments and defaults, heavy credit utilization, default on loans and credit card debt, etc.
Solutions:
- Pay your EMIs and credit card obligations promptly.
- Avoid paying the minimum amount due or paying off your debts.
- Regularly check your CIBIL report and score.
- You must register a disagreement with CIBIL right once if there are any inaccuracies or errors in the report.
- If you are unable to make your payments on time, try to negotiate an alternative repayment plan with your bank or financial institution, such as loan restructuring.
Issue 2: Errors in Personal or Account Details (Problem 2)
Regularly examine your CIBIL report for typographical errors in the address, your name being misspelt, your date of birth being entered incorrectly, and other clerical errors. On the other hand, serious mistakes might constitute a case of identity confusion. Both significant and insignificant mistakes might lower your CIBIL score and potentially cause your loan application to be denied.
Solutions:
- Make a copy of your CIBIL report available.
- When you discover the error, you can file a complaint by completing the online CIBIL dispute form.
- All your information will be verified by CIBIL, and any potential inaccuracies will be fixed in your revised CIBIL report.
Issue 4: Account errors
There could be loans or credit card accounts that have already been closed (i.e., fully paid off) but haven’t been reported to CIBIL by the lending company. There may be ownership mistakes with some of the open accounts listed in your CIBIL report that are not yours.
These might represent fraudulent use or the outcome of administrative mistakes. Incorrectly labelling an account as “written off” or “settled” can also have a detrimental effect on your credit score and how lenders perceive you.
Solution:
If a closed account is still listed as open, you must get in touch with the loan company and confirm it. If they haven’t yet closed your loan file, you must right away give them all the information required so that you can get a NOC (No Objection Certificate)
You can file a complaint with CIBIL if open accounts that yours are not are mistakenly listed or if an account is incorrectly marked.
Additional Read: Important Things You Must Know About A Home Loan Emi Calculator
