Fixing Errors In Your CIBIL Report Provides Fast Score Increases
Your CIBIL report is produced through a collaborated effort: financial institutions send CIBIL relevant data, CIBL collates that data, prepares a report, and assign a score based on your performance.
As is the case with any human effort, your report too can contain human errors, mistakes that can prove too costly for you if left unchecked.
Misrepresentation of facts can lead a lower credit score, which in turn can affect your credit taking ability. In worse cases, your name may be erroneously listed in the defaulters list, making it impossible for you to avail credit.
It is your duty to check your CIBIL report regularly and resolve any errors present as quickly as possible. Let’s take a look at the kind of human errors that can occur in your report and how to resolve them.
- Mistakes in financial entries
Your bank may enter the amount due incorrectly. For instance, instead of the Rs 3000 that you owe, it may enter Rs 30,000. Similarly, a mistake can occur in various fields, such as:
- Account Status
- Account/Loan Type
- Ownership Type
- Current Balance
- Last Payment Date
- Date Opened
- Date Closed
- Amount Overdue
- Mistake in personal details, like name, address, etc.
Incorrect listing of your name, DOB, or address may cost you dearly. For instance, if your address is listed incorrectly and someone who lived at that address had defaulted, then you may be linked with that address and your name may appear in the defaulters list.
Check your report to ensure the following are listed correctly:
- Income Tax ID
- Voter’s ID
- Passport Number
- Telephone Numbers
- Incorrect or Duplicate entry
A loan that you have never taken may show up on your report. This can occur because of a human error or identity theft. Duplicate entries, too, can pull your score down.
How to rectify errors in your CIBIL report?
Rectifying errors is a two-step process: you fill the dispute form and then CIBIL investigates and makes corrections if necessary.
Step 1 – Filling the CIBIL On-Line Dispute Form
Go to the CIBIL website and complete the On-Line Dispute form to raise a dispute. You must fill all the necessary information correctly. You will be required to fill a number called Control Number, a 9-digit number present on the top right-hand corner of your CIBIL report.
Mention the exact mistakes as well as the correct information in your online dispute form. A Dispute ID will be provided to you once you submit the form. You can use it for future references.
Step 2 – CIBIL investigates
CIBIL doesn’t make changes to credit report on its own. It does so only after the concerned financial institution confirms that a mistake was indeed committed and provides CIBIL with the correct information.
Upon receiving your request, CIBIL contacts the concerned financial institution and forwards it the details. The bank then investigates the matter and gets back to CIBIL with an update. If the bank concurs with your claim, CIBIL will make the requested changes and send you an email notifying you about the same. The time span for resolving disputes is 30 days. After receiving an email from CIBIL, you can pull up a copy of your report to see the update.
Resolving disputes with CIBIL is a fairly quick and straightforward process. You should regularly check your CIBIL report, and in case of an error, follow the listed steps to get the issue resolved.