CIBIL Dispute & How To Resolve It
If you have ever borrowed money from a bank or a financial institution, you would be familiar with the terms credit report and credit score. Your credit score is an indicator that informs a lender about how diligent you have been with previously borrowed credit. This credit score is calculated differently by different agencies known as the credit bureau. One such credit bureau is CIBIL. It is one of the most widely known and accepted credit bureau in India.
The credit bureaus collect data from all types of financial institutions and maintain a record of an individual’s financial history. Although this data is quite accurate, there might be some mistake in your credit report at some point in time. It is essential that you check your credit report frequently to ensure no such error stays on your credit report as it can be a cause of rejection of your loan or credit card application. If you encounter an error on your credit report, you should get them rectified as soon as possible.
Common Errors found in a CIBIL report
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Error in current balance:
Sometimes, your CIBIL report might have missed the last/ latest instalment of your repayment procedure. And since CIBIL collects data every month, that account might be reported as late. An inaccuracy in the current balance or mention of a default can lower your chances of getting approved for a future loan. You should be very careful to check if a default is erroneously displayed in your CIBIL report.
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Overdue Amount:
One should always ensure that there is no overdue amount in their CIBIL credit report. An overdue amount indicates that there has been a delay in the payments for that credit account.
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Erroronous personal details:
Personal details like a person’s name and address might be recorded incorrectly on the credit report. This also reduces your changes of getting a loan approval because the company might not operate in the wrongly mentioned city or the details might not match on your application form.
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Account Ownership:
Ensure that you check that all the credit accounts mentioned in your credit report belong to you. Also ensure that if you are a joint owner for a credit account, that account is mentioned in your report as well and all the details mentioned about these accounts are 100% correct.
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Account Duplicacy:
Check whether an account has been mentioned in the credit report more than once. In case it has been, report the same and get it removed.
Types of CIBIL Disputes
CIBIL disputes are of two types and they are as follows-
Individual Disputes
Errors that arise due to the incorrect filling of personal information. For example, if your name or address appears wrong in your credit report, it will fall under the category of an Individual Dispute. It has to rectified by the individual.
Company Disputes
If there is an error in the details of the company that a person works for. For example the ownership details of the company are wrong in the credit report, then this falls in the category of Company Dispute. This error can be rectified by the company in question.
How to Raise Dispute in CIBIL?
You can get the errors on your credit report rectified without paying any kind of fee for the same. You can follow the following methods for raising a dispute in CIBIL report-
From the CIBIL portal:
To rectify the errors on your credit report from CIBIL’s portal, you can follow the following steps-
- Firstly, you have to login to myCIBIL
- After going to the ‘Credit Reports’ section, go to the dispute centre and ‘Click on Dispute An Item’
- Complete the online dispute form and ensure that you fill it correctly.
- Select the section that you want to dispute.
- If case you are disputing the ownership or duplicate information, select the ‘Dispute Type’ according and click submit.
- Otherwise, if you are disputing some inaccuracy of data, enter the intended value for the disputed field and click submit.
Write to CIBIL:
If you are not comfortable with the online procedure for raising a dispute, you can also write to CIBIL. The address for the same is as follows-
TransUnion CIBIL Limited,
19th Floor, One World Centre Tower-2A-2B,
841 Senapati Bapat Marg,
Lower Parel,
Mumbai – 400 013
