To calculate a credit score, credit bureaus in the country collect individual data and prepare a credit report from the same using their proprietary algorithm. However, in recent years it is seen that there could be errors in your credit report. If you are wondering what is CIBIL score, your credit report may contain mistakes ranging from inaccurate personal information to wrong credit accounts. To prevent further issues, you should as soon as possible fix the errors in your credit report. If these issues are not corrected on time can affect your chances of getting a desired loan amount at the interest rate you want. Let’s discuss the errors in your credit report and when to call CIBIL customer care number:
Type of errors in your credit report:
Inaccurate personal data: Inaccuracies in identity, such as a wrong name, phone number, address, or PAN number. There could be a mix-up identifying data with someone who has a name that is similar to or the same as yours.
Account status: An account that has been closed yet is still listed as open.
Unpaid balance: Incorrect EMI payment date or inaccurately displayed.
It’s crucial to keep in mind that any type of information update will require at least two months and if it not getting updated in this span of months, you should call the CIBIL customer care number.
Step 1: Check your credit report: The two most important things you can do to ensure accuracy and correct inaccuracies in your credit report are to periodically check what is CIBIL score and review your credit report once a year. TransUnion, Equifax, and Experian, the three credit agencies, provide you with a free copy of your report once a year so you may read the details of the report and see your credit scores.
Step 2: Get in touch with your credit bureau to correct the mistakes in your credit report: If you find an inaccuracy after reading your credit report, it’s critical to address the issue as quickly as you can. You must get in touch with the credit bureau or CIBIL customer care number that generated the report for this. You must first obtain an online dispute form from the relevant credit bureau’s official website in order to begin the dispute process. Complete the form with the required information, then send it to the bureau.
Step 3: Review and submit the dispute form: Before submitting the form, check your dispute request again and make any necessary changes. A confirmation page will appear after the dispute has been successfully lodged.
Step 4: Await a response to your credit report dispute from the credit bureau: After receiving your dispute, the credit bureau typically has 30 to 45 days to look into it and check the information with the furnisher. After that, the credit bureau will finish its investigation and transmit the findings to you within five days.
Step 5: Analyze the investigation’s findings: When the inquiry is over, the concerned credit agency is required to give you a written summary of the findings as well as a free copy of your credit report if the dispute changes the report in any way. If they don’t given the same, call the CIBIL customer care number. Also, the credit bureau is required to give you the name, address, and phone number of the source that submitted the inaccurate information. A furnisher is required to let the credit agency in question know about your dispute if they continue to report a disputed item. The furnisher is required to notify the credit bureau to revise or remove the listing if it turns out that the disputed information was untrue. In order for the credit bureaus to update their records, the furnisher must also alert each credit bureau to which it submitted false information.
Step 6: Review your credit report for any changes: Depending on the specific credit agency’s update cycle and when the furnisher provides the new information to the credit bureau, updates to your credit report could take some time to reflect. If it doesn’t, call the CIBIL customer care number. You should get in touch with the credit bureaus and the furnisher for the update if it doesn’t show up on your credit reports within a few months.
How Do I File a CIBIL Dispute for Report Correction?
Even if you have never missed a payment on a credit card, being pursued by debt collectors can be upsetting. An application for a bank loan was declined. Loans with high APRs will be presented to you. These are just a handful of the terrible effects that a credit report error may have. Technical errors or miscommunications can result in incorrect information being included in your report. Financial stress might result from these factors, so in order to prevent it, you must report any errors you notice on your CIBIL credit report right away to the bureau and request a correction.
To raise a dispute with CIBIL for report correction, follow these four (4) steps:
Examine your credit report from CIBIL: You should download your what is CIBIL score report and check it for inaccuracies before you start the process of erasing a mistaken entry from your CIBIL report. Your credit report may contain one or more of the following mistakes:
incorrect updating of your personal data, such as name, birthdate, PAN information, contact information, etc.
Your report now includes a wrong loan account.
inaccurate information about the outstanding balance
incorrect allotment of credit limits
Current state of your accounts
Inaccurate information about your repayment history
To remove the record, start by determining what kind of error your CIBIL report has.
Complete the online CIBIL dispute form: You must submit an online dispute to the credit bureau in order to have an incorrect entry removed from your CIBIL credit report. Fill out the form on their website’s dispute resolution page. A 9-digit control number from your credit report containing the challenged information must be provided. A control number is a one-of-a-kind number allocated to a person in the CIBIL database, which contains all of that person’s records.
Processing and CIBIL Dispute Form Verification: The credit bureau will confirm the claim once you’ve submitted the CIBIL dispute form online. Your bank or other lenders from whom you have taken out a loan could be contacted by the credit bureau. Without first checking with the financial institutions, CIBIL is unable to make any modifications on its own. By providing supporting papers that could serve as evidence, you must support the disagreement you have filed in order to speed up the procedure.
Wait for the result: It typically takes 30 days to fix a mistaken entry on a CIBIL credit report. According to the legislation, banks are required to provide a formal response to your complaint within 45 days of receiving it. You will receive an email notifying you once a formal settlement has been reached. You can file a new request with CIBIL for the removal of the incorrect entry if you are not happy with the resolution. Keep in mind that you must include the specifics of the prior dispute request.
To sum up
It’s important to promptly dispute any mistakes on your credit report. Your chances of obtaining a loan or credit card can be increased as a result of it. Hence, it is advised that you regularly check your credit reports and get in touch with ClBIL customer care number so that you may monitor your what is CIBIL score and the data contained therein.