Any inaccuracies in your CIBIL report must be identified and corrected since they can impair your credit health and keep your score low without your knowing. If you have errors on your credit report, they may drop your score and make it impossible for you to get a personal loan or a home loan. As a result, experts recommend that you check your CIBIL score on a regular basis and that if you see a decline in your score for no obvious reason, you get your CIBIL report and look for any errors. If you discover any, immediately tell your lender and submit a dispute with the credit bureau.
What Are Some Common CIBIL Report Errors?
You will receive a detailed list of all credit-related transactions for the given time period when you order a credit report with credit ratings. The credit report could contain inaccuracies or fraudulent entries, lowering the person’s credit score. As a result, these credit reports must be thoroughly scrutinized to guarantee that the individual’s credit score is not affected. Let’s look at some of the most common CIBIL report errors.
- Inadequate balance: The applicant’s current outstanding balance and the actual amount owed must match to depict the applicant’s genuine credit position. Another area where an error must be found and repaired is here.
- Debts that are currently owed:– The outstanding debts of an applicant are crucial in evaluating his or her current CIBIL score. If an error is made in reporting the applicant’s outstanding balance or the terms of the loan, it must be reported right away to avoid any negative impact on credit scores.
- Incorrect personal information: An error in the applicant’s personal information is the most common inaccuracy in every CIBIL credit report. In the CIBIL report, the candidate must check personal information such as name, address, age, date of birth, PAN Card data, and so on.
- Account duplication: Having a duplicate account in the applicant’s name is another common blunder. There could be a slew of accounts in the applicant’s name, some of which have a bad credit history. The candidates’ CIBIL scores may be affected by such accounts.
How Do I Fix CIBIL Report Errors?
Identifying a problem and filing a dispute with the credit agency are the first steps in fixing errors on a CIBIL report. The procedures for correcting any errors on the CIBIL report are outlined below.
- To begin, go to the CIBIL website and complete an official online dispute form.
- When filling out an online form like this, the applicant must provide all necessary information, such as the specifics of the CIBIL report error or fraudulent input, as well as personal information. Applicants must ensure that all of the information provided is accurate and true.
- The applicant should think about including a 9-digit control number that can be used to locate the report with the disputed issue.
- After the dispute application or request has been successfully submitted, it will be forwarded to the appropriate lender or bank for verification of the applicant’s claim.
- The lender will next verify the applicant’s allegation, and CIBIL will be notified if the claim of mistakes is confirmed.
- CIBIL will then include the changes into the credit report and send the applicant a revised copy.
- Any changes or revisions to the applicant’s credit report will be communicated to them via email.
- The process of filing and resolving complaints takes at least 30 days.
The Bottom Line
Accurate CIBIL scores and CIBIL report is necessary to obtain any kind of personal loan or a home loan or any other loan. Therefore, you need to be consistent and careful in your approach to save your financial health.