The credit report is a description of your credit history and is collected by the Credit Information Bureau of India Private Limited (CIBIL) by collecting your personal and credit-related information obtained from different lenders. Prior to approving your loan application, a lender often reviews your credit report. If the report contains any flaws, your application will not be further processed until it is resolved.
So, if you are planning to take a loan, it is recommended that you search for mistakes in your credit report because even a slight mistake such as your name’s incorrect spelling will interrupt your loan approval process. Or it could lead to a loan rejection. So before applying for any kind of loan, it is advisable that you check your credit report. If you make a mistake, get it fixed as soon as possible.
ERRORS THAT CAN HAPPEN IN YOUR CREDIT REPORT
- Inaccurate Details:
- There is a risk that your name is misspelled or that the PAN number listed is not yours, or that any other details relevant to your personal or job or account are inaccurate.
- There is a loan in your name that has never been used by you.
- Despite the fact that you paid all the debts on time, the credit report shows the loan status as written off or settled.
- Despite the fact that you have made all your payments on time, your day past dues segment shows delayed payments.
- Incorrect Loan Balance:
- At times, your credit report can show a defective outstanding balance even though you have paid your loan installment in full. As the credit office collects the lenders’ data given to it, there is a risk that the lender has not told the credit office about the repayment you have made, so it shows incorrect information. Or, when the information is revised by the credit bureau in 45 days, it cannot appear in your credit report if you search for the information before that. But your credit report does not display revised details even after 45 days, so there is a mistake.
HOW TO FIX THE CREDIT SCORE?
You will have to get in touch with the credit bureau to have the credit score updated. But note that it’s not possible for your credit bureau to adjust your credit report on its own. To make the amendments in your credit report, your lender has to give approval to the credit bureau. The entire process would therefore take about 30 days to complete.
PROCESS OF DISPUTE RESOLUTION IN YOUR CIBIL REPORT:
- You have to fill in the online dispute resolution form.
- There are numerous sections-intimate, touch, jobs, account, and inquiry-made in the form of the dispute resolution procedure, under the correct section you will have to fill in the dispute.
- Your control number (it is the nine-digit number located on the top) will also be needed to send you.
- The credit bureau will give the details to the bank after you submit your application.
- If the dispute is legitimate, the bank will check the details and the lender will give the corrected information to the credit bureau.
- In your credit report, the credit bureau will then update the details.
By sending your dispute resolution form to the following address, you can also raise a dispute: Credit Information Bureau (India) Ltd, Hoechst House, 6th Floor, 193, Backbay Reclamation, Nariman Point, Mumbai 400-021.