Your CIBIL Score is not just a list of numbers; it is a measure of your credit health and enables banks and financial institutions to use credit. Often, your credit report can contain inconsistencies that can be harmful to your credit score and eligibility for loans. It is therefore advisable to file a resolution request with CIBIL if such incorrect information or CIBIL disagreement occurs so that it does not cause an issue with your finances.
Concerning the CIBIL Score or CIBIL Rank, disputes can occur. Incorrect information is often known as a disagreement in a CIBIL Report or Business Credit Report and can be resolved accordingly. But we need to consider the sort of inconsistencies that can occur before learning about the CIBIL dispute resolution process.
TYPES OF CIBIL DISPUTES
The disputes can be divided generally into two sections: individual disputes and company disputes.
- Individual Disputes
Inaccuracies in the CIBIL Report of an individual can be connected to his / her personal information and duplicate account issues. Inaccurate filing of the name or address requires personal information. For example, Sumit Malhotra may be misrepresented as Sumit Mehrotra. A single loan account can often be represented twice in your CIBIL Report, decreasing your overall ranking. It is possible to settle such conflicts by filling out the CIBIL Dispute Form.
- Company Disputes
Business Credit Report anomalies may be referred to as a Company Conflict. In the form of incorrect ownership information, the presence of duplicate accounts, data inaccuracies, and the like, such disputes can arise. Dispute settlement can be initiated by an approved signatory of the corporation by filling in the CIBIL dispute form.
Details that cannot be changed by the dispute resolution process include the number of the account, the name of the member, the date of the inquiry, and the control number.
HOW TO RAISE DISPUTE IN CIBIL?
Any dispute in the CIBIL Report or Company Credit Report can be alerted by a request for a resolution of the CIBIL dispute. Many who have registered with CIBIL, by logging into myCIBIL, may raise a dispute directly. Follow the steps that are given below:
- Login to myCIBIL.
- Click on the Raise a Dispute tab.
- Select the relevant section that you want to dispute.
- Select your account.
- If you are disputing ownership or duplicate information, on ‘Dispute Type’ select the same and briefly provide the details of the dispute.
- If you are disputing a data inaccuracy, enter the correct value for the disputed field and submit.
Alternatively, without logging into myCIBIL, users may also directly fill out the CIBIL online dispute resolution form. The same can be filed by individuals by filling in this form-https:/www.cibil.com/dispute/. The Online Commercial Dispute Form has to be completed in order to modify the CCR. Here you can get the form-https://www.cibil.com/online/file-company-dispute.do.
The best way to fix the inconsistencies in your CIBIL Report is to settle online conflicts. However, by writing a letter addressed to their registered office in Mumbai, the CIBIL dispute can also be raised.
TransUnion CIBIL Limited,
One Indiabulls Centre,
Tower 2A, 19th Floor,
Senapati Bapat Marg,
Elphinstone Road, Mumbai – 400 013
CIBIL DISPUTE RESOLUTION PROCESS
The process begins once the issue is posed by users by filling out the online dispute resolution form. CIBIL is taking the following steps:
Step 1: There is a dispute, either by an online platform or by post.
Step 2: Fields for conflicts are labeled with the tag ‘Under Dispute’ in the relevant section.
Step 3: Depending on the form of conflict, it is submitted for rectification to the credit institution concerned.
Step 4: The appeal is canceled if the lender refuses the dispute, and no modifications are made to the CIBIL Report or Business Credit Report (CCR).
Step 5: Whether the lender acknowledges conflicts, modifications to the CIBIL Report or CCR would be made.
Step 6: The ‘Under Dispute’ tag that was created in Step 1 is removed and the user is presented with a new report.
For this method, the total turnaround time is 30 days.