Guide to correct credit report errors & raise CIBIL dispute.

A credit report is a detailed summary of your credit history, prepared by credit bureaus like CIBIL (Credit Information Bureau India Limited). It includes information about your credit accounts, repayment history, outstanding loans, credit inquiries, and other financial activities.

The CIBIL report also features your CIBIL score, a three-digit number ranging from 300 to 900, which reflects your creditworthiness. A higher score indicates responsible credit behaviour, while a lower score may signal financial risk to lenders.

Your credit report plays a pivotal role in determining your eligibility for loans and credit cards. Lenders, such as Bajaj Finserv, assess your credit history to evaluate your repayment capacity. Therefore, maintaining an accurate credit report is crucial for securing loans and achieving favourable terms.

Errors in your credit report can have significant consequences on your financial profile. These inaccuracies may lead to a lower CIBIL score, which can affect your ability to obtain loans or credit cards.

Here is how credit report errors can impact your financial standing:

1. Loan rejection: A low credit score due to errors can lead to loan application rejections by lenders, including Bajaj Finserv.
2. Higher interest rates: A poor credit score may result in higher interest rates, increasing your borrowing costs.
3. Reduced credit limits: Errors in your credit report can lead to reduced credit limits, affecting your financial flexibility.
4. Impact on financial goals: Inaccurate credit reports can hinder your ability to secure loans for major expenses like education, home, or business.

By promptly identifying and addressing errors in your credit report, you can maintain a healthy credit score and safeguard your financial opportunities.

Common types of credit report errors you must check for

It is essential to review your credit report regularly for inaccuracies. Here are some common types of errors to look out for:

1. Incorrect personal information: Errors in your name, address, contact details, or PAN number.
2. Mistaken account ownership: Accounts that do not belong to you appearing on your report.
3. Duplicate accounts: The same account being listed multiple times, inaccurately inflating your credit usage.
4. Outdated loan details: Loans marked as active even after repayment.
5. Incorrect credit usage: Inaccurate reporting of credit card limits or usage.
6. Errors in payment history: Payments marked as delayed or missed when they were made on time.
7. Unauthorised hard inquiries: Credit inquiries made without your consent, which can lower your score.

Regularly checking your credit report ensures that these errors are identified and corrected promptly.

Step-by-step guide: how to check your CIBIL report for mistakes

You can access and review your CIBIL report online by following these steps:

1. Visit the official CIBIL website at www.cibil.com.
2. Log in using your registered email ID and password. If you do not have an account, sign up by providing your details.
3. Navigate to the ‘Credit Reports’ section on the dashboard.
4. Download your credit report and review all sections, including personal information, account details, and payment history.
5. Identify any errors or discrepancies in the report.
6. Note down the errors along with the corresponding account or transaction details for future reference.

By regularly reviewing your CIBIL report, you can ensure that your financial records remain accurate and up to date.

How to raise a CIBIL dispute online (consumer CIBIL dispute)

If you identify errors in your CIBIL report, you can raise a dispute online. Follow these steps:

1. Log in to your account on the official CIBIL website.
2. Go to the ‘Dispute Centre’ section on the dashboard.
3. Click on ‘Raise a Dispute’ and select the type of error you wish to correct (e.g., personal information, account details).
4. Provide the necessary details, such as the account number, lender name, and specific error.
5. Attach supporting documents, such as ID proof or account statements, to validate your claim.
6. Submit the dispute request and note the dispute ID for future tracking.

CIBIL will review your dispute and coordinate with the lender to verify and correct the error.

How to raise dispute in CIBIL for different error scenarios

Here is how you can raise disputes for specific error types:

Documents required to support a CIBIL dispute

To ensure a smooth resolution, you may need the following documents:

Timelines and what happens after you raise a CIBIL dispute

Once you submit a CIBIL dispute, the following steps occur:

1. Acknowledgement: You will receive a dispute ID for tracking purposes.
2. Verification: CIBIL contacts the lender to verify the reported error.
3. Resolution: If the lender confirms the error, CIBIL updates your credit report.
4. Timeline: Dispute resolution typically takes 30 days.

You can monitor the progress of your dispute using the dispute ID.

How to track your consumer CIBIL dispute status

To track the status of your dispute:

1. Log in to your CIBIL account.
2. Navigate to the ‘Dispute Centre’ section.
3. Enter your dispute ID and view the current status.

Tracking ensures you stay informed about updates or resolution timelines.

What to do if your CIBIL dispute is rejected or not fully resolved

If your dispute is rejected:

1. Recheck the documents submitted for errors or missing details.
2. Contact CIBIL customer care to understand the reason for rejection.
3. If necessary, reach out to the lender directly to resolve the issue.

Persistence is key to ensuring your credit report reflects accurate information.

Follow these tips to avoid errors in your credit report:

1. Regularly monitor your credit report.
2. Update personal details with lenders promptly.
3. Avoid excessive credit applications.
4. Ensure timely payments of loans and credit cards.
5. Keep records of all financial transactions.

How Bajaj Finserv uses your credit report in loan approval

Bajaj Finserv evaluates your CIBIL report to determine:

• Loan eligibility based on your credit score.
• Interest rates and EMI options based on repayment history.
• Credit limit for Bajaj Finance EMI Network Cards.

Maintaining a healthy credit score ensures better loan terms with Bajaj Finserv.

What to do if credit report errors affect your Bajaj Finserv loan or EMI card

If errors impact your Bajaj Finserv loan or EMI card:

1. Raise a dispute with CIBIL to correct the error.
2. Inform Bajaj Finserv of the issue and provide supporting documents.
3. Request a reassessment of your loan or EMI card application.

When to contact Bajaj Finserv vs. when to contact CIBIL for a dispute

Helpful tips before you raise dispute in CIBIL

1. Double-check your credit report for accuracy.
2. Collect all supporting documents.
3. Ensure your CIBIL profile is updated.