Your CIBIL Score is a numeric representation of the data present in your credit report and serves as an indicator of your financial health. In order to arrive at your CIBIL Score, CIBIL gathers data from various credit providers such as loan providers and credit card issuers. You can find details of your credit history in your credit report. Upon viewing this report, you have the option of raising a CIBIL dispute should you notice any discrepancy in the information. For example, you may find an error in the status of your loan repayment or in your PAN card details.
A successful CIBIL dispute resolution not only corrects inconsistencies but also bolsters your score and, in turn, gives you access to better credit options in the future. Here is a brief rundown on how to resolve your CIBIL dispute.
Types of CIBIL disputes
CIBIL disputes are broadly classified into two types.
1. Company disputes
Company disputes are limited to duplicate accounts, ownership errors and account details like PAN, credit type, company name, loan amounts, and so on. If a company notices any mistakes connected to these specific facts in its credit report, they can file a dispute with CIBIL. These mistakes may result in inaccurate interpretations of the company's creditworthiness, which may have an impact on future loan approvals or credit-based business partnerships.
Companies should ensure that their credit report appropriately reflects their credit history and status by resolving such disputes. Thus, increasing their eligibility for loan products and improving their chancing for positive business opportunities in the long term.
2. Individual dispute
In an individual dispute, the error needs to be a case of a duplicate account or a glitch in personal details. These inaccuracies may be in the form of an incorrect company name, PAN card or a wrongly entered payment status.
Individuals disputing a credit report inaccuracy must produce supporting documentation in the form of bank statements, payment receipts, or other relevant records demonstrating correct information. Following the submission of the dispute, CIBIL will investigate the situation and, if determined to be valid, will correct the error.
Maintaining credit report accuracy is crucial for you since it affects future creditworthiness and the ability to receive loans. As a result, you should check your credit reports on a regular basis for problems or inconsistencies and fix them as soon as possible.
How to raise a CIBIL dispute online/ offline
To make a dispute online, log in to CIBIL portal and navigate to the ‘credit reports’ section. Then go to ‘dispute centre’ and click on ‘dispute an item’. Next, fill out CIBIL’s online dispute resolution form and keep handy the control number. You can find this on the top right-hand corner of your report. Finally, select the section that you want to dispute, enter correct data if applicable, and submit the online dispute form. You will get a dispute ID, which you can use to check your CIBIL report’s dispute status.
While the online method is faster, you can raise a dispute offline as well by sending a mail to the below-mentioned address.
TransUnion CIBIL Limited
One Indiabulls Centre, Tower 2A
19th Floor, Senapati Bapat Marg
Elphinstone Road, Mumbai - 400 013.
CIBIL dispute resolution process
After you raise a CIBIL dispute, errors are scrutinised, and the disputed fields are marked as ‘under dispute’. CIBIL then takes up the matter with your lender and rectifies mistakes. You will receive email updates with your CIBIL dispute status every 7 days and an SMS as soon as your report is corrected.
It is important to note that during this process, CIBIL does not make any changes to your report directly. It first approaches the concerned financial institution and after authorisation, makes the necessary amendments. Since the turnaround time for this process can take up to 30 days, it is best to keep tabs on your account and resolve matters internally before the data is submitted to CIBIL.
For instance, when you avail of a personal loan, you not only obtain access to an online account management portal but also get a mobile app through which you get real-time details of your loan with a few taps and swipes. This tool also lets you automate payments that ensure that you never miss an EMI payment and that your credit score does not take a hit.
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