Lenders and credit card issuers report your repayment details to CIBIL. Normally, they update your information on a monthly basis or after every three months. CIBIL tabulates these records in your credit report and accordingly formulates a score after every 3 months. While the scoring process is fairly transparent, in many cases, your CIBIL report may have errors. These errors can lead to a low CIBIL score, which may impact your chance of applying for an instant, collateral-free loan like a personal loan in the near future.
Mistakes may occur in your credit report owing to several reasons like a misprint, incorrect information conveyed by the lender to CIBIL, duplicate entries, or mistakes pertaining to your basic details. In order to rectify the mistakes, it is important for you to know the process behind a CIBIL report correction. To do this, take a look at these 4 steps.
Step 1: Retrieve the CIBIL report
Before you learn how to correct your CIBIL score or how to clear CIBIL problems, check the issue at its root. Start by downloading your latest credit report. You can buy your CIBIL credit report via a subscription plan.
Step 2: Check the report thoroughly to spot the problems
To proceed with CIBIL rectification, you will have to check your CIBIL report with care. Begin by checking the status of your credit accounts. Here each account will have a tag next to it. In case you have settled your dues for a particular account, you will see a settled or closed tag. On the other hand, your ongoing debts will be earmarked as open. Spot incorrect entries to report them.
Additional Read: How to read CIBIL report
Step 3: Report problems to CIBIL
To attempt a CIBIL score correction, you will have to initiate the dispute resolution process to CIBIL portal. All you have to do is follow the instructions mentioned on this page to report your dispute with CIBIL. Complete the resolution form and specify the problems that you want CIBIL to verify. Validate your claims by submitting the necessary evidence and then submit your form along with all the documents.
Step 4: Wait for verification
When you report your CIBIL issues, the agency is likely to respond to you within 30 days after investigating your assertions. In order to verify your claims, CIBIL may contact your lenders and you. After thorough verification and assessment, CIBIL authorities will initiate the necessary corrections and will rectify your report as per authentic data.
Additional Read: Correct a late payment record in CIBIL report
This way, your report is generated once more, and your credit score may improve. When you have a good score of 750 and more, you can proceed to apply for any loan of your choice. For instance, with a good CIBIL score you can apply for a personal loan anytime you want to get a sanction of up to Rs. 40 lakh.
Here you can access competitive personal loan interest rates to meet your goals with ease. Moreover, you can enjoy faster sanction and disbursal of the loan basis a one-step easy application process. So, get started now and meet your goals with ease via a fast sanction from Bajaj Finserv in just 24 hours.
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