4 easy steps to rectify mistakes in your CIBIL report

Lenders and credit card issuers regularly report your repayment history to CIBIL, usually monthly or quarterly. CIBIL compiles this information and updates your credit score every three months. While the process is generally transparent, errors can sometimes appear in your report. Such inaccuracies can lower your score, affecting your chances of availing an instant, collateral-free personal loan. Learn how to rectify CIBIL score effectively through CIBIL correction to ensure your credit profile remains accurate and strong.

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 for better chances of getting a personal loan, you’ll need to initiate the dispute resolution process through the CIBIL portal. Simply follow the on-screen instructions to report your dispute, fill out the resolution form, and clearly mention the issues you want reviewed. Support your claim with valid evidence and submit the form along with the necessary documents. This process can help correct errors and improve your credit score, increasing your chances of personal loan approval.

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.

This way, your report is generated once more, and your credit score may improve. When you have a good score of 685 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. 55 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.

Tips to Prevent CIBIL Score Errors in Future

1. Regularly check your credit report to identify any discrepancies early.
2. Pay all loans and credit card bills on time.
3. Keep your personal information updated with lenders.
4. Dispute any errors promptly through official correction channels.
5. Maintain a healthy credit utilisation ratio.
6. Monitor your credit profile periodically to ensure accuracy and reliability.

Common errors leading to a wrong CIBIL score

1. Missing EMIs or making late repayments, which directly affects your CIBIL score changes.
2. High credit utilisation ratio, indicating over-dependence on credit.
3. Paying only minimum amounts on credit cards, increasing interest and debt.
4. Ignoring discrepancies in your CIBIL report, leading to inaccurate scores.
5. Multiple loan or credit card applications in a short span.
6. Perform CIBIL report correction promptly to maintain an accurate credit profile.

Also Check