How to Rectify CIBIL Report Mistakes?

Can your CIBIL report be wrong? Yes, in fact, errors in credit reports are a common issue and if not rectified urgently can lower your credit score significantly. A low score can ultimately pose a hurdle to fulfilling loan eligibility, especially for unsecured loans. 
So, if you find such mistakes in the report, immediately go for CIBIL report corrections. Read on to learn what information is available on a CIBIL report and how you can rectify the errors.

What Does Your CIBIL Report Comprise?

A CIBIL report contains all the essential personal and financial details of a borrower. This information is divided into the following sections in the credit report:

• CIBIL Score

This is one of the most important sections of your CIBIL report. Lenders use the CIBIL score to determine if you will be able to repay your loan on time and accordingly approve your loan. This score usually ranges between 300 and 900. Having a good CIBIL score increases your chances of getting approval for your credit request. 

• Employment Details

Here, you can view all your income and occupation details that are essential for determining your loan repayment capacity. 

• Personal Details

In this section, you can find various personal details like your name, gender, and date of birth. In addition, information on your Aadhaar card, PAN card, voter ID and other crucial identification details are available in this section. 

• Account Information

Your credit score is primarily determined based on the information presented in this section of the report. All the details of your credit cards and loans are available here. Moreover, there is a comprehensive table with columns containing information like the type of credit facility, name of the lender, account number, account opening date, etc.

• Contact Information

The CIBIL report contains contact details such as your telephone number and email address. You will also find your office address, temporary and permanent residential address, and all other contact details that are essential for communicating with you. 

• Red Box

This box is usually present at the top of the ‘Account Details’ table and states the fields of the table that are under dispute. As soon as you resolve the disputes, the red box will disappear. 

• Enquiry Information

This is the last section of a credit report. Here you can view the enquiries that a lender has made with respect to your current credit application. Every time you apply for a loan and your lender enquires about your credit history; it gets recorded. Also, you can get details such as the lender’s name, loan type, application date, and the loan amount. 

What Are the Types of CIBIL Report Errors?

Staying aware of the possible error types in your CIBIL report can help you scrutinise those sections with extra care. The most common CIBIL report errors include:

• Mismatch in Personal Information: Many times, you will find that there are mistakes in your name, contact details, and address.   
• Presence of Incorrect Account Details: Often, lenders report the same account multiple times, increasing your credit utilisation ratio and lowering your credit score.
• Mistakes in Credit Repayment History: Such errors can notably reduce your credit score and present you as a risky borrower in front of lenders. 
• Inaccuracy in Credit Enquiries: Your credit report might, at times, reflect numerous credit enquiries that are not genuine and can hurt your CIBIL score. 
• Appearance of Closed Accounts: If a closed loan account still appears open on your credit report, you might have to pay severe penalties towards it.

As soon as you identify an error in the CIBIL report, you should raise a dispute to rectify it at the earliest.

ALSO READ :- All You Need to Know About CIBIL Dispute Resolution

How to Raise a Dispute with CIBIL for Report Correction?

Raising a dispute for CIBIL report correction is simple. You can follow the steps below to rectify CIBIL report errors: 
Step 1: Reviewing Your CIBIL Credit Report
First and foremost, go through your credit report carefully to find out the possible errors. Look for common mistakes such as mismatches in personal details, account details, etc. 
Step 2: Filling out the CIBIL Dispute Form 
Visit the official website of TransUnion CIBIL and log in to your CIBIL member account. Move to the ‘Credit Report’ section, click on 'Raise a Dispute’ and fill out the dispute form. 
Step 3: Processing and Verification of Dispute Form
Once you have raised a dispute, the officials at TransUnion CIBIL bureau will contact the lender to verify your filed dispute so they can resolve it. 
Step 4: Waiting for the Resolution
Usually, it takes about 30 days to resolve the disputes that you have raised. Once your disputes have been resolved, you will receive an official mail regarding it. 

To Conclude

Periodic checking of your credit report is essential so you can identify errors and rectify them at the earliest. Also, if you are not satisfied with the CIBIL report corrections, you may raise another dispute along with the details of the previous request. So, rectify your credit report and ensure a good CIBIL score leading to instant loan approval.

Disclaimer

We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Loan disbursal is at the sole discretion of Poonawalla Fincorp.
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