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- How To Correct Your Cibil Report Mistakes
Check Your Credit Score Online for Free
- Updated on: 18 Sep 2024
- Published on: 30 Mar 2021
Before you know how to correct a CIBIL report, you must understand how to raise a CIBIL dispute. Some errors can hurt your credit score, so rectifying them is essential. Financial institutions, including banks and NBFCs, look at your credit score to ascertain your creditworthiness and whether or not you are eligible for loans.
By carrying out the correction process in case of any issues, you can boost your credit score and get easy and affordable access to credit. But how can you raise a dispute and maintain the accuracy of your CIBIL score and report?
It is easy to correct credit report mistakes if you know exactly when and how to resolve them. However, checking your credit score well in advance is always recommended, as correcting the report at the last minute is not possible.
Even after you spot the errors in your credit report, it may take a while for the bureau to resolve your dispute. This is because of a certain set of standard procedures that credit bureaus like TransUnion CIBIL follow.
Some errors can be minor, such as misspelt name, wrong date of birth, incorrect or outdated residential address, etc. It can also be a major error, such as a wrongly credited loan or an outstanding credit balance.
Resolving minor errors is not much of a hassle. However, major issues can be a challenge to resolve, if you have applied for a personal loan or a credit card. Thankfully, you can identify both minor and major issues by downloading your credit report from the official website.
The following are some of the details you can look up to find any possible errors:
Sometimes, your personal information on the credit report, such as name, age and contact information, could be either misspelt or missing. While going through your report, make sure all the details are correct. You should also verify if the entered Aadhaar number and PAN number are correct.
One of the most common mistakes in your credit report includes outdated current balance information. These errors occur as a result of the gap between the payment time and the submission of your credit history to the credit bureau.
Overdue is the amount that you owe your credit provider. There are possibilities of wrong mentions of your overdue amount. Due to their ability to damage your credit score, it is vital for you to always double-check your overdue amount.
You must check for your outstanding loans and their status. If you have repaid the loan but your credit report says otherwise, immediately file for a CIBIL correction online. To improve your credit score, make sure you clear your debts on time, as the same is reflected in your report.
There is a slight possibility of the same account reflecting more than once in your CIBIL report. This can increase your debt, leading to a negative impact. You may also see an account that you have not authorised. In such instances, you must consider the issue to be serious, as its transactions may impact your credit score.
Ideally, you should look for incorrect figures, incorrect dates or due dates and must ensure that the information present in your credit report is correct. By cultivating good financial habits, you can avoid unnecessary overdue amounts.
You can raise a CIBIL dispute through the CIBIL website or by sending a letter to the registered office. Here are the steps for CIBIL correction online and offline.
Once you successfully submit the dispute form, the bureau will forward your request to the concerned financial institution. Once they give a positive confirmation, the credit report will start reflecting the changes.
You can check the status of your dispute by logging into your CIBIL account. Remember, the entire process may take at least 30 days, and you will receive updated and accurate reports from the credit bureau.
For raising CIBIL dispute resolution in the offline mode, you can write to TransUnion CIBIL by mailing the registered office. You can send the letter with the relevant documents to this address:
TransUnion CIBIL Limited
19th Floor, Tower 2A,
One World Centre,
Senapati Bapat Marg,
Elphinstone Road, Mumbai (400 013)
For easier reference, here is a list of common problems associated with credit reports and possible methods to obtain solutions.
A low credit score on your credit report indicates irresponsible credit behaviour in the past. Frequent delays in repayment, high utilisation of credit, credit card debts, etc., are some reasons leading to a low credit score. This reduces your ability to avail of credit in the future.
Solution: Make sure you pay your credit card bills and EMIs on time. Borrow only what you need and as per your repayment capacity, and avoid making minimum payments. If you’re unable to work with the current plan, try and work out an alternative payment schedule by restructuring repayment with your lender.
These are minor errors that include misspelt names, age, contact information and errors in account details.
Solution: Get your credit report copy from the credit website and check your personal information. If you spot an error, raise a dispute by filling up the online CIBIL dispute resolution form.
DPD means the number of days since you’ve not paid the due amount. Anything other than ‘000’ or ‘XXX’ in your DPD section indicates you have delayed your payment. This paints a bleak picture of your credit usage and responsibility and lowers your score.
Solution: Multiple late payments will lower your credit score. The best way to avoid this is by setting monthly reminders to pay the amount due before the given due date. You can also set auto-debit instructions to ensure you don’t miss a single payment. However, make sure you have sufficient balance, or you may have to face a penalty from the bank too.
There may be a few accounts mentioned on your credit reports, but they may actually not be yours. Known as errors with account ownership, this could be an administrative error or could indicate fraudulent usage.
Solution: If there are incorrect mentions of open accounts on your credit report, raise a dispute immediately to avoid further errors. If there are administrative errors, you can raise a dispute to correct them. If it is a fraudulent account, early action will protect your information and creditworthiness.
Your credit report may show an outstanding overdue amount which you have already paid. There may also be an error in the payment history despite regular payments.
Solution: The lenders submit their data to credit bureaus once in 30-45 days. If you have received a copy of your credit report within this time period and there is an error, it could probably be because your data is not yet reconciled. If there isn’t any change after 45 days, raise a dispute with the bureau to rectify the error.
It is essential to have a high credit score, and to attain this, you need to make sure your credit report is up-to-date and error-free. So, generate your credit report regularly and make sure your credit score is not affected by any of the errors mentioned above.
Having a low score despite an accurate report means that you need to make some changes to your credit behaviour. With most lenders, a credit score of 750 or above may be helpful in negotiating favourable loan terms. To get there, here are a few actions you can take to improve your CIBIL score:
Having a healthy credit score can come in handy at any time, more so during emergencies. Therefore, build good credit habits to stay credit-ready. However, if you have a low score and need instant access to funds, you can apply for loans with lenders like Fibe.
At Fibe, we don’t rely on credit scores to gauge your creditworthiness and instead have an alternate credit scoring system. With the Fibe Instant Personal Loan, you can get a cash loan of up to ₹5 lakhs at attractive interest rates and flexible tenures. Download our Personal Loan App or register on the website to apply seamlessly online.
You can carry out the process of CIBIL correction online by submitting the dispute form available on the credit bureau’s official website.
Rectifying an error in your credit report and score can take up to 30 days.
If your report has any inaccuracies or inconsistencies, you should immediately report the same by submitting a dispute form available on the official website.
Rectification of the errors in your CIBIL report can take up to 30 days. As such, you cannot update the report immediately.
The credit bureau updates the information in your CIBIL report every 30 to 45 days. You can check your CIBIL report once a month or once every two months to get the updated information and score.
An overdue is the outstanding amount for the previous billing amount. Once you pay all your dues, including EMIs and credit card bills, the overdue amount reflected in your report will clear, and your score will improve.
Your CIBIL score is a culmination of the information in your report. As such, you cannot correct the score but rather any inaccurate information in your report. For this, raise a dispute by submitting an online form. Generally, the bureau takes at least 30 days to offer a resolution.
A control number refers to the ten-digit number mentioned in your CIBIL score report.
Two ways to improve your score are to fix credit report errors and pay outstanding EMIs and credit card bills. Even if you take these two approaches, your latest credit score will get updated in 30 to 45 days.
Yes! Here are some ways you can achieve a correct CIBIL report:
Depending on whether they have a positive or negative history, an old account can stay on your credit report for up to 10 years. To remove them, you can file for dispute or formally request your creditor to remove them.
