To raise a dispute in CIBIL (Credit Information Bureau India Limited) you have to go through a step-by-step procedure, which is discussed in detail below. Raising a dispute can allow you to complain about the data inaccuracies that are reported by mistake in your CIBIL credit report.
1. Get your latest CIBIL report:
Before you are going to raise a dispute, you must have
a copy of your latest credit report. You can get a free credit report once a
year from CIBIL as free or may purchase reports any time after your free report
if you pay the subscription fees as per your requirement.
2. Find out
the inaccuracies:
Once you get your CIBIL credit report. Check carefully to identify any inaccuracies
or discrepancies. This could include incorrect personal details like wrong
Name, Date of birth, PAN Number, Voter ID number, E-mail ID, mobile number etc.,
or inaccurate account information like any negative status or payment
inaccuracies of your loans and credit cards, or maybe a loan or credit card
that was never yours.
3. Arrange
supporting details:
You should arrange all the supporting details so that
raising the dispute, can sustain and make you a fruitful result.
The documents might be: Proof of payment details, Bank
statements, Any correspondence with the lender or financial institution
4. Log-in to
CIBIL:
With all the supporting documents log-in to official
website of CIBIL. Then Log-in to your portal by filling up required details
(user-id & password) and providing the OTP send to registered mobile number.
5. Go to
dispute section:
Once you have
entered in to CIBIL portal, go to the “Credit Report” section. Find and select
the option for “Raise a Dispute”.
6. Select
the issue and raise a dispute
Choose the particular section against which you want
to raise a dispute. Then select the type of dispute you want to raise. This includes
inaccuracies in your personal details, account information, or loan records and
credit cards. Also submit the supporting details about the specific error or
discrepancy (if required).
7. Complete
the Dispute process:
Complete the online dispute process by providing the details of the issue and your bank account details for a compensation fees refund.
8. Submit
Dispute
Review the information carefully that you’ve entered
to complete the dispute process was true and correct. Then submit the
dispute form.
9. Get the
confirmation
After submitting the dispute form, you will receive a
confirmation in your registered email or mobile number from CIBIL as an acknowledgement receipt of your dispute details and dispute id. This will include a reference
number for tracking the status of your dispute.
10. Follow up
the dispute status:
CIBIL typically takes 30-45 days to resolve disputes
but, you can follow up the dispute status anytime by logging in to your CIBIL
portal, generally, CIBIL investigates the issue with the concerned financial
institution and try to resolve your issue at the earliest, only after getting
confirmation from that financial institution.
11. Review
the result
Once CIBIL completes the investigation process, CIBILwill update your credit report with the corrected information or provide an
explanation if the dispute was not rectified. Review your latest report to
ensure the issue has been resolved.
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