How To Rectify Errors in CIBIL Report?

 

Rectify errors in CIBIL report is crucial to maintain accurate credit score, which impacts your ability to get any credit facility. Here’s a step-by-step guide on how to rectify errors in CIBIL report:

1. Obtain Your CIBIL Report: Before you can fix any errors, you first need to access your CIBIL report. It can be obtained from the official website or from any other reliable sources.

2: Identify the Errors: After getting your CIBIL report check thoroughly and carefully to identify the errors in it. The common errors in CIBIL reports include:

• Incorrect personal details: Your name, date of birth, address, or contact information.
• Incorrect loan details: If your loan is marked as overdue or missed payments that you’ve already cleared.
• Mistakes in credit card payments: Payments marked as missed when they were actually paid.
• Incorrect credit limits or loan balances.
• Duplicate accounts: Same account being reported more than once.

3: Raise a Dispute with CIBIL:

Once you’ve identified the error, you can raise a dispute against it to rectify errors in CIBIL:

• Log in to your CIBIL account.
• Navigate to the 'Dispute Resolution' section: This may be labelled as ‘Raise a Dispute’.
• Select the incorrect information: Choose the item you want to dispute (e.g., a loan or payment entry).
• Provide dispute details: Mention the nature of the error and the correction you’re requesting. You may need to explain the discrepancy (e.g., loan paid off but still marked as outstanding).
• Submit the dispute: CIBIL will then forward your dispute to the lender or financial institution for verification.

4: Submit Supporting Documents: To rectify errors in CIBIL, you may need to provide supporting documents (if you can arrange):

• Loan statements or repayment receipts: If there’s a discrepancy in your loan balance or payment history.
• Bank statements: To prove that you’ve made the payments.
• No dues certificate: If the loan has been settled or closed, provide documentation showing this.
• Credit card statements: To show that you’ve made timely payments.

5: Wait for Resolution: Once you’ve raised the dispute and submitted any required documents you have to wait for some days to rectify errors in CIBIL:

• CIBIL will verify the dispute: They will contact the relevant bank or lender to investigate the issue.
• Timeframe: The dispute process typically takes 30 to 45 days for resolution.
• Track progress: You can track the status of your dispute through your CIBIL account.

6: Review the Updated CIBIL Report: After the dispute is resolved:

• Check your updated CIBIL report: Ensure the error has been corrected.
• If the error persists: If the issue is not resolved or the correction is not made, you can contact the lender directly or escalate the dispute to CIBIL for further investigation.

7: Contact the Lender Directly (if required): If the error is tied to a particular lender’s reporting (e.g., the lender reported incorrect payment status), you may need to contact them directly:

• Provide evidence: If necessary, provide the lender with supporting documents (e.g., loan closure certificate, payment receipts).
• Request them to update: Ask the lender to correct the information with CIBIL.