How to Remove Fake Loan from CIBIL?

 

Your CIBIL score is a crucial factor that influences your creditworthiness and the financial decisions made by lenders. A good CIBIL score can open doors to better loan opportunities, while a low score can hold you back. But what happens if you notice a fake loan on your CIBIL report? Whether it’s due to a clerical error or fraudulent activity, a fake loan can severely impact your credit score. If you find an incorrect loan entry on your CIBIL report, it's essential to act swiftly to remove fake loan from CIBIL and restore your credit profile.

Step 1: Get a Copy of Your CIBIL Report

The first step to addressing any discrepancies, including a fake loan, is to get a copy of your CIBIL report. You are entitled to one free credit report annually from CIBIL. You can request your report online by visiting the CIBIL website and filling out a simple form.

Step 2: Review Your CIBIL Report for Errors

Once you receive your report, go through it carefully. If you find a loan that you don't recognize or any loan account that doesn’t belong to you, it’s crucial to act immediately. Fake loans are often the result of either fraud or an incorrect entry from the lender's side.

Step 3: Identify the Cause of the Fake Loan

The next step is to determine whether the fake loan was the result of fraud, identity theft, or a mistake by the lender. Identifying the root cause will help you decide the best approach to remove fake loan from CIBIL effectively.

Step 4: Contact the Lender Directly

If the loan is fraudulent, or if you suspect it might be, contact the lender immediately. Request them to provide details about the loan, including the loan number and the date it was opened. If the lender confirms that they did not grant you the loan, ask them to update the details with CIBIL so the fake loan can be removed.

Step 5: Raise a Dispute with CIBIL

If the lender is unresponsive or unwilling to assist you, or if the fake loan remains on your report even after they’ve corrected it, you can raise a dispute with CIBIL directly. You can file a dispute online by logging into the CIBIL website and submitting the necessary documentation. This is one of the most direct ways to remove fake loan from CIBIL records.

Step 6: Follow Up on the Dispute

Once you’ve raised a dispute, CIBIL will investigate the issue. Typically, it takes 30–45 days for them to resolve the dispute. During this period, ensure that you follow up regularly to check the status and provide any additional information they may need.

Step 7: Monitor Your CIBIL Report

Once the fake loan is removed, make sure to monitor your CIBIL report regularly to ensure no new errors appear. You can request your free credit report annually, or you may subscribe to a service that provides updates on your credit score and report more frequently.

Conclusion

Finding a fake loan on your CIBIL report can be a stressful experience, but by following these steps, you can take control of the situation and remove fake loan from CIBIL effectively. Remember, a clean credit report is essential for maintaining a good credit score. If you suspect fraudulent activity or clerical errors, it’s important to take immediate action to protect your financial future.