Dispute CIBIL Report: How to fix your Credit Report Errors
How to Correct your CIBIL Report
Incorrect information in your CIBIL report? What if you have been accidentally assigned someone credit history? Dispute CIBIL Report: How to fix your Credit Report Errors? And you don’t know where to start? Here is how your credit report or score can be easily corrected.
Credit scores are very important in your financial journey because financial institutions uses information from your credit report to evaluate your creditworthiness and repaying capabilities. Hence review your credit report periodically to make sure that it is in good shape and with no errors. Unnoticed Errors can lead to rejection of your loan applications.
The good news is, now you can get a FREE CIBIL report once in a year. Read here to know how get your free credit score.
Step 1: Once you receive your credit report, you should carefully check your personal details first. Important personal details like your Name, Date of Birth, Address, PAN number and make sure the details provided in your credit report related to your own financial history.
Step 2: If there is any incorrect or error information in CIBIL report, first – check with your bank and try to fix it in right away. You can submit a complaint with your bank/financial institution to correct these errors.
Step 3: Or, you can directly raise your complaints on the dispute section on the CIBIL website.
1. Login to myCIBIL using registered Email ID and password.
2. Click on Raise Dispute tab and select the relevant section you wish to get corrected.
3. Once the dispute form is filed, CIBIL itself cannot correct your errors and it will approach your bank to determine whether your complaint is authentic or not. You can expect 30 days to resolve your dispute, subject to the time taken by your bank to respond.
If your bank fail to act on genuine complaint, you can go through “Banking Ombudsman” to get the issue resolved. It must remember that Credit Bureaus cannot make any changes to your credit report/score without the confirmation of your bank or financial institution.
One can avoid these errors by being more responsible and taking necessary measures like checking your credit report periodically by at-least once in a year.
It’s very important to correct your incorrect information on your credit report because it may have a significant impact on your financial future.