Any errors in your CIBIL report should be found and remedied, as they can harm your credit and keep your rank low without your knowledge. If you have inaccuracies on your credit report, you risk losing your credit score and being unable to obtain a personal loan or a home loan. As a result, experts advise that you check your CIBIL score on a routine basis, and that if your score drops for no apparent reason, you obtain your CIBIL report and review it for any inaccuracies. If you find any, notify your lender right away and file a dispute with the credit bureau.
What Are Some Frequent Mistakes in CIBIL Reports?
When you buy a credit report with credit ratings, you will receive a full list of all credit-related transactions for the specified time period. The credit report may contain mistakes or incorrect information, which will reduce the individual’s credit score. As a result, these credit reports must be checked carefully to ensure that the individual’s credit score is not harmed. Let’s take a look at a few of the most typical CIBIL report mistakes.
- Inadequate amount: To accurately portray the applicant’s true credit situation, the applicant’s current remaining debt and the actual amount due must match. This is another location where an error must be discovered and corrected.
- Debts that are now owed include the following: An applicant’s existing CIBIL score is heavily influenced by his or her outstanding obligations. If there is an error in reporting the claimant’s existing balance or loan conditions, it must be reported immediately to avoid any negative influence on credit ratings.
- Personal information that is incorrect: The most prevalent inaccuracy in every CIBIL credit report is an error in the applicant’s personal information. The candidate must check personal details, residence, age, date of birth, and PAN Card in the CIBIL report.
- Account duplication is a major issue: Another common error is having a duplicate account under the applicant’s name. There may be a bunch of accounts in the applicant’s name, some with a poor credit history. Such accounts may have an impact on the candidates’ CIBIL scores.
What Should I Do If I Have CIBIL Report Errors?
The first step in correcting inaccuracies on a CIBIL report is to identify the issue and file a complaint with the credit agency. The processes for addressing any CIBIL report inaccuracies are detailed below.
- Begin by visiting the CIBIL website and filling out an official online dispute form.
- When completing an online form like this, the applicant must include all required information, such as the details of the CIBIL report error or unauthorized entry, as well as private details. Applicants must make certain that all of the information they supply is correct and complete.
- Consider incorporating a 9-digit control number that may be used to track down the report that contains the disputed issue.
- Following the successful submission of the dispute application or request, it will be transmitted to the appropriate lending institution for validation of the individual’s claim.
- Following that, the lender will evaluate the applicant’s claim, and CIBIL will be alerted if the claim of errors is confirmed.
- The modifications will then be incorporated into the credit report, and the applicant will receive an updated copy.
- The applicant will be notified through email of any modifications or revisions to their credit report.
- The time it takes to file and resolve a complaint is at least 30 days.
Final Thoughts
To get a personal loan, a home loan, or any other loan, you’ll need accurate CIBIL scores and a CIBIL report. As a result, in order to save your financial health, you must be constant and cautious in your approach. Regularly checking your credit score report not only helps to scrutinize the authenticity of your credit score but also helps in teaching how to increase cibil score. It doesn’t matter which credit agency you are using. What matters is the authenticity of your credit scores. Go for a free CIBIL score check. This facility is provided by different lenders or financial portals. In this way, you can check all the information about credit score and your credit reports and verify their accuracy. If you find any mistake in your credit report, you can immediately report it to the cibil bureau. The concerned authorities will then take the necessary actions.
