Proven Solutions for All your CIBIL Report Problems

A clean CIBIL Credit report will have a high credit score along with zero errors. It is your responsibility to check for any discrepancies in the report that may bring down the credit score. Your CIBIL score check plays an important role in solving the CIBIL report problems. For this, there are several ways to know your CIBIL report online.

This article addresses the errors that are found in the CIBIL report and provide guaranteed solutions. An error-free CIBIL report can enhance your financial life.

What is an Error in the CIBIL Credit Report?

Credit bureaus prepare an individual’s credit report in the country. Using their proprietary algorithm, they also compute credit scores. Nevertheless, your credit report may contain errors that might make it more difficult for you to qualify for a loan.

From incorrect information to incorrect credit accounts, there are many errors in your credit report. Know your CIBIL report online to correct credit report errors as soon as possible can prevent further problems.

What Kinds of CIBIL Report Errors are Found Usually?

Know your CIBIL report online, and first note the errors, if it has any. Your CIBIL report may contain the following errors:

• The CIBIL report might not have included or accounted for the latest payment instalment in the last balance. CIBIL produces monthly reports. Reports are delivered to customers 45 days after they apply for them. As a result, you are very likely to encounter the aforementioned error.
• Accurate, current balance is one thing to watch out for since it could negatively affect customers’ chances to get their loans approved by premier banks.
• Clients should make sure that there are no amounts overdue in their credit reports, which indicate late payments.
• Customers should carefully check the accuracy of their personal information, such as their names, addresses, dates of birth, and PAN numbers. They use credit reports to verify whether the outstanding loans they mention accurately as the customer’s responsibility.
• In CIBIL, customers should check if they have more than one account registered to their names.

There are several inaccuracies in a credit report that can be corrected, but the following fields cannot be disputed:

• Members Name (excluding ownership disputes), Account Number (excluding ownership disputes), Date of inquiry, and Date reported.

How To Resolve CIBIL Report Errors?

When you find the above-mentioned issues, you need to rectify those errors quickly. Once you thoroughly conduct your CIBIL score check, you will know what you have to do next.

Clients must fill in the online dispute form available for free on the CIBIL official website. For this, the customer must have a control number. The control number is a nine-digit number in the upper right corner of the credit report and will be created once the CIR is generated. It plays an important role because CIBIL can identify the credit report with the help of the control number (the customer disputes this). 

After submitting the online dispute form, CIBIL will verify all details with the relevant bank. The customer will receive an email notification regarding the status of the request (dispute). If the dispute is resolved, the customer will receive an updated report. If the customer is not satisfied with the result of the first dispute request, they can initiate a second time. CIBIL will then carefully check the details with the credit agency. 

Customers can also write directly to Credit Information Bureau (India) Ltd, Hoechst House, 6th Floor, 193, Backbay Reclamation, Nariman Point, Mumbai 400 021. 

CIBIL has no right to change the credit information report (CIR). All disputes are forwarded to the credit agency, which determines whether the dispute is legal. The relevant credit agency must verify changes before the credit report can be updated. Update the client after the dispute is resolved. 

CIBIL takes a total of 30 days to resolve any disputes, depending on the time it takes for the credit institution to process the relevant information again. Normally, CIBIL needs 7 days to update the data after receiving the information from the credit institution. According to experts, after CIBIL has corrected the error, it is best for customers to request a new credit report.

How to Raise a Dispute on Errors?

Dispute errors can be raised in the following ways after your CIBIL score check is done:

• To correct the error, go to the dispute resolution section and fill out the online complaint dispute form. To submit a dispute, you will need to provide the nine-digit number provided on your credit report.
• Upon submitting the complaint form online, the credit bureau will verify the dispute by contacting the bank. Changing the credit report is not something that credit bureaus can do.
• Your dispute will be resolved within 30 days, on average. Banks are required by law to resolve disputes within 45 days of the issue being raised. A notification email will be sent to you once the issue is resolved.

What are the Sites That Can Help me With My Credit Report Problems?

The sites that can help credit report problems are:

• TransUnion CIBIL Limited
• Experian Credit Information Company of India Private Limited
• Equifax Credit Information Services Private Limited (ECIS)
• CRIF High Mark

What is Meant by CIBIL Score?

Now to know more clearly, let us understand what CIBIL score is.

Consumers are assigned CIBIL Scores to measure their creditworthiness. It summarises the utilisation of a person’s credit report and reflects its credit history or credit profile. A CIBIL score varies between 300 and 900; the closer it gets to 900, the better chance of the consumer’s credit card or loan application getting approved. This is based on past credit behaviour, such as borrowing and repayment habits as shared by banks and lenders with CIBIL on a regular basis (the details of which are featured in the consumer’s CIBIL Report). 

The Score is based on information in the ‘Accounts’ and ‘Enquiries’ sections, including (but not limited to) loan accounts or credit cards, payment statuses, outstanding amounts, and days past due. When someone applies for a credit card or loan, lenders evaluate the credit history as shown by the CIBIL Score.

Know your CIBIL report online and check your CIBIL score and other information in detail.

What is Days Past Due (DPD)?

The number of days overdue or DPD indicates the financial habits of the loan applicant. For example, it shows the number of months the applicant has not paid EMI in a particular month. The applicant will receive a separate DPD for each credit obtained from the market. These can be personal loans, housing loans, education loans, etc. For each loan, a DPD provided to CIBIL by the institution that provided the loan to the applicant is generated.

For example, if the applicant has 3 different types of loans, such as housing loans, car loans, and education loans, then their CIBIL report will mention three different DPD reports. DPD applies to all credit accounts in the past three years. The lender sends a monthly report to CIBIL regarding on-time payment or non-compliance with EMI. If you do not experience EMI within a month, you will have to wait three or 36 months before it disappears from your visible DPD record. Therefore, it is always recommended that the borrower pay EMI on time without defaulting because a small mistake may cost him a lot in the next few years.

What is CCR or Credit Report for Companies

CIBIL also produces a Credit Report for Companies (CCR). The document contains information about the company. Corrections and updates can be made to the company credit report. In addition, the process of Company Dispute Resolution can be used to resolve any concerns that may arise. A company credit report may be the subject of different types of disputes.

• Account details: Any inaccuracies with respect to details such as name, address, phone number, asset classification, and so forth regarding a company can be rectified.
• Ownership of account: If an account in your company’s credit report does not belong to you, you can raise a dispute in addition to cases wherein the entire report is inaccurate.
• Duplicate Account: A dispute can be raised if one account is duplicated in the company credit information report.

Fields that can be disputed are listed below:

• Company’s name and Branch address Telephone numbers PAN (Company) Proprietor/ Partner name Relationship Legal constitution City, State, and PIN Code
• Account Details
• DUNS Number is a unique identification number given to borrowers at a location.
• Report Order Number: It is an order number provided to the company credit report by CIBIL.

What are the Uses of CIBIL Credit Report

An integral part of your financial journey is to know the uses of your CIBIL Score check. Credit reports and CIBIL scores serve as the first impression lenders have of you, and the higher the score, the more likely you are to obtain a loan or credit card. You can always opt to know your CIBIL report online as CIBIL credit reports/scores can make your life easier in the following ways.

• Credit card and loan approvals are quick and easy.
• Inflation is lower.
• Rent/lease approvals are easy.
• A stronger position in negotiations.
• Obtain higher credit limits.

What is a Bad Credit History

The credit scoring eligibility varies from bank to bank. These credit scores help the lenders know if the loan or credit card has to be approved for the individual or the business. For example, a good credit score would be 700 and above. In contrast, the bad credit score would be 300.

The bad credit history builds up due to the following reasons:

• Default payment history
• Multiple loans
• The high credit utilisation rate
• No credit history 
• The wrong mix of loans
• Error in the credit report that is not resolved

Way to enhance credit history:

• Keep an eye on your credit score always
• Plan your schedule of payments and maintain it on time
• Clear-off outstanding balance
• Limit your credit card usage according to its limits
• Try achieving a fair mix of credits
• Apply for credit only when necessary
• Don’t close old credit accounts

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