Mr. Singh’s credit card issuer and lender report his repayment details to CIBIL. They usually record his information post every 3 months or on a monthly basis. CIBIL maps out a score for him after every three months using the updates in his credit report.
Although the scoring procedure is highly transparent, Mr. Singh finds out a misprint in his CIBIL report. Are you wondering what he can do now? To know the procedure for CIBIL report correction, keep reading!
In case of any discrepancy in your CIBIL score or report related to your loan account date, outstanding balance, name, contact information, etc., you will have the option of rectification. CIBIL dispute refers to the procedure of identifying and fixing mistakes in your CIBIL credit report.
Are you looking for CIBIL corrections online? If yes, then know the major categories of disputes first.
The following errors may arise in a person’s credit report:
Knowing the following disputes will help you resolve your issue faster:
Here are the following details for which you cannot raise a correction request:
You can rectify the error using both online and offline procedures. If you wish to make your CIBIL correction online, follow the process below:
If there is a mistake related to duplicate information or ownership details, you can choose the dispute type from the given menu. On the other hand, in the case of data inaccuracy, you can type your details in a given field and press the submit button. Rectification of a significant error may lead to CIBIL score correction.
You can raise a dispute online by writing an application to TransUnion CIBIL. Get the address below:
TransUnion CIBIL Limited,
One Indiabulls Centre, Tower 2A, 19th Floor,
Senapati Bapat Marg, Elphinstone Road,
Mumbai – 400013
Once you submit your dispute request, the following will take place:
CIBIL will take around 30 days to settle your dispute.
Also Read: How To Check CIBIL Score Online?
Hopefully, you have now understood how to make CIBIL corrections online. Pay close attention to your CIBIL report and rectify a mistake immediately if it arises. An error-free report may improve your CIBIL score in the near future, and with a decent credit score, you can easily avail your required loan amount.
If you are not satisfied with the CIBIL dispute resolution, you can directly contact CIBIL or raise a fresh dispute request. CIBIL will only update the information if your lending institution furnishes it. It does not manipulate or change your data.
Most lenders approve a personal loan if the applicant has a minimum CIBIL score of 750. You can avail more attractive interest rates on your personal loan with strong income proof and a higher CIBIL score. Contrarily, a lower score may diminish your possibility of availing a loan.
The ideal CIBIL score to opt for a home loan varies from lender to lender. The cut-off limit can be 650 for one lender and 700 for another. A score of 750 or above is perceived as ‘excellent’, whereas scores between 650 and 749 are taken as ‘good’.
The following information can be found in a CIBIL credit report:
ECN (Enquiry Control Number) denotes a 9-digit unique number that enables a lender to find a borrower’s credit record from CIBIL. It maintains details of a borrower’s credit score and history. You can acquire your control number when your credit report gets generated.
Before you go…