CIBIL Dispute – Types, Exceptions and How to Raise a Dispute
Any wrong entry in your CIBIL report, like outstanding balance, invalid credit transaction or presence of loan accounts that have been closed could drastically bring down your CIBIL score. This could strongly affect your chances of getting quick access to credit. In such a situation, you can raise a CIBIL dispute and fix the errors in your credit report.
This blog talks about how to initiate CIBIL dispute resolution to improve your credit score. Keep scrolling to get a better picture
What is CIBIL Dispute?
The process of correcting inaccuracies in your CIBIL report by raising a dispute is commonly referred to as CIBIL dispute. These errors could be in the form of incorrect personal information, showing outstanding balance where you have none, existence of loan accounts or credit transactions that you don’t have or haven’t made, etc.
Such inaccuracies could negatively impact your credit score. That’s the reason why it’s always advised to check your CIBIL score from time to time, so that you can point out the discrepancies in your report, if there are any.
In case you find inaccuracies, you can raise a CIBIL dispute to the credit bureau and get the issue resolved. CIBIL dispute resolution could help you improve your credit score too.
Also Read: How To Get Instant Loan Without CIBIL Score?
How to Raise CIBIL Dispute Online?
You can rectify the error using both online and offline procedures. If you wish to make your CIBIL correction online, follow the steps below:
Step 1: Visit the myCIBIL website and register.
Step 2: Click on the ‘Raise a Dispute’ tab.
Step 3: Choose the relevant section that you wish to dispute.
Step 4: Choose the ‘Dispute Type’ and also provide the details of the dispute in a summary.
Step 5: If you want to correct a data inaccuracy, mention the correct value for the disputed field and finally, click on ‘Submit’.
If you do not wish to register yourself on the myCIBIL website, you can fill up the online dispute resolution form directly by clicking on this link. Companies can also raise a direct CIBIL dispute by clicking on this link.
How to Raise CIBIL Dispute Offline?
You can also raise a CIBIL dispute offline by writing a letter to the official address of CIBIL’s registered office in Mumbai. Make sure to add all the important details like report order number, transaction ID, etc in your application letter. The address is as follows:
TransUnion CIBIL Limited
One World Centre, 19th Floor, Tower 2A and 2B
Senapati Bapat Marg,
Lower Parel, Mumbai – 400013
Company Dispute Resolution
Businesses and companies can raise a CIBIL dispute in case they find any discrepancies in their account details, details of company transactions, etc.
In such cases, companies can raise a commercial CIBIL dispute on their Company Credit Information Report (CCR) both online or offline.
Types of CIBIL Disputes
Are you looking for CIBIL corrections online? If yes, then know the major categories of disputes first.
1. Individual Disputes
The following errors may arise in a person’s credit report:
- Duplicate Account: You may find out that your account is present twice. In this situation, you have to raise a CIBIL dispute request.
- Personal Details: This may include inaccurate address details, mobile number or name. For instance, Rajat Singh can be misspelled as Rajiv Singh and hence requires rectification.
2. Company Disputes
Knowing the following disputes will help you resolve your issue faster:
- Incorrect Fields: Details such as company’s PAN, telephone numbers, branch address, registered address, pin code, state, city, legal constitution, company’s name and name of partner/proprietor/director/promoter can be disputed.
- Duplicate Account: If your credit report repeats the same account again and again, you need correction.
- Ownership: In case the company account specified isn’t in your name, then an ownership dispute arises.
- Other Account Details: Some other information in your account such as the sanctioned amount and credit type may be incorrect.
Also Read: How To Read & Understand CIBIL Report
CIBIL Dispute Exceptions
Although you can raise a CIBIL dispute for most of the discrepancies found in your CIBIL report, there are certain exceptions to the dispute resolution process. There are some details which you cannot change by raising a correction request.
Here are the details for which you cannot raise a dispute:
- Enquiry date
- Date reported
- Account number (if not an ownership dispute)
- Member name (if not an ownership dispute)
- Control number
Also Read: How To Get Instant Loan Without CIBIL Or Low CIBIL Score In India?
How Does CIBIL Resolve Disputes?
After you raise your CIBIL dispute, the errors are scrutinised. It must be noted that during this process, CIBIL does not directly change your report. CIBIL first approaches the concerned financial institution and makes the necessary amendments after authorisation.
Once you submit your dispute request, the following will take place:
- CIBIL will examine your disputed data and will specify these details to your financier (based on the type of error).
- If your financier approves this dispute, CIBIL will make the necessary corrections, and your next credit report will reflect the updated details.
- Once the dispute gets resolved, the tag of ‘Under Dispute’ will disappear from the field.
CIBIL will take around 30 days to settle your dispute. You will keep on receiving mail that will update you about your CIBIL dispute status. An SMS will be sent to you once your report is corrected.
Therefore, it is wise to keep a tab on your account and resolve matters internally before submitting the data to CIBIL.
Also Read: How To Check CIBIL Score Online?
Final Word
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.
FAQs
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 of 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:
1. Applicant’s employment details
2. Details related to loan enquiries and credit cards
3. Information of loan taken
4. Applicant’s personal details and contact information
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.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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