A wrong entry in your CIBIL report, like an invalid or fraud credit transaction, can bring down your credit score. However, in such a situation, you can raise a CIBIL dispute to fix the errors in your credit report.
Read on as we discuss what a CIBIL dispute is, how to raise one and the benefits of doing so.
The process of correcting inaccuracies in your CIBIL report by raising a dispute is commonly referred to as CIBIL dispute. These errors could be incorrect personal information, outstanding loan 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 CIBIL score. That’s why you need to check your CIBIL score regularly to quickly point out any discrepancies and get them fixed at the earliest to improve your score.
You can rectify an error in your CIBIL report either online or offline. If you wish to make your CIBIL correction online, follow the steps below:
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: https://www.cibil.com/consumer-dispute-resolution
You can do so 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
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 take around 30 days to settle your dispute. You will receive emails during this time to update you about your CIBIL dispute status. An SMS will be sent to you once your report has been corrected.\
You can raise a CIBIL dispute request if you find out that your account is present twice.
These may include inaccurate address details, mobile number or name.
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.
If your credit report repeats the same account again and again, you need correction.
In case the company account specified isn’t in your name, then an ownership dispute arises.
Some other information in your account such as the sanctioned amount and credit type may be incorrect.
Although you can raise a CIBIL dispute for most of the discrepancies found in your CIBIL report, there are certain exceptions. Here are the details for which you cannot raise a dispute:
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.
It’s worthwhile to reiterate the importance of checking CIBIL reports regularly to spot any discrepancies. When you spot one, you may want to raise a dispute quickly by following the above-mentioned steps to get them fixed. Learn how to improve CIBIL score and maintain a high loan eligibility for your future loan requirements.
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You can log on to your myCIBIL page and check the ‘Dispute Status’ section. Cibil would also send you emails updating you about the status of your dispute. You can also call on the CIBIL helpline at +91-22-6638-4600.
CIBIL might take around 30 days to respond to your dispute; however, it could take up to 12 months for your CIBIL score to improve after resolution of your dispute.
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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