Your capacity to obtain credit from a number of financial institutions is directly related to the three-digit CIBIL credit score. Your CIBIL score is a significant indicator of your financial creditworthiness. In a nutshell, the score offers a snapshot of your current financial health and how you are managing credit, and it is used by individuals looking for credit.
TransUnion CIBIL is the organization that conceptualized this credit scoring model. It does this by gathering information from a variety of financial institutions, and then, using that information, it generates a credit report for each individual entity On the other hand, it is possible for people to discover inaccuracies in their credit reports, such as mistakes in their personal information, outstanding balances, or loan account details. In the event that there are any errors, it is suggested to get them fixed. The process of getting these errors fixed in your credit report is known as the CIBIL dispute. Here in this post, you will get to know how to get your errors fixed and raise a CIBIL dispute.
First understand, the type of CIBIL disputes
They are broadly classified into two parts: Individual disputes and Company disputes.
Individual disputes: Disputes that an individual has with CIBIL will be submitted here if there are any inaccuracies relating to those disputes. It includes mistakes in personal details, problems with duplicate accounts, and data filing mistakes, among other kinds of mistakes. It is also possible that the issue is related to duplicate accounts, which occur when an identical loan application is submitted more than once. The credit score takes a big hit when there is an inaccuracy in the accounts caused by duplicate information.
Company Disputes: This is the process through which inconsistencies in the company’s credit report are resolved. When there is a dispute between two companies, errors might arise when one of the parties files incorrect information about the company, such as incorrect ownership information or other incorrect data. In the event that a dispute arises between the firm, the company itself is required to submit the CIBIL score resolution form. However, it is important to keep in mind that in the event of dispute settlements, there are certain elements that cannot be modified or amended. Among these are the member’s name, account number, and date of query, among other information.
How to resolve CIBIL disputes?
You can correct the errors in your CIBIL Credit Information Report (CIR) in one of two ways: either online or offline. Let’s talk about the processes that are involved in both of these choices.
Raising the dispute online: It is encouraged to use the online approach so that the CIBIL dispute can be resolved more quickly. The following are the measures that need to be taken to start a dispute.
- Register yourself by going to the CIBIL member login portal (https://myscore.cibil.com/) and entering your information there. Simply sign in to your myCIBIL account to retrieve your credit report.
- Go to the “Credit Reports” area, click on the “Dispute Centre” link, and then click on the “Dispute an Item” button.
- After clicking on the link, you will be taken to the Online Dispute Form, where you will need to input the relevant information.
- Now, select the relevant section you want to dispute for. On this form for the resolution of disputes, you can select more than one option.
- Before submitting the form, you must input a value for the disputed field if you are disputing data inaccuracy and pick the Dispute type if you are disputing ownership or duplicates. If you are disputing data inaccuracy, you must also select the Dispute type.
Resolve the dispute via an offline way
You are required to submit a written dispute request as part of the offline process. Within this request, you must specify the nature of the CIBIL dispute. You are required to send the letter to the following location: TransUnion CIBIL Limited, One Indiabulls Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013. Thank you.
How does CIBIL Resolve the Dispute?
CIBIL cannot make direct changes to either its database or your credit report because it lacks the authority to do so. It then forwards the dispute that was raised to the relevant financial institution, and the CIBIL report is only updated once the adjustment has been approved by the relevant financial institution following appropriate verification and confirmation.
The entirety of the CIBIL dispute resolution process can take up to a month to complete. In addition, including revisions to the report may take up to a week to complete.
Whenever a dispute is settled, CIBIL will send a short message service (SMS) to the mobile phone that you registered with them in order to notify you of the resolution or rejection of the dispute.
You can also contact the helpline number 022-66384600 or check the “Dispute Status” on the website of CIBIL.
If you feel that the CIBIL dispute resolution did not adequately address your concerns, you can submit an additional dispute resolution along with the specifics of the original request.
So we are saying,
Checking your credit report on a regular basis is one of the most important things you can do to ensure that your credit report is free of errors and inconsistencies and that it reflects your financial situation accurately. In addition, there are other benefits connected with doing routine checks on your credit report.
It is helpful to be aware of your current financial situation: Monitoring your credit conduct and the impact of your financial behaviour on your credit report is helpful. In this way, you will be able to adjust your borrowing patterns accordingly and steer clear of any activities that can have a negative impact on your credit score.
Increase your credit score: If you check your CIBIL score and credit profile frequently, you can raise your CIBIL score and keep a healthy credit profile. If you have a poor credit score, you can take steps to enhance your CIBIL score. A good credit score is reflective of positive credit behaviour, and if you have a poor credit score, you can take steps to improve it.
In the event that your CIBIL report contains any inaccuracies, it is vital that you take prompt action in order to get the problem corrected as soon as possible. The procedure for lodging a dispute with CIBIL is not complicated, and it may be done quickly and conveniently online through myCIBIL or the official CIBIL web portal. When it comes to approaching financial institutions for loans or credit, making the effort to maintain your account information and facts organized could end up saving you a significant amount of time and work.