CIBIL score is a three digit score which determines a borrower’s creditworthiness based on their past credit history and behaviour. However, there might be discrepancies in this score and the consumer CIBIL report in various areas such as the name, address, outstanding balance, dates, loans, etc. In such circumstances, a CIBIL dispute can be raised to rectify those discrepancies.
Any dispute in the CIBIL Report or Company Credit Report can be notified by raising a CIBIL dispute resolution request. Those who have registered on CIBIL can directly raise a dispute by logging into their CIBIL member account.
When applying for any kind of loan or credit card, credit ratings are a critical first step. Any person must keep up with their credit score since it is a reflection of their creditworthiness. They will be guaranteed quick and efficient cash support for any reason. Such financial aid can be acquired without problems, delays, or reductions in the necessary credit.
In India, there are four credit rating firms that offer this type of credit score. These organisations are CIBILTM, Equifax, Experian, and CRIF High Mark. One of these organisations, CIBILTM, is the most well-liked in India.
CIBIL provides applicants with credit reports on a regular basis. However, these reports may contain inaccuracies or false information. These entries must be repaired or rectified to guarantee that the individual’s credit score is not harmed.
What are the different components of a CIBIL Report?
A CIBIL Report or Credit Information Report (CIR) has the following key components:
- CIBIL Score
The CIBIL score is a three digit score ranging from 300-900, with the higher end of the spectrum reflecting higher creditworthiness or repayment capability of the individual or company and the lower end reflecting lower creditworthiness. The information given in the credit report is used to calculate the credit score.
- Personal Information
The CIBIL report contains basic personal information such as name, date of birth, gender, PAN card number, Voter ID, etc.
- Contact Information
This section of the CIBIL report contains information such as telephone numbers and addresses. A maximum of four addresses can be mentioned.
- Account Information
The account section contains information regarding the credit facilities such as name of lenders, loan account, account numbers, month on month payment history, type of credit, etc.
- Enquiry Information
When you apply for a credit card, the respective financial institution accesses your credit report. These enquiries are listed on the credit report including details such as the vendor’s name, amount of credit applied, type of credit applied, date of application of credit, etc.
Types of CIBIL Disputes
The following are the types of CIBIL disputes:
1. Individual Disputes
Inaccuracies in your CIBIL Report can be related to your personal details and issues related to duplicate accounts. Personal details include incorrect filing of name or address. For example, Sanjay Mishra could be misspelt as Sujay Mishra or a single loan account may be reflected in your CIBIL Report twice, thus reducing your overall score
2. Company/Commercial Disputes
Company disputes may arise in the form of incorrect ownership detailsc, the existence of duplicate accounts, data inaccuracies, etc. The authorized signatory of the company can initiate dispute resolution by filling the CIBIL dispute form.
However, information that cannot be rectified through the dispute resolution mechanism includes account number, member name, enquiry date, and control number.
Dispute Resolution Process
Step 1: Once you submit the Online Dispute Form, the fields disputed will be labelled ‘Under Dispute’.
Step 2: CIBIL will take this up for discussion with lenders based on the type of dispute. Step 3: The lender may or may not accept the dispute.
Step 4: If the lender accepts the dispute, changes are made accordingly.
Step 5: The label ‘Under Dispute’ will be removed from the disputed fields.
Step 6: The total turnaround time of the process must be within 30 days.
Raising a Dispute Online
You can navigate to various sections of the report and mark errors in multiple fields within a single dispute. The online process is recommended for those who are seeking a quicker resolution. Follow the procedure given below to raise a dispute online:
Step 1: Log in to my CIBIL with your credentials. If you have accessed the report via a vendor, you must register yourself with CIBIL and log in to your account.
Step 2: Under ‘Credit Reports’ section, navigate to ‘Dispute Center’ and click on the ‘Dispute an Item’ option.
Step 3: You will be redirected to the ‘Online Dispute Form’. Fill up the details in the form.
Step 4: Under ‘Identification #’, select the identification document that needs to be corrected and correct the corresponding number at the bottom of the form.
Step 5: Click on the ‘+’ symbol to correct information related to multiple documents.
Step 6: After disputing all the mistakes, you can click on ‘Submit’.
Raising a Dispute Offline
You can write about your dispute and send it to the address: TransUnion CIBIL Limited, One Indiabulls Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013
How to check CIBIL dispute status?
If you already have access to myCIBIL, you can check the status by logging into it and going to the ‘Dispute Status’ section. However, if you do not have the access to myCIBIL, CIBIL sends you email notifications regarding the status of your dispute.
When you successfully raise a Company Dispute, a unique ID for the dispute will be generated which can be used to track CIBIL dispute status. You can also call the CIBIL helpline for the same.
Possible Errors of Credit Report
- Inaccurate Personal Information
The most frequent mistakes in every CIBILTM credit report are those involving the applicant’s personal information. The applicant must review their personal information in the CIBILTM report for things like name, residence, age, date of birth, PAN Card information, etc.
- Having a Duplicate Account
Having a second account in the applicant’s name is a typical mistake. There can be a number of accounts in the applicant’s name with a poor credit history. Such accounts may have an impact on applicants’ CIBILTM scores.
- The Overdue Amount Is Incorrect
The overdue amount is the sum that is owed to the applicant and must be reimbursed. This amount is submitted to CIBILTM by lenders or banks, and it is used to generate the credit report. It is possible that such an amount was misreported and was carried forward to the CIBILTM report. In such circumstances, the applicant’s CIBILTM report will indicate an inaccurate credit score and will be wrong. To obtain the accurate credit score, the applicant must correct this inaccuracy.
- Improper balance
To represent the applicant’s genuine credit situation, the current outstanding balance and the actual amount owed must match. This is another instance when a mistake must be identified and corrected.
- Outstanding loans
An applicant’s outstanding debts are critical in assessing his or her current credit score. If there is an error in reporting the applicant’s outstanding amount or the conditions of the loan, such inaccuracies must be notified immediately for settlement to avoid any negative influence on credit ratings.
How to Rectify CIBIL Errors
The steps you must follow to correct the mistakes in your CIBIL report are:
- To initiate the CIBIL correction online process, download your CIBIL report. Note that you can only do this if you have a subscription plan.
- Spot the 9-digit-long control number and then identify the problem area of your CIBIL report.
- Fill out an official online dispute form that you will find on the CIBIL website. Here, you must mention your personal details and the details of the error in addition to the control number. Post that, click on ‘Submit’ to proceed.
- Wait for CIBIL to get back to you with an update.
Lenders proving Low CIBIL Score Loans
1. Fullerton India
Fullerton India Personal Loan is the most popular personal loan in India given its low interest rates, quick approval, and online process. Fullerton India Personal Loan interest rate starts from 11.99%. The processing fee charged on Fullerton personal loan is 2%. Fullerton also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
2. Omozing.com
Omozing helps make Smart Money Moves for a Lifetime. They strive to get lowest interest rates and best terms for your Online Applications at www.Omozing.com . Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 15,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months. CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)
3. IDFC First
At IDFC FIRST Bank, we want to help you achieve your personal dreams. Whether it is wedding expenses, unforeseen medical bills, funding your dream vacation or renovating your home; IDFC First Bank can help you meet all these diverse financial needs and more with an unsecured personal loan. We have also made it extremely easy with a paperless and hassle-free application process.