Do You Have Errors in Your CIBIL Report? Know How to Resolve It
Nov 20, 2018 Home Loan
Humans tend to make mistakes and given a chance each one of us would like to rectify all our deeds.
Credit Information Bureau of India Limited (CIBIL) report is a glaring truth about our credits. It is a vital document for every home loan borrower. However, nothing is foolproof; there are often errors or credit mistakes in the CIBIL report as well. You must rectify and resolve such errors before you give to a bank for a loan.
Credit Information Bureau of India Limited (CIBIL) report is a glaring truth about our credits. It is a vital document for every home loan borrower. However, nothing is foolproof; there are often errors or credit mistakes in the CIBIL report as well. You must rectify and resolve such errors before you give to a bank for a loan.
CIBIL report comprises
- Your personal information
- Your contact information
- You employment information
- Credit or loan account and enquiry information
Possible errors in CIBIL Report
- Presence of multiple duplicate accounts informationin the CIBIL report
- A mistake in ownership of outstanding loans information mentioned in the credit report
- Incorrect personal details such asp name, address, date of birth and PAN card details
- No loan amount overdue should reflect in the CIBIL report if you have made loan instalments and credit card payments on time
- Inaccuracy in current balanceof credit in the CIBIL report
- The most common error - updated current balance due to the gap in the time gap between payment in the last loan instalment and the lender submitting the credit information to the credit agency
Resolve the CIBIL errors issue
Remember that the CIBIL will never rectify errors immediately even if notified.
- They send the dispute to the concerned credit institution for verification. The report will only be updated if your credit institution authenticates the disputes.
- After verification, you will be informed about the dispute resolution.
- Usually, the CIBIL would require 40-60 days to resolve any dispute, which depends on the time taken by the credit institution to verify and revert. Post this CIBIL takes action to rectify.
As a matter of fact, the CIBIL takes around ten days to update the information after receiving details from your concerned credit institution.
How to raise CIBIL dispute
Here are the steps to raise a CIBIL dispute:
- Go to the CIBIL's website and log on to myCIBIL.
- Click Raise a Dispute.
- Select a relevant section for your dispute.
- Select the account. You must have the control number, which is a 9-digit number.
- Fill the form online. Identify the error and provide a brief description of the error in the form.
- Provide correct personal details so that the CIBIL dispute process can be initiated and they can contact you after it's rectified.
- CIBIL will check the details and reach out to the concerned credit institutions for verification.
Post rectification, you will receive an email notification about the status of the dispute.
Looking for property portal?
Related Articles
-
-
Which Type of Construction Loan Are You Looking For?
Oct 19, 2016 -
-
See comments (0)
Write a comment
