Errors in the CIBIL Report? Here is How to Resolve Them
May 17, 2019 Home Loan
The CIBIL report is an essential document when it comes to loan lending institutes and banks to decide if you are the right candidate to give the home loan to. There can be times when there could be mistakes in your CIBIL score. The errors can hurt your chances of getting a home loan.
Before we proceed further let us first discuss what a CIBIL report comprises of? CIBIL report holds personal information like name, contact information, employment information, credit or loan information. Credit or loan enquiry made.
Before we proceed further let us first discuss what a CIBIL report comprises of? CIBIL report holds personal information like name, contact information, employment information, credit or loan information. Credit or loan enquiry made.
- Duplicate account: A person can have multiple accounts registered under his name.
- Wrong loan information: One should check appropriately if the outstanding loan amount is correctly mentioned in the report or not. The applicants should also make sure that there are no over dues mentioned in the report if all the loan payments and credit card fees are on time.
- Personal details: CIBIL reports hold your personal information too. Make sure all the details are correct, including the spellings.
- Inaccuracies in the balance: The applicants must check the current balance in their credit report, and it should match with the outstanding balance. One of the most common errors in the absence of a current update. The error is caused due to the time delay in the payment and the agency creating the report and submitting it to the lender.
We discuss how to resolve the mistakes in the report below:
- One thing to remember is that when you raise a dispute for the rectification in your report, CIBIL is not going to do it immediately. CIBIL will send the dispute to the concerned bank or financial institute to verify the legitimacy of the dispute. After the bank or the financial institute approves the dispute, then only CIBIL will work on it.
- The dispute will be resolved in your bank’s database, and you will be informed once the dispute has been rectified.
- It can take 40 to 60 days for the dispute to be rectified.
- CIBIL only works on the dispute when they receive the data from the concerned bank. And it can take them at most ten days to work on the report.
How to raise the dispute with CIBIL?
- The applicant must log in to the CIBIL website and fill the form for raising the dispute with all the details required. You will then receive a nine-digit number that will be your CIBIL report rectification number.
- In the description mention the nature of the dispute in detail. The error and its nature must be appropriately discussed.
- You must also say your information accurately so that once the dispute has been resolved, CIBIL can contact you.
- You will get the email regarding the status of your dispute. CIBIL will get in touch with your bank regarding the dispute and every update on your report will be informed to you.
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