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CIBIL Rating or Credit Report is one essential document for a person whose finances see a lot of entries and exits, especially at lending institutions. It is the only document which can decide the creditworthiness of a person. If you ever reach out to any financial institution to borrow money, the first thing they’d like to know about you is your credit history which is entailed in your Credit Report. The same is also known as CIBIL scores. Better the scores, better will be your chances of getting credit!
So, in case if you ever come across any kind of error in your credit report, you should immediately raise it as a dispute with CIBIL (Credit Information Bureau India Limited) and get it resolved as soon as possible. One small error, be it of reporting personal details or calculation of balance overdue, should not be taken lightly at all. One should immediately notify CIBIL about the same.
Now, the question arises that how to resolve a CIBIL dispute? Or, how to get a CIBIL error rectified?
So, here are your answers!
Solutions for getting CIBIL error rectified
Whatever is the error or dispute, one thing should be very clear to the person raising it that CIBIL does not change or manipulate any information on any person’s credit report. Even not of defaulters! Yes, you read that right!
CIBIL is actually just an organization which is responsible for collecting and verifying information which is received from various lending institutions or credit providing organizations.
Also, important to note is that one cannot personally visit CIBIL’s office and talk the dispute out. That does not happen! The only way to raise a dispute with CIBIL is either online or by sending it in writing to their Mumbai office.
For the latter one, we believe you only need the address, which is – TransUnion CIBIL Limited, One Indiabulls Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013.
For the first one, that how to raise a dispute with CIBIL, here’s the answer-
How to raise a dispute with CIBIL
Whether you are an individual or a company, you need to fill a specific online dispute-resolution form provided by CIBIL on its official website. While filling the form, do not forget to fill the Control Number provided on your Credit report. It is a unique 9-digit number which is renewed every time the CIBIL report is generated. Once you have furnished this unique 9-digit control number on the form with other essential details, you will be provided with a dispute ID.
This dispute ID will help you to track your report. If the dispute is simply a reporting error, it can be resolved by CIBIL itself. However, if CIBIL does not have enough data to support the change to be made then it reaches out to your credit providers to verify details. If the loan provider agrees to the error and provides its correction, then the same will be updated by CIBIL in your credit report. The hidden thing that should be understood here is that, more than CIBIL, your details of monetary transactions and credit history should be correct with your credit providers because they are the ones who provide CIBIL with details. Otherwise, in itself, the leading Bureau of the nation cannot rectify any error for which it does not have sufficient proof.
Hope the answer suffices!
Let’s also understand here, what are the types of disputes that can be resolved by CIBIL. So, here’s the helpful list –
Types of CIBIL disputes
1. Individual Dispute
- One type of individual dispute could be reporting an error like a misspelt name. For example, if your name is Pooja, and it is spelt as Puja in the Credit report. This or likewise errors fall under the same category.
- The other type of dispute could be pertaining to duplicity. It could be possible that your account may be present twice and hence a duplicate dispute may have arisen.
2. Company Dispute
There could be many types of disputes if it is a company’s Credit Report and not of an individual. The summary of the same is as provided below –
- Dispute related to company’s account details like its name, address, Pan, credit type or the sanctioned amount.
- There could be duplicity of account in your Credit Report. For example, a particular account might get repeated over and over. This type of issue needs a dispute to be raised.
- Ownership issue could be if you are the owner of the company but the company’s account is not in your name.
- There could also be certain fields in the Credit report which could be incorrect. For example, company’s name, its legal constitution, any of the company’s addresses like the corporate office or registered office address or the branch addresses or the contact numbers of the branches might not be correct. There could also be issues pertaining to company’s top layer or its relationship with its client organizations or likewise.
One can raise any of these issues as disputes with CIBIL and though the agency would take time, which is usually a month, still the same can be rectified whenever they are erroneous.
For information sake, this should also be remembered that information related to the Control Number issued by CIBIL or the enquiry date or the date the dispute was reported; these could not be raised as disputes with CIBIL. You also cannot raise a dispute pertaining to member name or account number unless and until it’s an ownership issue.
So, it is important to act wisely while raising any issue with CIBIL. Once the dispute is resolved, the apex organization notifies the customer by sending SMS on the registered number and also via mail. However, in case you are not satisfied with the resolution, you can raise another dispute by following the same above-mentioned procedure.
The only thing that should be borne by you is whether it takes less or more time, the important thing is that if there is any error in your report, you should get it rectified otherwise whenever in your life, you’ll reach out to any institution for credit, it will create problem for you and then you might have to do this exercise at that time.
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