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What can be done if an individual is not satisfied with the response from CIBIL? In such a scenario, an individual can bring the dispute to the senior management’s attention. There is a process of grievance redressal that has to be followed. This process is explained below.
Assistant Vice President (AVP) of Consumer Services:
1. If an individual is not convinced with the response after approaching the Manager of Consumer Services, the AVP can be then approached via an online form. The individual needs to provide the valid service request number along with the escalation issues that were discussed with the manager of consumer services. This resolution process would take approximately 8-10 days.
2. Manager of Consumer Services: When an individual has approached the Manager of Consumer Services for grievance redressal, the details related to the dispute that was submitted earlier, need to be provided. It will be expected that the individual has a valid service request number take this issue up to higher authorities. This resolution may take around 10-15 days.
3. Senior Vice President (SVP) of Consumer Services: If an individual feels that the problem is still unresolved, the issue can be escalated to the SVP with all supporting documents, facts, evidence, service request number and responses of manager at lower levels.
CIBIL Dispute Resolution Process
After identifying the incorrect information, the CIBIL Dispute resolution process should be initiated. It is to be noted that EMI payments are updated in CIBIL report in a span of 45 days’ time. Therefore, if it so happens that your recent payments have not been reflected in the report, you don’t have to worry. But, if the EMIs that are 2 months old have also not been reflected, then it is a cause for concern. This is when you need to write to CIBIL through CIBIL Dispute resolution process so that the information is updated. The dispute can be raised regarding any section of the Credit report.
If the reason behind the low credit score of an individual is because of the individual’s mistake, then it is to be made sure that these mistakes are not repeated in future. But, if the credit score is low because of the mistakes made by the lenders, then the CIBIL dispute resolution process should be followed so that the errors get rectified.
You should know that CIBIL doesn’t make changes on its own without getting the details or dispute resolved by the respective Credit Institution. So all the changes requested and done by CIBIL needs to be authorized by the Credit institution.
Creditseva provides rectification tools that enable you to easily track errors and report these in few seconds to the relevant credit bureaus and get them fixed with these tools. This way you will save much of your time and money.
CIBIL Redressal Process
The CIBIL Redressal Process consists of a series of steps to be followed. By following these steps, an individual can make the CIBIL Redressal Process convenient.
- Once a dispute has been raised at CIBIL, it goes through the grievance redressal cell.
- The Grievance Redressal Cell sends the disputed information to the lender.
- The error is then verified by the lender and the correct information is resent to the credit account to CIBIL.
- After receiving the information, CIBIL makes the changes that are necessary to be made in the CIBIL Report.
- After successful rectification, the correct information is also considered while the CIBIL Score is calculated.
- This corrected information will result in an increase in an individual’s credit score.
- The entire process of rectification usually takes a maximum of 30 days.
It is therefore of utmost importance to keep checking your credit score and scanning your credit report periodically for errors. Errors if any must be reported to the concerned credit bureau immediately, after which the redressal mechanism comes into play. Unless you keep a hawk eye on the information being fed into your report, an error may bring your credit score crashing down. Thus as you can see, it is not just enough to make an effort to enhance your credit score, you must also scan it for errors and resolve them in time to prevent unnecessary hassles when you are about to avail of a loan.
If an individual is not happy with the progress of the achieving the solution to their problem, the individual can approach the senior management of CIBIL. The individuals can escalate their disputes to any of the three different levels of Escalations.
Ways to Raise a Dispute
Basically, there are 2 ways of raising a dispute. The type of way adopted to raise a dispute depends on how an individual has obtained the Credit information report.
- If an individual has bought a CIBIL score by themselves, then the individual will be issued with a CIBIL login and password, from where the dispute can be raised.
- If an individual has obtained the report through a credit institution then the dispute can be raised through this link: https://www.cibil.com/dispute
- There is a control number that is compulsory for raising a dispute. The control number is a unique 9 digit number that is mentioned on the top right-hand corner of your CIR. This number has to be filled this number along with other details asked in the CIBIL dispute resolution form.
- The dispute form is simple and easy to understand. In this form, you need to fill in the personal details and give a brief description of the error that you want to get corrected. After the submission of the dispute, CIBIL will forward the same to the lender and follow up to get the reply and close the query in next 30-35 days.
It is very important that a check is made on the credit behavior of an individual. There are many implications if an individual’s credit score is low. The Credit Report should be reviewed on a timely basis so that your credit score can be improved.
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