- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
Errors that occur due to some credit rating companies affect the CIBIL Score of individuals. Therefore some important steps should be followed to avoid the occurrence of these errors.
Causes of Incorrect CIBIL Scores
Many things cause an incorrect CIBIL Score of an individual. But most importantly there could be two main causes for a wrong CIBIL Score. One reason could be a mistake that has been made by the lender. Another reason is when a borrower has become a guarantor for a loan. In both the cases, there is no direct fault of the lender. Even then the lender’s CIBIL Score gets reduced.
Types of Errors in CIBIL Report
- Overdue of Loan Amount- Individuals need to make sure that there is no amount that is due and pending to be paid by them. They should make a point that each payment is made on time.
- Correct Facts-It should be checked by the individuals that the loans that are considered outstanding have correct facts and figures.
- Artificial Accounts- The CIBIL report of many individuals may sometimes have accounts that are artificial in nature or are the duplicate.
- Update of Current Balance– This error occurs most frequently because of the difference of time period from the loan installment and the submission of an individual’s credit information to a credit bureau.
- Inaccurate Details-The individuals should always keep checking their personal details that are mentioned in the CIBIL Report. These details include their name, date of birth, details of PAN Card and address.
- Incorrect Current Balance- The individuals who have applied for loans or credit cards should always keep checking their current balance. It should be noted that the current balance has to match with the balance that is outstanding for the credit card or loan.
Rectification of Errors in CIBIL Report
While looking at the CIBIL Report, if you find an error in the report, you should see to it that the errors are getting rectified at the earliest. By knowing about the errors at the right time, you will be able to take the precautions that are necessary.
Ways to Correct Your CIBIL Score
An individual should always maintain a good CIBIL Score. In order to do this, you should always keep checking your credit report so that your CIBIL Score is free from errors.
- The primary step is to make corrections in the CIBIL Score by filing a dispute online. You will be able to get the dispute form on CIBIL’s website.
- After the download of the form is done, you need to enter your details along with the CIR Number. The CIR Number makes easy for CIBIL in tracing the report regarding which there was a dispute raised.
- The next step is to submit a form with all the required information and you will be given a reference ID so that you can use it in future.
- CIBIL will start cross verification after receiving your details.
- The bank will check their records to see if they had made any mistake. Then the bank will respond back to CIBIL and update the CIBIL Report after checking the entire information provided by an individual.
- It usually takes 1 month for any dispute to get resolved. The dispute can sometimes also get resolved in less than a month. CIBIL will not take more than a week to update the report of individuals. Individuals will always be given information about the status of their report.
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