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Before resolving the CIBIL errors, it is important to be well aware of all the types of errors and the reasons behind their occurrence. Knowing the exact reason why a CIBIL error occurs will make it easy to resolve the errors. There are many errors that could arise in your Credit Report. Each error has a different reason behind its occurrence. The effect of each error on the CIBIL Report is different.
How to Resolve CIBIL Report Errors through Creditseva
Creditseva will provide you with all the support, guidance and analysis in resolving your CIBIL errors without any difficulty. By utilizing the credit advisory services of Creditseva, you can stay tension free and get complete guidance to resolve CIBIL Errors. Resolving CIBIL errors in a proper way and at a proper time will help individuals in maintaining a good CIBIL Score.
Points Considered to Resolve CIBIL Report Errors
1. Multiple accounts: There are chances that multiple accounts are registered in an individual’s name in a report given by CIBIL.
2. Incorrect current balance: Individuals should check their current balances of credit in the CIBIL report. The current balance should match with the actual balance that is on your loan or credit card.
3. Faulty Personal Details: There are plenty of chances for incorrect or faulty personal details in the CIBIL report. These personal details include the individual’s name, their address, PAN Card details and date of birth.
4. Right No of Outstanding Loans: It has to be carefully observed that the number of outstanding loans mentioned in your credit report is clearly correct.
5. Overdue Amount of Loan: It is important to check that there is no record of an amount of loan as overdue in spite of making the payments on credit cards and loan instalments on time.
6. No Update of Current Balance: This error is the one of the commonest of all other errors. Sometimes the current balance information of an individual does not get updated.
Important Things to Be Kept in Mind While Resolving CIBIL Report Errors
1. Your dispute is going to be verified from the database of the bank or lender.
2. After the resolution of the dispute, you will be informed.
3. The information will be corrected by CIBIL after verifying the report provided by the lending institution.
4. It takes 10 days for CIBIL for the update of the data that is related to the disputes, from the lending authority.
5. It is to be noted that CIBIL will not rectify the disputes as soon as the dispute has been raised on the website of CIBIL.
6. An individual’s CIBIL Report will be updated only when CIBIL sends the dispute to a bank or financial institution which verifies the legitimacy of the dispute.
7. It usually takes 40-60 days of time for a dispute to get resolved. This duration generally depends on the time that has been taken by the lending authority to revert back to CIBIL with the appropriate information and facts.
Process to Raise a CIBIL Dispute
There is a particular process to raise a dispute. If this process is followed, every individual can take a deep sigh of relief and progress towards a better CIBIL Score.
1. The first step includes logging on to the CIBIL’s website and makes a request for the dispute by submitting a dispute form that is available online. This form has to be filled completely with all the required details.
2. All individuals are provided with a control number. They should keep it with them safely.
3. Analyze the type of error as well as include the exact type of error that has occurred in the form.
4. It is also required that the personal details that have been provided, are correct so that CIBIL can initiate the process of dispute and contact you after its rectification.
5. Every individual’s details will be verified by the respective bank and lending authorities.
6. After the completion of the entire process of dispute resolution, an individual will receive a notification through an email. This notification is regarding the dispute’s status, as in it is resolved or how much more time will it require for the dispute to be resolved.
Process of Correcting Errors in CIBIL Report Online
The process of correcting errors in CIBIL report is called CIBIL Dispute Resolution process. The process includes a series of steps which are as follows.
1. CIBIL does not update or correct your errors. It approaches the lending authorities and based on their report it updates your report.
2. You need to have a control number which can be usually seen on the right side of the CIBIL Report.
3. If you want to resolve errors in CIBIL Report, you can request for correction in errors in a single Dispute Resolution process. There are basically two ways to request for correction of errors in CIBIL Report online.
Two Different Ways to Resolve CIBIL Errors
- When the CIBIL Report is Obtained From Bank
- If you have received the CIBIL report from banks or financial institutions, then you need to follow the process of visiting the portal of CIBIL Dispute Resolution.
- You need to fill up a form and submit it so that you can proceed with the next steps and complete the entire process by after you have explained the particular error that has been found on your report.
- If You Have Obtained the CIBIL Report from CIBIL
- After an update to your dispute, you will receive an email notification from CIBIL that will inform you about the status of the dispute request.
- If your dispute has been accepted and the disputed information is updated, CIBIL will send you your updated report.
If you have resolved the errors by directly interacting with banks of financial institutions and you still find errors in CIBIL report, then there may be two reasons to it. The first reason is that the bank may not have submitted your recent credit information report to CIBIL and the second reason is that the dispute is still going on. Therefore it is very important that you always check for any errors in your CIBIL Report after downloading it. By doing this, you will have an assurance that there are no mistakes or errors in the CIBIL Report and you will not miss out on any information that could be important for you.
Correcting errors in CIBIL Report
You should follow the steps given below if you want to get clarifications in your credit report.
1. You need to ask the bank that rejected your loan application to provide you with the control number of your credit report.
2. It is also required to send an email to email@example.com referring your credit report control number and mention the particular type of discrepancies in the report.
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