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Credit Score cannot be increased immediately because there are no shortcuts and it does not work like instant coffee. Improving Credit Score is a gradual process and one has to work over a period of time to increase the score.
Credit score is a crucial criterion that is used by banks to evaluate an individual’s loan application. It is usually seen that there are large numbers of cases with problems and errors in CIBIL report. It is important to continuously update yourself with solutions to these problems. This will help you to improve your CIBIL so that you get a better deal on loans. It takes around 12 to 24 months to improve your credit score depending on your current credit score.
Creditseva is one such platform where you can find solutions to all your CIBIL Credit Report Problems. You will not only be provided with the solutions to your problems, but also guided on the path to be taken while you are in the process of solving your CIBIL Credit Report Problems. These guidelines will help you in avoiding the reoccurrence of those problems all over again.
Problem No 1: Bad credit history
If an individual has bad credit history, his creditworthiness will be affected in view of the bank. What is the solution to this problem?
1. Keep a track of the due dates for EMI and Credit Card Payments.
2. Start Checking Your Credit Score by downloading your credit history report from CIBIL’s website.
3. Make Your EMI and Credit Card Payments on time.
4. Communicate with the lending authority if there is any information that is wrongly mentioned in mentioned in your credit report.
5. Do not depend more on unreasonable debt to fulfil personal requirements.
Problem No 2: Errors in CIBIL Report
Sometimes there are major or minor errors in a CIBIL Report. Minor errors can be some spelling mistakes, or misprint in your address or name. Major errors can be an error of mistaken identity wherein someone else’s loan has been credited to your account. If such errors occur, you will experience a drop in your credit score.
- You need to download CIBIL Report from CIBIL website.
- Carefully check for errors in the report.
- After checking for the errors in the report, you need to raise a dispute with CIBIL by filling up their resolution dispute form.
- After the verification of your details, CIBIL will remove any errors that are found in your CIBIL report.
Problem No 3: Days Past Due (DPD)
Days Past Due explains the number of days a payment on an account is late in a particular month. Any number other than ‘000’ is considered negative by the lender. If your DPD is some number other than ‘000’ it means that your financial obligations have not been met and this can be a reason for a negative impact on your financial records.
Solution: The most appropriate way to avoid an unfavorable DPD is to pay your bills on time and avoid taking excessive debt that is unnecessary. This will enable you to honor your financial obligations without facing any troubles.
Problem No 4
If my CIBIL report shows the overdue amount even after clearing the dues or it shows that there are defaults in the payment history in spite of making the payment on time.
The best solution to this problem is to approach your lender and request them to correct the data in their records. You also need to request the lender to submit the corrected data to CIBIL. It is important to note that CIBIL is not responsible for the creation of data related to individuals; instead they depend on lenders to submit correct data.
Problem No 5
What should be done if my CIBIL report shows the closed account as open still?
In this situation, you need to verify with the bank whether they have closed the loan file and provide them with all the details that are required.
Problem No 6
What can be done if there is no proper response from the Bank for the complaints made by the individuals?
Firstly you need to check whether you have sent out communication on right address or on the right email ids of Bank officials. Secondly, even after the acknowledgement of your complaint, if you do not receive any response from the Bank, you should approach Banking Ombudsman. It is important to attach the required correspondences with the bank so that they understand your case.
Problem No 7
What needs to be done if there is wrong data in the Credit Report?
Example: The report shows the details of a different individual’s accounts in the records of another individual.
You need to write to that particular bank from where you have taken the loan. This letter will be a request letter for the correction of records and submission of the corrected records to CIBIL. If you are unable to identify the account data since it belongs to CIBIL so that the errors are rectified.
Problem No 8
Errors in Credit Balance: Sometimes the CIBIL Report shows incorrect balance.
You need to inform CIBIL that there is a mention of an incorrect balance in the report. The errors Credit Balance will get rectified.
Usually, there are chances that large numbers of errors and problems occur in a borrower’s report. You should always keep a close check and look out for any errors and problems in your credit report and find out a solution for them. The most appropriate way to avoid the problems that occur in a credit report is to maintain good paying habits and not take excessive credit.
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