If you’ve ever applied for a loan, you know how important your credit report is for the loan application process. However, there may be times when your credit report contains some errors which can bring down your loan eligibility. In such cases, you can raise a CIBIL dispute to fix these mistakes as soon as possible.
Here’s how you can file and resolve a CIBIL or credit dispute.
What is CIBIL Dispute?
Your credit scoreis a three-digit number indicating your creditworthiness. This score is based on your credit history and is a part of your credit report. Since your credit report is a summary of your past loans and contains your personal and financial information, any discrepancy in the information impacts your credit total.
Here, it is advisable to raise an issue with the CIBIL to fix the error. This process of fixing any mistakes in your credit report is the CIBIL dispute.
Types of CIBIL or credit dispute
- Individual Dispute- These disputes may relate to any mistake in the personal details or any issue related to duplicate accounts. Errors in personal details include incorrect entry of name or address. Similarly, there may be an unrecognised credit enquiry, or a loan may be reflected twice, leading to a duplicate dispute.
- Company Dispute- Such discrepancies may occur in company credit reports. It might include errors relating to incorrect ownership details, data inaccuracies, duplicate accounts, company details, etc. Here, the authorised signatory of the company can raise a dispute online.
How to raise a dispute with the CIBIL?
You can raise an issue with the CIBIL either online or offline. For quick resolution, follow the online process as below-
- Log in to ‘My CIBIL’ with your details. Moreover, if you have received your report from a lender, register with CIBIL first and log in to your account.
- Go to ‘Dispute Center’ under the ‘Credit Reports’ section and click on ‘dispute an item’.
- Next, fill in the CIBIL dispute resolution form with the correct details.
- Select the relevant section where you want to raise a dispute and fill in the accurate details. You can raise multiple issues in this dispute resolution form.
Alternatively, you can raise an issue offline by sending mail to the registered address in Mumbai.
Process of dispute resolution
- Once you submit the dispute resolution form online, the relevant sections are marked as ‘under dispute’.
- CIBIL contacts the financial institution to verify the error.
- Here, the lender may or may not accept the dispute.
- If the lender accepts the issue, they will make the corrections in your credit report and will notify you via mail or SMS on the registered mobile number.
- Once the issue is resolved, the ‘Under dispute’ tag is removed from the credit report.
The resolution process may take up to 30 days, so you must check the status of the dispute regularly.
Additional Read: Tips to Help You on How to Read Your CIBIL Credit Information Report
To sum up
Ensure to check your credit report regularly to rectify any errors that might end up affecting your credit total. Meanwhile, perform a quick credit score check online with Tata Capital, and ensure a solid credit rating!