Did you know that any errors in your credit report can interfere with your credit score? Sometimes, inaccuracies or discrepancies in your credit report affect your credit score.
If you do not get these mistakes rectified, the chances are that they may lower your credit score even further over time. Fortunately, you can prevent this from happening by monitoring your credit report regularly and reporting errors to your credit bureau as soon as possible.
Here is a guide on how to access your credit report online, what errors to watch out for, and what to do for rectifying credit mistakes.
Here is how you can view your credit report
To view your credit report, access it online through your credit bureau’s website or use a trusted third-party tool.
This free tool by Tata Capital lets you view your credit report and score within minutes. Here are the steps you need to follow:
- If you are a new customer, input your personal details like your name, date of birth, email ID, PAN, mobile number, and address. Make sure all the details are correct.
- If you are an existing customer, enter your registered mobile number. You will receive an OTP. Enter the OTP and hit submit.
Scan your credit report for these errors
Here are some common errors that you should be aware of:
|Identity-related||Incorrect first name, last name, phone number, address, PIN, or PAN. The information in your report is of someone with a similar name.|
A closed account shows up as an open one in the report. A recent loan account is missing from the report.Accounts incorrectly reported as defaultedIncorrect EMI payment dates Incorrect display of late paymentsA loan account listed with multiple creditors.Information about old accounts that have been closed.
|Balance-related||Incorrect account balanceIncorrect credit limits|
Additional Read – Tips to Help You on How to Read Your CIBIL Credit Information Report
Rectifying credit mistakes in your credit report
To rectify errors in your credit report, contact your credit bureau. Or, visit their website and look for the dispute resolution section. Credit bureaus do not levy any charges for disputing errors.
You will need to fill an online form and submit the nine-digit number on your erroneous credit report. Attach all supporting documents to assert your claim.
Once you submit your online complaint form, the credit bureau will verify the dispute by approaching your bank. Why? Because credit bureaus simply keep a record of your data and cannot make changes in the credit report on their own.
How long does it take to rectify your credit report?
Complaints about incorrect information take around 30 days to get resolved. Disputes related to personal data get resolved quickly, while those related to loan accounts may take time, so be patient.
Once resolved, your credit bureau will notify you about the result via email. Then, you should perform a credit score check online to confirm the changes.
Additional Read – How to Make a Credit Score Calendar for Building a Good Credit Score
Checking your credit report and ensuring that everything is in order is one way to maintain a healthy credit score. So, get started today and perform afree credit score check with Tata Capital.