Trouble Correcting Your CIBIL Report? Here’s How to Resolve it

Aug 2018 | Team Rubique

Overview

While checking the credit report if you feel that your credit score is extremely low, then this means you have defaulted your certain EMIs of your bank loan or have defaulted the payment for your credit card. Alternatively, this could have defaulted long back, and now you do not remember about it. However, if this is not the case as you have made all the payments on time and still you see a lower score, then make sure it is an error?  Committing mistake is no crime as we are being human beings can commit such mistakes and bankers are no exception.  Some people do not realize that such mistakes have been committed in their CBIL report and it can have repercussions on your further loan or credit card applications.   Hence it is important to keep a check over your credit score on a regular basis as it will help in knowing whether the score is right or wrong. Once you notice the error, don’t push your panic button instead do the right method to fix things.

Errors to be corrected – Data Entry Mistakes

We know the bankers have the responsibility of updating your credit score on a monthly basis. However, people entering the data might enter a wrong key without cross-checking that could lead to such issues. Some of the mistakes that can occur include an error in the loan amount, the current balance, the problems in date, adding the illegal status, mistake in ownership type, entering wrong dates, and error in adding the assets’ value to name a few. If you check the report on a regular basis, you will realize about the mistake committed.

Errors in the CBIL Report about your Personal and basic details

The errors can be committed while giving away your basic and personal details. These errors can include your name, gender, address, email id, PAN, Aadhaar number, Zip Code and phone number and so on.  For instance, a customer with her name as Ayesha Khan, if entered with a wrong spelling as Aisha Khan can be a problem. You can, therefore, see the difference in writing spellings that can end up giving the wrong name. This can further add problems. Hence we need to be careful about this issue.

Anything that you do not own

If you have anything in your CBIL Report, which doesn’t belong to you then better get rid of it. This may not appear that serious on the face of it but can have its negative impact in the coming future. This can prevent you to apply for loans or credit cards.

Fixing Errors in your CBIL Report

Once you know the kind of errors that can be seen in your CBIL report, its time now to check how these errors can be fixed. Let’s check them out as under:

  1. First things first, better fill a CIBIL Online Dispute Resolution Form. Do it very consciously entering all the accurate details. Once you fill the form, submit it, and this will give you a dispute id that can be later used as a reference to your online complaint.
  2. Now, the CIBIL will forward the request for error correction to a specific lender, and if you find the lender confirming about the mistakes in your credit score report, the concerned authority will update the said report. However, this process will take time, which will be not more than 30 days to fix the errors.
  3. You can further explore this issue by contacting the CIBIL by either calling them at their toll-free number 1800 224245 or directly to their landline numbers 022 6638 4600 or 022 817788. You can even email at the id – info@cibil.com. It is therefore recommended by the experts to check your CIBL report on a regular basis (annual).
  4. However, while checking and asking for the fixing the mistakes, you do not get any change, then you would get the reason for getting the low CIBL report which could be due to some loan default or late payment for your credit card, then you have to put your efforts in boosting up your CIBIL score.

Getting your name deleted from CIBIL Defaulter list

This is the next step, which follows sending out the correction request to the CIBIL about your wrong credit score. Now, you would find your name in the CIBL defaulter’s list, which is due to the errors committed in your CIBIL report. You now that for everything there is a particular process, hence doing this would also have some steps to follow.  The following are the steps, which you need to check for deleting your name from CIBIL defaulter’s list, have a look:

The first step is to request your CIBIL report from the credit rating agency.

  1. In the next step, you will check the CBIL defaulters’ list to find your name. If you have your name in this list, this could be for the following three reasons:
  2. The misspelled name or other information as discussed above. For this reason, you are required to contact the CIBL and then settle down the dispute by submitting the resolution form and then ask them to fix the errors in the report.
  3. You may find things in your report that belongs to some other person (as we have discussed this above). In this case, you are supposed to talk to the particular bank which has entered the wrong information in your CBIIL Report. Then you will see the CIBIL asking the concerned Bank again for the needed details. Once CIBIL finds anything wrong, it will be corrected then and there only.
  4. You are unaware about the Loan defaults or your negative credit history that was reported for late payments. For this case, you have to consult that particular bank to which your loan or credit card default belongs. You can then submit your settlement letter to CIBIL and settle down the case. Soon the default would appear under settled default over your latest CIBIL report.

Conclusion

In this way, you can settle down the mistake committed in your CIBIL Score. Good Luck!