How To Correct Mistakes In CIBIL Report? Fix Errors & Rectify Report In Simple Steps

How To Correct CIBIL Report

CIBIL or Credit Information Report (CIR) plays an important role while approval of loan application process. Hence a lower score can impact your chances for a loan approval and a miniature mistake can leave bad impression on Bank or financial institution. So if you have had a bad credit history and you want your CIBIL Score to improve then it is very important to understand the option that is How to Correct Mistakes in CIBIL Report?

Individuals are informed that going through the “credit repair” company and paying a large sum of money may not be the best solution. The Credit Information Bureau (India) Limited (CIBIL) is not allied with any credit repair company. To Fix Errors & Rectify Report, you need to acknowledge type of errors in CIBIL report subsequently and later you have to overview Fix Errors & Rectify Report In Simple Steps which are well mentioned below on this page, so please have a look!!

How To Correct CIBIL Report

Quick Credit Facts

Here we are offering some Factors which are essential for quick credit, so why are you still waiting? Go ahead and grab the entire details soon!!

  • A credit repair service cannot remove or edit any information in your CIBIL credit information report directly.
  • If you authorize a credit repair company to apply for a credit information report on your behalf we will (to ensure confidentiality) send the report to your email address provided or home address.
  • Our credit information is confidential information and should not be shared freely.
  • You can opt for CIBIL’s online dispute resolution process free of charge.
  • We cannot make any changes in your credit report directly.
  • The respective bank or financial institution should authorize us to make the changes.

Types of Errors in CIBIL Report

Usually, there are 2 major issues with a CIR:

  • Inaccurate information reflecting on the CIR
  • Defaults on the payment caused either due to :
  • Genuine financial hardship
  • Missed payments on credit cards due to relocation internationally/ domestically
  • Missed payments on non-receipt of statement
  • Disputes with the lender on account of charges or annual fees
  • Disputes with the lender on account of fraud

What is Credit or CIBIL or Credit Information Report?

Before we proceed to suggest a course of action for How To Correct CIBIL Report? , it is important to understand and go through your credit report in detail.

Step 1: Buy Score

  • First of all, you must buy your Credit Score and Credit report.
  • The cost of the Credit Information Report is only of Rs. 550/-.
  • You can have access to the credit report within 3 business days.

Step 2: Check CIBIL Report

Follow the below mentioned guidelines for understanding the report and identify areas to improve on.

#1.Check how many open accounts there are on your report?

There are 2 issues you could face:

  • The account has not been reported “closed” by the lending institution
  • There are open accounts which are not yours

This can be easily remedied by following CIBIL’s Dispute Resolution Process. Incorrectly stated open accounts overstate your credit exposure.

How To Correct CIBIL Report

#2.Check the Status of the Accounts!!

  • Individuals are informed that “written off” or a “settled” account can be viewed negatively by the lender.
  • You have to check, if there is any account which has been tagged incorrectly.
  • If yes, raise a dispute via CIBIL’s Dispute Resolution Process.

#3.Check the Payment History of Every Account

  • Firstly, you need to go through the “Days Past Due” section carefully.
  • Individuals find anything apart from a “000” or an “XXX” then this can be viewed negatively.
  • Ensure you pay your bills/EMIs diligently, if you missed some payments.
  • Your CIBIL Score will begin to improve.
  • You need to wait at least 6-8 months before you can see a positive impact on your score (provided everything else is continues without an adverse change)

Step 3: Initiate Action

To understand the remedial action that should be taken in the afore-mentioned situations, let’s check the below mentioned steps which are well presented for your comfort.

How To Correct CIBIL Report? Fix Errors & Rectify Report In Simple Steps!!

To check the process of How To Correct CIBIL Report, you must go behind to the following guidelines!!

  • First of all, you have to fill CIBIL Online Dispute Resolution Form with accurate information.
  • Afterwards you will receive dispute id which is also referred to as complaint id.
  • Then CIBIL forwards your error correction request to a certain lender and if the lender confirms that there are errors in the report then CIBIL update the report.
  • This process however takes at least 30 days for the resolution of the issue.
  • For more information related to CIBIL. Below is the complete contact information of CIBIL.
Contact Numbers of CIBIL
  • 1800 – 224 – 245
  • 022 6638 4600
  • 022 817788
Email ID [email protected]

Furthermore, it is recommended that you get your CIBIL report checked on an annual basis.

Final Words!!

Individuals are informed that if there aren’t any kind of errors and their name is in loan defaulters list, you can go for our guide to low credit personal loans, personal loan for defaulters. For loan approvals, its essential to have a Good CIBIL Score, so if you aren’t having good score then you may improve or enhance credit score by going through our guide to ways to improve credit score fast.

People can acquire more details concerning How to Correct Mistakes in CIBIL Report? Fix Errors & Rectify Report In Simple Steps by going through Official Link also.

You May Also Like To Check This Section

KYC Documents For CIBIL CIBIL Frequently Asked Questions
Who Issues Credit Rating Or Credit Score? Why CIBIL Score Is Important?
How To Check CIBIL Score Using Pan Card

Leave a Reply

Your email address will not be published. Required fields are marked *