CIBIL is India’s oldest credit bureau/credit information company. Founded in August 2000 with headquarters in Mumbai and registered under the name of Credit Information Bureau (India) Limited, CIBIL was acquired by TransUnion, United States of America (among the world’s oldest credit reporting agencies) in 2010. CIBIL is a prominent credit reporting agency with data records of over 600 million Indian consumers and companies. These consumer records are provided to CIBIL by its over 2400 member banks and financial organizations.
CIBIL uses this loan and credit-related data to generate Credit Information Reports (CIR) and Credit Scores (CS) of individuals and Company Credit Reports (CCR) of companies across the nation. These CIRs, CCRs and CSs are then used by lenders such as banks, non-banking financial institutions and other such credit-grantors to predict that if a consumer (an individual or a company) takes a loan/credit, will he/she/it be able to pay the amount back as per the stipulated terms and conditions of the contract.
Now since CIBIL generates these CIRs, CSs and CCRs for millions of Indian consumers and companies, there remains a possibility of a dispute or a discrepancy in these reports. This CIBIL dispute can be originated at the consumer’s end (error in documentation or documents) or at the Credit Institution’s end (the lender which is granting the loan/credit) or at CIBIL’s end (during the filing of records or during analysis) or due to duplicity or misinterpretation of records.
How to resolve CIBIL dispute?
As aforementioned, a CIBIL Credit Report and Credit Score are vital factors in a lender’s decision of granting an individual consumer a loan. If your Credit Score is 750 and above and your Credit Information Report looks good, your chances of getting the loan increase by manifolds. Thus, it is important that CIBIL has all your details correct. CIBIL receives these details from its members Credit Institutions (CI) and cannot modify the details of any individual unless sanctioned to do so by the CI. This makes it important to know what kinds of inaccuracies can a borrower expect in his/her Credit Information Report. The answers are below:
- Inaccurate Current Balance data: Through Current Balance one can infer your debt. If the CIR shows that you have Current Balance on a higher side and if this info is inaccurate, this means that you are in more debt than you actually are. This doesn’t bode well for your CIR.
- Inaccurate Amount Overdue data: An Amount Overdue signifies that you are unable to make your payments on-time. Amount Overdue negatively affects your CIR and loan approval probability. If this info in the CIR is wrong it means that even though you are servicing your loan on-time your CIR is indicating that you are not.
- Inaccurate Personal Details data: Your CIR personal details include your name, DOB, address, Permanent Account No. etc. These details are vital for your loan approval and if they are incorrect in your CIR, it can negatively impact your Credit Score and loan approval application.
- Inaccurate Ownership data: If your CIR contains details of an account which doesn’t belong to you, it is a significant inaccuracy, one which can negatively impact your CIR and CS.
If your CIR has the aforementioned or other such inaccuracies, it is pertinent for you to get them corrected by raising relevant CIBIL disputes. You can do this through the CIBIL online portal and raising a single CIBIL dispute form for all your disputes. Thus, this brings us to the CIBIL dispute resolution process:
Like aforementioned, a CIBIL dispute can originate at many levels. Moreover, such a dispute can be present in an individual consumer’s profile at any and all detailing points. These details can be personal or account related etc.
To resolve a CIBIL dispute, you will have to first get your hands on your CIBIL Credit Information Report (CIR) which also contains your Credit Score (CS). You can access your CIBIL CIR and CS either through CIBIL or get hold of it through your lender/prospective lender. One should ideally go through their CIBIL CS and CIR before applying for a loan or credit.
When going through his/her CIR, if the consumer finds a discrepancy in the information mentioned, then he/she can raise a CIBIL dispute. This dispute can be filed on accounts of inaccuracy in personal info, ownership info or duplicity of info. As aforementioned, you can raise a single dispute form wherein you can raise disputes on several fields and info of your CIR by traversing to the different subdivisions of the report (i.e. Personal details profile section, Contact profile section, Employment profile Section, Account details profile section and Enquiry section). You may note that CIBIL entertains these disputes for free.
The CIBIL online dispute resolution form is available here https://www.cibil.com/dispute/ . Conclusively, the below mentioned steps are to be followed when raising a CIBIL dispute form:
- You can log into myCIBIL through the following link- http://www.cibil.com/mycibil and access there the CIBIL CIR you received. However, if your lender had provided you the CIR where you checked your details and found the discrepancy, you will need to get your CIBIL CIR and CS through this link https://www.cibil.com/freecibilscore and then access myCIBIL to raise your dispute.
- After logging into myCIBIL (the CIBIL Credit Information Report and Credit Score platform), you will need to go to the ‘Dispute’ tab to raise your dispute.
- Your CIR information opens up wherein you have to select the concerned field/section for which you want to raise the dispute on. Then you will have to select the account to which the discrepancy belongs to.
- The process then goes like this:
- If you are disputing the ownership of an account or the duplicity of an account then you will have to click on your dispute type and then submit your dispute
- However, if you are disputing information incorrectness then you will have to enter a value for the disputed field and then submit your dispute.
You shall note that disputes which are raised online have a quicker turn-back time and are speedily resolved when compared to other options. On the other hand, if you want to file a dispute in writing, you can write to CIBIL at:
TransUnion CIBIL Limited,
One Indiabulls Centre, Tower 2A,
19th Floor, Senapati Bapat Marg,
Elphinstone Road, Mumbai – 400013
You can understand the lifecycle of a CIBIL dispute form below:
- You submit the CIBIL Online Dispute Form
- Then the Disputed field(s) under the applicable section are penned ‘Under Dispute’
- Then, the dispute is taken-up by CIBIL after which CIBIL contacts the relevant Credit Institution/lender depending on the kind of dispute.
- The lender reviews the disputed fields and then replies, either specifically accepting or rejecting every individual dispute. Lender informs its decision to CIBIL.
- If the lender accepts that there was a discrepancy in the consumer’s data, then CIBIL corrects the inaccurate data in the relevant field/section.
- The previously raised ‘Under Dispute’ marking is removed from the disputed fields/sections as the dispute(s) now stand resolved.
- The consumer is informed of the update in his/her CIBIL dispute status and consequently of the revision, if any, in his CIR.
- You can expect a complete turnaround-time of thirty days in the entire process.
- The time taken for this process is also dependent on the time taken by the Credit Institution/lender to process your dispute request.
Thus, you will have to wait for a minimum of 30 days for checking the resolution to your CIBIL dispute if you are wondering how to check your CIBIL dispute status. For more information, you can check the CIBIL Dispute individual consumer FAQ page here – https://www.cibil.com/faq/loan-rejections-disputes .