CIBIL Dispute, Status & Resolution

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I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :20/06/2019

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CIBIL TERMS AND CONDITIONS
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To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

C. I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.

D. I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL

E. I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company.

F. I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Paisabazaar authorizing Paisabazaar to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Paisabazaar to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Paisabazaar to obtain my Consumer Credit Information.

G. I understand that in order to deliver the product to me, I hereby authorize Paisabazaar, to obtain my Consumer Credit Information from TUCL.

H. By submitting this registration form, I understand that I am providing an express adhoc one-time written instructions for Paisabazaar to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Paisabazaar account. I further authorize Paisabazaar to retain a copy of my information for use in accordance with the terms of use of this service, Paisabazaar’s Terms of Use and Privacy Policy.

I. I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

J. I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Company . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.

K. I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.

Yours faithfully,
Name :

EQUIFAX TERMS AND CONDITIONS
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I Mr./Ms. -------------------- ---------------------residing at ------------------------ ---------------------------------------- do hereby authorise Paisabazaar Team ,to do all acts on my behalf as may be necessary including to execute/sign application(s), make payment of applicable fees* and generally to all other acts as may be necessary to receive, on my behalf and at my request, my Credit Information Report (CIR) from Equifax Credit Information Services Private Limited("Equifax") at the following address/email id:

I hereby confirm that all the powers hereby conferred may be exercised by officer(s) or manager(s) / agent(s) / employees of the Paisabazaar who is duly authorized by the Paisabazaar.

I hereby confirm, agree, undertake and accept that I shall at all times be solely responsible for all the above actions and omissions of the Paisabazaar shall be binding on me as though such actions had been carried out by me directly. I further confirm that my CIR shall be used only for the purpose as mentioned in the attached standard terms and conditions and I shall be solely liable for, and indemnify and hold harmless Equifax for and against, any and all third party claims or damages or proceedings of any kind, arising from or in connection with (a) any misrepresentations, incorrect information or omission of any critical information in my application, or (b) furnishing my CIR based on this authorization letter, and shall not at any time hold Equifax or its affiliates and their respective officers, directors, employees or representatives liable in this respect.

I hereby also confirm that I have only appointed Paisabazaar to be my authorized agent/representative for collection of my CIR.

I undertake to keep Equifax intimated and informed at all times, of any renewals or termination of the authorization to Paisabazaar or any amendments, modifications or changes in the terms governing the obligations or my relationship with Paisabazaar.

I shall at all times co-operate with Equifax and execute and deliver to Equifax such instruments and documents and take such other actions as may be required by Equifax from time to time in connection with this authority letter.

By signing on this authorization letter, I hereby acknowledge and accept the Standard Terms and Conditions mentioned above.

Date : 20/06/2019

EXPERIAN TERMS AND CONDITIONS
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YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM EXPERIAN.

YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

Please read the Terms and Conditions of this document carefully before accepting. By clicking on the "I ACCEPT" button below, you are expressly agreeing to access the Experian Credit Information Report and Credit Score (as defined in the Important Information Section below) (together referred as "Credit Information") and share a copy of the Credit Information with Paisabazaar in the "as is" format. Please click on the link below to read and understand the Important Information section below.

** This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made there under, and the amended provisions pertaining to electronic records.

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
BY CLICKING "ACCEPT" YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN. THE TERMS AND CONDITIONS MENTIONED HEREIN MAY CHANGE IN ORDER TO COMPLY WITH GOVERNING LAWS OF THE COUNTRY AND THE CONSUMER SHALL BE BOUND TO ANY CHANGES TO THIS AGREEMENT

Name :
Date : 20/06/2019

CRIF HIGH MARK TERMS AND CONDITIONS
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This End User Agreement (the "Agreement") is made between you (the "User" or "You") and Paisabazaar Marketing and Consulting Pvt Ltd ("PaisaBazaar"), a private limited company having its registered office at Plot No 119, Sector-44, Gurgaon-122001, Haryana ("PAISABAZAAR", "Us" or "We", which term shall include its successors and permitted assigns). The User and PAISABAZAAR shall be collectively referred to as the "Parties" and individually as a "Party".

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

Name : Date :20/06/2019

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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.

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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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

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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.
    1. You can expect a complete turnaround-time of thirty days in the entire process.
    2. 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 .

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