Solutions for CIBIL Report Problems

Any decent credit score is an added advantage for the loan or credit card applicant, as the possessor of good credit score is often rewarded with lots of financial benefits. Increasing the credit or CIBIL score is not an overnight process and takes time. There are no shortcuts to increase it, and there are no possible ways to alter credit score immediately. Improving your credit score is a slow and steady process, and you’ll have to take correct measures over time to increase your credit score. TransUnion CIBIL (Credit Information Bureau (India) Limited) keeps track of your loan applications using the ECN (Enquiry Control Number). But what is enquiry control number in CIBIL? The Enquiry Control Number is a simple nine digit number using which CIBIL keeps a track on your loan applications. This number is found in the enquiry section of your CIBIL report and helps TransUnion CIBIL keeps track of your previous loan/credit card applications.

Why is Credit Score Important?

Your credit score is a fundamental criterion, which is used by every financial institution whenever you plan to avail a loan. Even today, there are some cases facing errors and problems in their CIBIL report. It is therefore important for you to look for CIBIL problem solutions. This is necessary for you, as it will increase your CIBIL score which in turn would help you get a better deal in future from numerous lenders. Depending upon your current CIBIL score, it may take a time span of 1 to 2 years to improve the ranking of your credit score. For quicker redressal, you can seek help from CIBIL score repair agency.     

Solutions for CIBIL Report Problems

Here, we’ll discuss some possible solutions for all your CIBIL Credit Report Problems. We’ll not just help you with the solutions but also guide you on the path to take when you are in the process of solving your CIBIL Report Problems. The guidelines listed here will definitely help you in getting rid of the re-occurrence of these CIBIL report problems.

First Problem: Poor Credit History 

When an individual has a poor credit history, his/her creditworthiness will naturally be affected in the eyes of a banking institution. So, what is the possible solution to this problem? Let’s find out!

Solutions: 

1. Take a note of the due dates for your credit cards, as well as EMIs payments.
2. Regularly check your credit score. You can do this online by downloading your paid credit report from the official website of TransUnion CIBIL or absolutely free from Paisabazaar.com. Take help from any CIBIL clearance agent, if needed, or call paisabazaar’s professional executives for the same.
3. Make sure that all your EMIs and credit card payments are done in time.
4. In case, there is any wrong information or error in the report, you must immediately speak to your lending authority.
5. To meet your personal requirements, never depend on any unreasonable debt.

Second Problem: Errors in your CIBIL Report

There may be a chance that you spot an error in your CIBIL report. These may be either minor or major error. Minor errors may be something as simple as your name misspelled or wrong date of birth or typo error in address. On the other hand, major errors can be an error of mistaken identity. For instance, someone else’s loan is credited to your account. In case of these errors, you may experience a drop in your credit score.

Solutions:

1. Open the TransUnion CIBIL website and download the credit report.
2. Check for all possible errors in the report.
3. Once you find any error, you need to file a dispute for the same. For this, you may download online dispute resolution form via its official website.
4. Once, CIBIL verifies all your details all the possible errors will be removed from the CIBIL report.

Third Problem: DPD Date, i.e., Day Past Due Date

What do you mean by DPD? Day Past Date means the number of days by which the payment of an account is delayed in a given month. Here every number beside ‘000’ is believed to be negative by the lending agency. In case, your DPD is a number beside ‘000’, it means that some of your financial obligations haven’t been met in time. This may be a possible reason for an adverse impact on your financial records.

Solution:

The best possible way to get rid of DPD is by clearing off your bills on or before the due date. Moreover, you must avoid taking debt, which is more than what is required. This will help you cater to your financial obligations without any hassle.

Fourth Problem: CIBIL shows overdue even post clearance

What if your CIBIL credit report shows an overdue amount which has already been cleared? What if the credit report shows defaults in the payment history even when you have been regular with your payments?

Solution:

The only possible solution to this problem is by approaching your lending or financial institution. You will have to request them to rectify the data in their records. Further, request them to submit the correct data to CIBIL for updation. Please know that CIBIL has zero responsibility when it comes to the creation of data for the individuals. They only rely on the data submitted by the lenders. So, how much time it takes to update CIBIL report? Usually, the update will be done within a span of 30-45 working days.

Fifth Problem: Closed Account still shows as Open

What to do if any closed account still shows as open?

Solution:

In this case, you’ll have to verify with your banking institution whether or not they have closed the account. In case they have not yet closed your loan file, you must immediately provide them with all necessary details, as required.

Sixth Problem: No Response on Complaints

 Now, what should you do in case you do not receive any proper response from your bank for your complaints?

Solutions:

1. Check if you have sent the communication on the right email ID or address.
2. In case, post acknowledgment of the complaint, you do not get any revert from the bank, you must get in touch with the Banking Ombudsman.
3. Attach with it the requisite correspondences to give them a better idea of the case.

These are some problems that you need to be wary of. So, how to clear CIBIL defaulter list?

The best possible way out is by paying out all your dues in a timely manner.