Given below are some of the most important CIBIL report issues and tips for CIBIL report / CIBIL score correction online:
a) Errors in Personal or Account Details
You should regularly check your CIBIL report (once a month) for clerical or typographical errors related to your name, address, age, date of birth, and PAN Card details.
Duplication of account in the name of the applicant is another common error that negatively impacts the credit score.
b) Incorrect Balance or Outstanding Loans
The actual amount due and the outstanding balance have to be matched to have an accurate understanding of availed credit facilities. Information related to outstanding loans should be correct, as it helps in calculating the credit score.
Any of these errors should be reported immediately to avoid any dip in the CIBIL score or loan application rejection.
Solutions:
c) Check for Days Past Due (DPD)
DPD or Days Past Due means the number of days by which the due payment on an account has been delayed in a given month. In case your DPD indicates anything other than '000' or 'XXX' , it means you have delayed your payment (s) and is interpreted negatively by lenders.
In case you have made payments on time and find errors in your DPD, you should get it corrected at the earliest, else it can lead to a fall in your credit score and even loan or credit card application rejection.
Solution:
Timely payment of dues is the best possible way to avoid the DPD marked other than 000 or XXX. While a single late payment will have a minimal or low impact on your CIBIL score, multiple late payments will adversely affect your score.
d) Errors in Credit Accounts (Existing or Closed)
There may be loan / credit card accounts that have been closed (i.e. paid off in full) already but have not been reported to CIBIL by the lending institution. There could be errors in account ownership, whereby some open accounts are mentioned in your CIBIL report that are not yours.
These could either be the result of administrative errors or could indicate a fraudulent activity. An account can also be incorrectly tagged as 'written off' or 'settled' which may adversely impact your score and be viewed negatively by the lenders.
Solutions:
e) CIBIL Report Shows Overdue Even for Paid-Off Accounts
Your CIBIL report may show an overdue amount that has already been cleared or show defaults in payment history even when you have been regular with all your past repayments.
Solutions:
Note: In case you raise a dispute with CIBIL, it may take up to 30 days to resolve a dispute, depending upon the time taken by the lender to respond.
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