How to Repair Faulty Credit Report?

Credit report needs to be monitored regularly to check for errors or any fraudulent activity, as a faulty credit report may lead to a low credit score. If you do not report and resolve even a minor error for a long time, it may drastically impact your credit score which may in turn negatively affect the chances of credit/loan approval. Therefore, you should check and rectify any type of error in your credit report by raising a CIBIL dispute via the online Consumer Dispute Resolution process through the official CIBIL website.

Read further to know about the possible errors that can occur in your credit card report along with how you can get your credit report corrected and improve your credit score.

Types of CIBIL Report Errors

Given below are the common CIBIL report errors that might be present in your CIBIL report:

• Incorrect personal information
• Errors in account details or duplicate accounts
• Incorrect balance or outstanding loans
• Wrong mention of Days Past Due (DPD) or collateral/security details
• Errors in the details of existing or closed credit accounts
• CIBIL Report shows Overdue even for Paid Off accounts

Consumer Dispute Resolution Process

Any dispute in the CIBIL Report or Company Credit Report (CCR) can be notified by raising a CIBIL dispute under the Consumer Dispute Resolution option. Those who have registered on CIBIL can directly raise a dispute by logging into their CIBIL member account. Follow the 3 simple steps below mentioned:

Step 1: Log in to myCIBIL by using your name and password.

Step 2: Go to the Credit Report section, navigate to the desired sub-section, and click on Raise a Dispute.

Step 3: Fill in the dispute form and select the relevant section that you want to dispute.

Alternatively, consumers can also raise a dispute without logging in to myCIBIL by writing to the following address:

TransUnion CIBIL Limited
One World Center, Tower 2, 19th Floor,
Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013

Also read: CIBIL Consumer Dispute Resolution Process

Measures to Improve Your Credit Score

Given below are a few key ways how to fix your credit score/how to improve your CIBIL score:

• Timely Payment of Dues: Make sure that your current EMI or credit card payment is not delayed. To avoid such mistakes, you must set monthly reminders for your payments. This will help you maintain your CIBIL Score
• Keeping your Old Accounts Opened: To improve your credit score, you must not close the old accounts as it helps the lenders know your past repayment history/capacity
• Checking your Credit Report Frequently: You can also improve your CIBIL Score by keeping regular track of your credit report. This will eliminate the chances of any incorrect information being recorded in the report relating to your payments, EMIs, etc.

In addition to these factors, a few additional steps can be taken to improve the credit score.

• Keeping your Credit Utilization Ratio Low: Your credit card limit can be increased by requesting the bank. This increased limit may help you keep your credit utilization ratio low and may eventually help you improve your credit score
• Maintaining a Healthy Credit Mix: You should maintain a healthy credit mix i.e. have the right combination of secured and unsecured loans and credit cards. Too many unsecured loans can negatively impact your CIBIL Score. However, this does not mean that having only unsecured loans/credit can hinder your ability to get a new loan/credit card.

FAQs

Q. What are the charges for ‘Dispute Resolution’ for CIBIL Report?

Ans. You can raise a dispute online for the CIBIL Report without paying any charges.

Q. How long does it take for CIBIL to resolve a dispute?

Ans. The turnaround time for a CIBIL dispute resolution is approximately 30 days from the date of submission of the dispute at CIBIL.

Q. Can I take the help of the CIBIL score repair agency to improve my credit score?

Ans. Yes, you can take the help of a credit score repair agency/credit report fixing service to rebuild your credit score. You can avail Credit+ advisory services to rebuild your CIBIL score through Paisabazaar which could have happened because of non-payment of timely EMIs or any other factors. To know more, click here.

Q. Can I raise a dispute offline also?

Ans. Yes, you can also raise a dispute by sending your dispute resolution form to the following address:

TransUnion CIBIL Limited
One World Center, Tower 2, 19th Floor,
Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013

Q. After the dispute resolution, how long does it take for CIBIL to furnish my new CIBIL report?

Ans. It usually takes up to 7 working days to incorporate changes in your CIBIL Report.

You May Also Like:

Credit Score Range- Meaning & Impact	How to Check Your Credit Score With PAN Card
Know Top 5 Reasons for Having a Low CIBIL Score	9 Tips that can help you maintain a good credit score
6 Benefits of Having High CIBIL Score	Know How to Calculate CIBIL Score?
CIBIL Score for HDFC Personal Loan	How Long Does it Take to Improve Credit Score?
What are the Benefits of Credit Advisory Services	No Credit History? Here’s How You Can Build One