The credit report is the summary of your credit history and is formed by the Credit Information Bureau of India Private Limited (CIBIL) by compiling your personal and credit-related information received from various lenders. A lender always checks your credit report before processing your loan application. If there is an error in the report, your application will not be processed further till it is resolved.
Before we explain to you how you can get your credit report corrected, you first need to understand the possible errors that can occur in your credit card report.
Errors that Can Happen in Your Credit Report
Inaccurate Personal Details
- There is a possibility that there are identity errors in your report i.e.
- Incorrect name
- Wrong spelling of your name
- Incorrect contact i.e. phone number and address
- The PAN number mentioned is not yours, or any other personal or employment or account-related information is incorrect
Wrong Account Details
- Sometimes an open account in your credit report is reported as closed and vice versa
- Incorrect balance and incorrect credit limit
- Incorrect dates of opening and closing of accounts
- Timely made payments are reported as late or not done
- There is a loan under your name that you never availed
Incorrect Loan Balance
- Your credit report might show a faulty outstanding balance
- As the credit bureau collates the information provided to it by the lenders, there is a possibility that your lender has not informed the credit bureau about the repayment that you have made, therefore it is showing incorrect information
Also Read: How to remove any dispute on my CIBIL score?
Process of Dispute Resolution in your CIBIL Report Online
Follow the steps mentioned below to raise a dispute in your CIBIL Report online:
Step 1: Visit https://www.cibil.com/
Step 2: Click on the ‘Dispute Resolution’ option
Step 3: Click on the ‘Consumer Dispute Resolution‘ option
Step 4: Fill in the form with all the required details
Step 5: Now, select the relevant section that you want to dispute
- If you are disputing over ownership or duplicate information, select the same on ‘Dispute Type’ and submit the details of the dispute in brief
- If you are disputing a data inaccuracy, enter the correct value for the disputed field and submit
How to Improve Your Credit Score
- Timely Payment of Dues
Make sure that your current EMI has been not missed or your 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 Credit Utilization Ratio Low
Your credit card limit can be increased by requesting the bank. This increased limit helps you in keeping your credit utilization ratio low and eventually improves your credit score
- Maintaining a Healthy Credit Mix
To improve your CIBIL Score, it is advisable that you maintain a healthy credit mix i.e. having a right combination of secured and unsecured loans and credit cards. Too many unsecured loans negatively impact 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 repayment capacity in the past
- 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.
Suggested Read: How to check your Credit Score with PAN Card?
Frequently Asked Questions
Q. What are the charges for ‘Dispute Resolution’ for CIBIL Report?
Ans. You can raise a dispute online for CIBIL Report without paying any charges.
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 to rebuild your credit score. Paisabazaar.com is one of the best CIBIL Score improvement agencies where you can avail credit advisory services to rebuild your CIBIL score 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 Centre
Tower 2A, 19th Floor,
Senapati Bapat Marg,
Elphinstone Road, Mumbai – 400 013