How to Repair Faulty Credit Report?

Credit report need to be checked regularly for errors or any fraudulent activity, as faulty credit report lead to low credit score. If you do not report even a minor error for a long time, it may drastically impact your credit score. Therefore, you need to resolve any type of error in your credit report by raising a CIBIL dispute via the Consumer Dispute Resolution process by visiting CIBIL’s official website.

Lenders always check your credit report before processing your any new credit application. If there is an existing error in your report, your application will not be processed further till it is resolved and eventually may lead to rejection.

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.

Types of CIBIL Report Errors

Below mentioned are the common CIBIL report errors that might prevail 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

Also Read: How to remove any dispute on my CIBIL score?

Consumer Dispute Resolution Process 

Any dispute in the CIBIL Report or Company Credit Report (CCR) can be notified by raising a CIBIL dispute under Consumer Dispute Resolution process. 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: Login to myCIBIL by using user 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, users can also fill out the CIBIL online dispute resolution form directly without logging in to myCIBIL via the below-mentioned URL.

• Click here to raise disputes regarding credit report

• Click here to raise a dispute regarding Company Credit Report

Measures 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?

FAQs

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

Ans. The turnaround time for a CIBIL dispute resolution is approx. 30 days from the date of online submission of dispute at CIBIL’s official website.

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

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.

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