How can a CIBIL Report Dispute be Resolved?

How can a CIBIL Report Dispute be Resolved?The Credit Information Bureau of India Limited or the CIBIL score is vital for anyone who had taken credit/loans and is planning to take furthermore credit/loans. For instance, if a person has to avail a home loan, which involves a lot of scrutiny by the lender, a clean CIBIL score is one of the foremost criteria to be met by the borrower.

A lot of things have been discussed the need for a good CIBIL score and why it is important while applying for any kind of loan, especially home loans. There might be mistakes and errors in the report which might become a problem in the future. Here, let us see how to resolve these errors:

The CIBIL report consists of the personal information along with the contact details. It also has the employment information, credit account information, loan account information and credit/loan enquiry information. Mr Sugan Krishnan, who wanted to buy one of the new flats for sale in Chrompet, says that accessing and rechecking the CIBIL report is vital and it had guided him to get the home loan sanctioned without any trouble.


Some of the possible flaws that the CIBIL report has:

(1) There are chances of multiple accounts leading to duplication under the registered name of the CIBIL report.

(2) Sometimes the CIBIL report also has personal details that are not correct. An individual should always check if the details like name, address, PAN information and date of birth are correct.

(3) Incorrect information about the outstanding debts on loans is also made on the CIBIL report, so it should be verified if they are factual all the time.

(4) No over dues must be shown on the report. There are probabilities that the report reflects an over-due even when the instalment or credit payments are made on time.

(5) Balances of credit are sometimes reflected wrongly in the CIBIL report. An individual should make sure that only the actual outstanding loan or credit balance is shown.

(6) With a time gap between the payment and the previous instalment payment, the current balance is updated only periodically. So the individual should make sure that the current credit balance is updated and right.


Raising a CIBIL report dispute:

To raise a dispute about the CIBIL report:

(1) One has to log in to the official website of the bureau and start a dispute request by filling an online form and submitting it.

(2) For accessing the report and rectifying it, one should have the nine-digit control number.

(3) Then, the nature of the dispute should be identified and a short description of the error should be mentioned in the online form to be submitted.

(4) All the personal details that the individual provides must be right and accurate so that the bureau can start the process and inform when it is rectified.

(5) The credit details and the errors are verified with the concerned bank or financial institution by the bureau.

(6) The applicant of the dispute gets a notification on email about the status of the dispute during the process and after it is resolved.


The process of resolution:

(1) The bureau doesn’t actually start the rectification process right after the dispute is raised on the official website.

(2) The bureau sends the information about the dispute to the concerned bank or financial institution that had offered the credit to validate the authenticity of the problem.

(3) The report is updated only if the concerned credit institution validates the problem.

(4) The error or dispute is then validated by the credit institution by referring to their database.

(5) It takes more than a month or up to two months of the dispute to be resolved. It depends on the pace at which the credit institution gets back to the bureau with factual data and validation.

(6) Like mentioned earlier, the bureau corrects the information only after the credit institution verifies that there is an error.

(7) The bureau, by itself, takes up to 2 weeks to update the correct data and information after the credit institution validates it.

(8) The applicant of the complaint will be informed by email right after the dispute or problem is resolved.