How To Correct Your CIBIL Report Mistakes

Raising a CIBIL dispute is crucial in eliminating the errors in your CIBIL report. Some errors can hurt your credit score, so rectifying them is essential. Financial institutions, including banks and NBFCs, look at your credit score to ascertain your creditworthiness and whether or not you are eligible for loans. 

By carrying out the CIBIL report correction process in case of any issues, you can boost your credit score and get easy and affordable access to credit. 

But how can you raise a dispute and maintain the accuracy of your CIBIL score and report? 

It is easy to correct credit report mistakes if you know exactly when and how to resolve them. However, checking your credit score well in advance is always recommended, as correcting the report at the last minute is not possible. 

Even after you spot the errors in your credit report, it might take a while for the bureau to resolve your dispute. This is because of a certain set of standard procedures that credit bureaus like TransUnion CIBIL follow. 

Read on to learn how to spot errors in your report and the procedure for CIBIL report correction.

How to spot Credit Report errors?

The error on your credit report can be minor, such as a misspelt name, wrong date of birth, etc. It can also be a major error, such as a wrongly credited loan or an outstanding credit balance. 

The minor ones are those that you can resolve quickly, without a lot of hassle. On the other hand, major issues could pose a serious problem, especially if you have applied for a personal loan or a credit card. Thankfully, you can identify both minor and major issues by downloading your credit report from the official website.

Once you have your credit report, you should look for possible errors such as:

• Inaccurate personal information

Sometimes, your personal information on the credit report, such as name, age and contact information, could be either misspelt or missing. While going through your report, make sure all the details are correct. You should also verify if the entered Aadhaar number and PAN number are correct. 

Also Read: How to apply for pan card

• Current balance is not updated

One of the most common mistakes in your credit report is outdated current balance information. These errors occur as a result of the gap between the payment time and the submission of your credit history to the credit bureau. 

• Incorrect overdue

Overdue is the amount that you owe your credit provider. There are possibilities of wrong mentions of your overdue amount. Due to their ability to damage your credit score, it is vital for you to always double-check your overdue amount.

• Outstanding loans

You must check for your outstanding loans and their status. If you have repaid the loan and your credit report says otherwise, you must file for a CIBIL correction online immediately. To have a good credit score, you must always make sure you clear your debts on time, as the same is reflected in your report. 

• Duplicate account 

There is a slight possibility of the same account reflecting more than once in your CIBIL report. This can drive up your debt, leading to a negative impact. You may also see an account that you have not authorised. In such instances, you must consider the issue to be serious, as its transactions might impact your credit score.

In general, you should look for incorrect figures, incorrect dates or due dates and must ensure that the information present in your credit report is correct. By cultivating good financial habits, you will be able to avoid unnecessary overdue amounts.

Also Read: How to get instant loan without cibil score

How to raise a dispute on spotting errors in the CIBIL Report?

You can raise a CIBIL dispute through the CIBIL website or by sending a letter to the registered office. Here are the steps for CIBIL correction online and offline. 

Online CIBIL Dispute Resolution

• Step 1: Log in to myCIBIL 
• Step 2: Go to the ‘Credit Report’ section
• Step 3: Select the ‘Raise Dispute’ option and complete the form
• Step 4: Choose the relevant section and provide the required information 
• Step 5: Submit the form

Once you successfully submit the dispute form, the bureau will forward your request to the concerned financial institutions. Once they give a positive confirmation, the credit report will start reflecting the changes. You can check the status of your dispute by logging into your CIBIL account. Remember, the entire process may take at least 30 days and you will receive updates from the credit bureau after your information is rectified.

Offline CIBIL Dispute Resolution

For raising CIBIL dispute resolution in the offline mode, you can write to TransUnion CIBIL by mailing the registered office. You can send the letter with the relevant documents to this address: 

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

Specific problems reflected in Credit Reports with solutions 

For easier reference, here is a list of common problems associated with credit reports and possible methods to obtain solutions. 

• Problem: Poor Credit History

A low credit score on your credit report indicates irresponsible credit behaviour in the past. Frequent delays in repayment, high utilisation of credit, credit card debts, etc., are some reasons leading to a low credit score. This reduces your ability to avail of credit in the future.

Solution: Make sure you pay your credit card bills and EMIs on time. Borrow only what you need and as per your repayment capacity and avoid making minimum payments. If you are unable to work with the current plan, try and work out an alternative payment schedule by restructuring repayment with the help of the lender. Checking your credit report regularly can help you keep track of your credit use and behaviour.

• Problem: Errors in Personal Information

These are minor errors that include misspelt names, age, contact information and errors in account details.

Solution: Get your credit report copy from the credit website and check your personal information. If you spot an error, raise a dispute by filling up the online CIBIL dispute resolution form.

• Problem: Days Past Due (DPD)

DPD means the number of days by which the due payment has been delayed. Anything other than ‘000’ or ‘XXX’ in your DPD section indicates you have delayed your payment. This paints a bleak picture of your credit usage and responsibility and lowers your score.

Solution: Multiple late payments will lower your credit score. The best way to avoid this is by setting monthly reminders to pay the amount due before the given due date. You can also set auto-debit instructions to ensure you don’t miss a single payment. However, make sure you have sufficient balance, or you may have to face a penalty from the bank too.

• Problem: Error With Account Ownership

There could be a few accounts mentioned on your credit reports but may actually not be yours. These are called errors with account ownership. This could be an administrative error or could indicate fraudulent usage. 

Solution: If there are incorrect mentions of open accounts on your credit report, raise a dispute immediately to avoid further errors. If they are administrative errors, they will be corrected. If it is a fraudulent account, early action will protect your information and creditworthiness.

• Problem: Overdue for Paid–Off Accounts

Your credit report may show an outstanding overdue amount that has already been cleared. There may also be an error in the payment history despite regular payments.

Solution: The lenders submit their data to credit bureaus once in 30-45 days. If you have gotten a copy of your credit report within this time period and there is an error, it could probably be because your data is not yet reconciled. Wait for some time and in case there is no change, raise a dispute with the bureau to rectify the error.

It is essential to have a high credit score and to attain this, you need to make sure your credit report is up-to-date and error-free. So, generate your credit report regularly and make sure your credit score is not affected by any of the errors mentioned above.

How to improve your CIBIL Score?

If you have an accurate report but a low score, it means that you need to make some changes to your credit behaviour. Ideally, a credit score of 750 and above makes you eligible for affordable access to credit. To get there, here are a few actions you can take to improve your CIBIL score. 

• Make timely payments of your EMIs and credit card bills
• Raise a dispute with the bureau if you detect any errors in your report
• Maintain older credit card accounts with excellent repayment patterns
• Avoid applying for credit too frequently or with many lenders simultaneously 
• Don’t opt for the settlement option 
• Keep your credit utilisation ratio at an acceptable level (30%)

Having a healthy credit score can come in handy at any time, more so during emergencies. Therefore, build good credit habits to stay credit-ready. However, if you have a low score and need instant access to funds, you can apply for loans with lenders like Fibe.

Fibe does not rely on credit scores to gauge your creditworthiness and instead has an alternate credit scoring system. With Fibe, you can get an Instant cash loan of up to ₹5 lakhs at attractive interest rates and flexible tenures. Download the Fibe Personal Loan App or register on the website to apply seamlessly online.

FAQs on CIBIL Report Mistakes

How can I correct my CIBIL score mistake?

You can carry out the process of CIBIL correction online by submitting the dispute form available on the credit bureau’s official website.

How long does it take to correct a CIBIL score?

Rectifying an error in your credit report and score can take up to 30 days.

What if my CIBIL report is wrong?

If your report has any inaccuracies or inconsistencies, you should immediately report the same by submitting a dispute form available on the official website.

How can I update CIBIL immediately?

Rectification of the errors in your CIBIL report can take up to 30 days. As such, you cannot update the report immediately.

In how many days is the CIBIL score updated?

The bureau updates the information in your CIBIL report every 30 to 45 days. You can check your CIBIL report once a month or once every two months to get the updated information and score.

How to clear overdues in CIBIL?

Overdue is the outstanding amount for the previous billing amount. Once you pay all your dues, including EMIs and credit card bills, the overdue amount reflected in your report will clear and your score will improve. 

How to report the wrong CIBIL score?

Your CIBIL score is a culmination of the information in your report. As such, you cannot correct the score but rather any inaccurate information in your report. To do so, you can raise a dispute by submitting an online form. Generally, the bureau takes at least 30 days to offer a resolution. 

What is the control number in a CIBIL dispute form?

Control number refers to the ten-digit number mentioned in your CIBIL score report.