How To Get CIBIL Score Corrected?

Having Incorrect information in CIBIL report can affect your credibility negatively. Learn the types of Errors needed to correct CIBIL report & solve other CIBIL issues at IIFL Finance!

23 Oct,2022 18:17 IST 174 Views
How To Get CIBIL Score Corrected?

A CIBIL report provides an overview of all the loans sanctioned in your name by formal Indian lenders. A CIBIL score is a three-digit number that indicates your creditworthiness based on the elements of your CIBIL report.

Sometimes, your CIBIL report may contain errors that require correction. If you fail to do so, it may harm your CIBIL score, and you will have a tougher time getting credit in the future. This article explains the types of errors you can find in your report with CIBIL report correction tips.

What Are The Types Of CIBIL Errors?

The kind of errors you can find in your CIBIL report include the following.

1. Incorrect Personal Information

A CIBIL report may contain an incorrectly spelt name or incorrect PAN information. Sometimes, your address, age, and birthdate may also reflect inaccurate information.

2. Incorrect Credit Utilisation

CIBIL reports sometimes reflect higher debt amounts than what you owe. This phenomenon is possible when the lender does not share updated information with CIBIL.

3. Incorrect Overdue Amount

The overdue amount is the balance that you have to repay. CIBIL receives this amount from lenders. Sometimes, this amount gets reported incorrectly to CIBIL and is carried forward. This will result in an incorrect credit score and an incorrect CIBIL report.

4. Double Entry Of Accounts

Sometimes, CIBIL prints one loan/credit account multiple times on your report, which increases your active accounts. You will have a lower CIBIL score if you have more active accounts. The longer this issue goes unresolved, the worse your CIBIL score and credit eligibility. Thus, if you intend to take on any more credit in the future, it is imperative that you resolve this issue as soon as possible.

5. Unrecognisable Account

CIBIL may add a loan account to your report that does not belong to you. Alternatively, you may have been the victim of identity theft. If so, the inevitable default caused by the perpetrator will substantially reduce your chances of obtaining credit in the future.

You could suffer an enormous loss if you fail to address these discrepancies or inconsistencies. Upon spotting such errors, you must promptly file a dispute.

6. Incorrect Reporting of Active Accounts

You may still see an active loan on your CIBIL report even if you prepaid/closed it months ago. This phenomenon is possible when the lender does not inform CIBIL about the change. Active credit accounts play a significant role in calculating your CIBIL score. A low number of active loan accounts will increase your CIBIL score.
Zaroorat aapki. Personal Loan Humara
Apply Now

How To Correct CIBIL score?

Here are four steps you should follow for CIBIL correction online:

1. Review Your CIBIL Credit Report

Obtain your credit score report and review it for errors before you begin the CIBIL correction process. You must first identify the error type to remove an entry from your CIBIL report.

2. Fill Out The CIBIL Dispute Form Online

It is necessary to file an online dispute with the credit bureau to remove a wrong entry from your CIBIL credit report. Visit their website and fill out the dispute resolution form there. To dispute information on your credit report, you must provide a 9-digit control number found on the report.

3. Verification and Processing Of The CIBIL Dispute Form

CIBIL will verify your conflict after you submit the online dispute form and contact your lenders who have lent you money. CIBIL cannot make changes without the approval of financial institutions. You can expedite the process by validating the dispute you have raised by providing supporting documents as evidence.

4. Wait For The Resolution

CIBIL typically corrects credit reports within 30 days of a dispute. CIBIL will email you as soon as they achieve a formal resolution. You can make a new request to CIBIL to remove the incorrect entry if you are unsatisfied with the solution. Don't forget to provide the details of your last dispute.

Obtain A Loan From IIFL Finance

IIFL Finance is a leading finance & investment services company specialising in gold loans, business loans, and personal loans in India. We provide secured and unsecured loans at an affordable rate for all your funding needs. Apply online in a few minutes and get your funds instantly.

Frequently Asked Question

Q1. Can CIBIL score be incorrect?
Ans. CIBIL score or credit report errors are rare, but they could occur.

Q2. Can you raise a CIBIL dispute offline?
Ans. You can submit a complaint offline by sending a letter to CIBIL's registered office in Mumbai. You must include all the essential details, such as the transaction ID, report order number, etc., and send the application to the CIBIL registered office address.

Q3. Can you raise multiple disputes at a time?
Ans. No. CIBIL does not yet provide this service. You can only rectify one field at a time. There is no way to raise a data inaccuracy issue with an ownership issue during a dispute.

Zaroorat aapki. Personal Loan Humara
Apply Now

Disclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.

Most Read

Franking and Stamping: What’s the difference?
14 Aug,2017 03:45 IST
Like 3478 3478 Likes
Difference Between 24 Karat and 22 Karat Gold
8 Dec,2022 09:26 IST
Like 737 737 Likes
Personal Loan With Low CIBIL Score
21 Jun,2022 09:38 IST
Like 1169 1169 Likes
Why Gold Is Cheaper In Kerala?
14 Jan,2023 09:35 IST
Like 533 1802 Likes

Get Personal Loan