CIBIL Report Mistakes and How to Correct Them

Your CIBIL score denotes your creditworthiness and your ability to repay the loan on time. A good CIBIL score increases your chances of loan approvals. You can obtain your CIBIL report by filling an online form on CIBIL’s official website. Once you obtain your CIBIL report, you should check it thoroughly to ensure that it is error-free. Mistakes in CIBIL report can affect your financial decisions significantly and hence if you spot any errors, make sure that you correct it at the earliest. Below are some of the most common mistakes that may arise on your CIBIL report.

  • Personal details (like name, address, contact number, DOB, income tax ID, PIN, etc.)
  • Account details (like account number, account type, loan type, opening and closing dates, balance, account status, asset classification, etc.)
  • Payment details and amount.
  • Sometimes the account information of two borrowers may be mixed up accidentally. This kind of dispute can also hamper the CIBIL report to a great extent.

Steps to correct the CIBIL report mistakes

  • Firstly, obtain your CIBIL report online and make a note of the things that are incorrect according to you.
  • The second step will be visiting the official CIBIL website to find the online dispute form.
  • Fill up the dispute form carefully and mention the mistakes you have found in your final CIBIL report.
  • Wait for verification. The CIBIL will verify the details of your disputes/errors/ mistakes with your bank after you file your case. Later, the bank will present the authentic details to the CIBIL for further investigation.
  • If your disputes are found to be genuine then CIBIL will confirm the same to you through email.
  • Postconfirmation, CIBIL will order the respective bank to rectify the issues according to the guidelines of CIBIL. Following this, you will soon receive an error-free CIBIL report from CIBIL.
  • In case you happen to file a wrong dispute case accidentally and the bank clarifies that the disputes are not correct then CIBIL will let you know about it through email or text messages immediately.

Maintaining a good credit score is essential for your creditworthiness.It is the basis on which financial institutions provide loans. Products like personal loan require a very good credit score.However, if you find your name in the defaulter’s list, it could be because of the following reasons:

  • Wrong spelling of your name: You can solve this issue by filing a case on the CIBIL website. The issue will be resolved by CIBIL itself.
  • Payment dues: In this case, you will haveto ask your bank about the clearance of dues and request them to remove your name from the defaulter’s list.
  • Unidentified issue: Banks will clarify the details with CIBIL in order to identify the problem. If theissue does not belong to you, your name will be removed from the defaulter’s list.

Now that you are wellaware of the importance of your credit report, it is essential that you check it carefully. If you happen to spot any mistake, you should get it rectified at the earliest. This will help you avoid any inconvenience in the later stage.

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