Lenders and credit card issuers report your repayment details to CIBIL. Normally, they update your information on a monthly basis or after every three months. CIBIL tabulates these records in your credit report and accordingly formulates a score after every 3 months. While the scoring process is fairly transparent, in many cases, your CIBIL report may have errors. These errors can lead to alow CIBIL score, which may impact your chance of applying for an instant, collateral-free loan like a personal loan in the near future.
Mistakes may occur in your credit report owing to several reasons like a misprint, incorrect information conveyed by the lender to CIBIL, duplicate entries, or mistakes pertaining to your basic details. In order to rectify the mistakes, it is important for you to know the process behind a CIBIL report correction. To do this, take a look at these 4 steps.
Step 1: Retrieve the CIBIL report
Before you learn how to correct your CIBIL score or how to clear CIBIL problems, check the issue at its root. Start by downloading your latest credit report. You can buy your CIBILcredit reportvia a subscription plan.
Step 2: Check thereport thoroughly to spot the problems
To proceed with CIBIL rectification, you will have tocheck your CIBIL reportwith care. Begin by checking the status of your credit accounts. Here each account will have a tag next to it. In case you have settled your dues for a particular account, you will see a settled or closed tag. On the other hand, your ongoing debts will be earmarked as open. Spot incorrect entries to report them.
Additional Read:How to read CIBIL report
Step 3: Report problems to CIBIL
To attempt a CIBIL score correction, you will have to initiate the dispute resolution process to CIBIL portal.All you have to do is follow the instructions mentioned on this page to report your dispute with CIBIL. Complete the resolution form and specify the problems that you want CIBIL to verify. Validate your claims by submitting the necessary evidence and then submit your form along with all the documents.
Step 4: Wait for verification
When you report your CIBIL issues, the agency is likely to respond to you within 30 days after investigating your assertions. In order to verify your claims, CIBIL may contact your lenders and you. After thorough verification and assessment, CIBIL authorities will initiate the necessary corrections and will rectify your report as per authentic data.
Additional Read:Correct a late payment record in CIBIL report
This way, your report is generated once more, and yourcredit score may improve. When you have a good score of 750 and more, you can proceed to apply for any loan of your choice. For instance, with agood CIBIL scoreyou can apply for a personal loan anytime you want to get a sanction of up to Rs. 40 lakh.
Here you can access competitive personal loan interest rates to meet your goals with ease. Moreover, you can enjoy faster sanction and disbursal of the loan basis a one-step easy application process. So, get started now and meet your goals with ease via a fast sanction from Bajaj Finserv in just 24 hours.
FAQs
Once you spot the error(s), you can raise a dispute by filling up the online CIBIL dispute resolution form. CIBIL will verify all your details and all the possible errors will be corrected in your updated CIBIL report.
How to rectify error in CIBIL report? ›
Once you spot the error(s), you can raise a dispute by filling up the online CIBIL dispute resolution form. CIBIL will verify all your details and all the possible errors will be corrected in your updated CIBIL report.
How can I correct my CIBIL score immediately? ›
Reducing your credit usage is one of the fastest ways to improve your credit score, and you can do so by paying down debt, spending less, paying your bill more frequently, or applying for a higher spending cap.
What is the time period for CIBIL rectification? ›
Received your report from the lender:
Once the CI responds to the dispute request, CIBIL will update the changes instantly (if applicable), and communicate the status to you via email. It may take approximately 30 days to resolve a dispute, subject to the time taken by the Credit Institution to respond.
How can I challenge my CIBIL report? ›
To make a dispute online, log in to CIBIL portal and navigate to the 'credit reports' section. Then go to 'dispute centre' and click on 'dispute an item'.
Is it possible to correct errors on a credit report? ›
Find out how to fix errors on your credit report
If you discover errors on your credit report, gather any supporting documents and include them with a letter disputing the error. Then send it to: The credit reporting agency whose report you are disputing. The company that provided the incorrect information.
How to clear a CIBIL record? ›
To clear or remove the ”Written Off” status from your credit report, you need to pay back the total outstanding amount, as shown against your name. Further, you need to obtain a ”No Due Certificate” form the lender who wrote the status.
Is it possible to repair CIBIL score? ›
Ans. Yes, you can take the help of a credit score repair agency/credit report fixing service to rebuild your credit score. You can avail Credit+ advisory services to rebuild your CIBIL score through Paisabazaar which could have happened because of non-payment of timely EMIs or any other factors.
How do I delete my CIBIL history? ›
1. How can I delete my CIBIL history? The first step is to pay the full amount of your debt and then obtain clearance from your bank. After paying your dues, you must obtain a No-Objection Certificate (NOC) from your bank in order to be removed from the defaulters list.
Can we reset CIBIL score? ›
Resetting a CIBIL score isn't possible. However, you can improve it over time by practicing good financial habits like paying bills on time, reducing debt, and maintaining a healthy credit mix. Over time, responsible financial behavior can lead to a higher credit score.
After thorough verification and assessment, CIBIL authorities will initiate the necessary corrections and will rectify your report as per authentic data. This way, your report is generated once more, and your credit score may improve.
What happens after 7 years CIBIL? ›
What happens to the CIBIL score after 7 years? Any negative information related to defaults or missed payments falls off your CIBIL credit report. Once this happens, you have a good chance of improving your credit score if you practice responsible credit behaviour.
How do I remove a wrong account from CIBIL? ›
You can raise an online dispute with the credit bureau to dispute errors. Visit the dispute resolution section and fill the form to fix the error. It should be noted that you will need to submit the nine-digit number provided on your credit report which contains the disputed details.
How can I update my CIBIL score quickly? ›
When you take a loan, repay it successfully, it will give your credit score a boost. Maintain a healthy credit mix: It is better to have a right combination of secured loans (such as Home Loan, Auto Loan) and unsecured loans (such as Personal Loan, Credit Cards) of a long and short tenor to build a good credit score.
Is CIBIL Dispute free? ›
Your credit information is confidential information and should not be shared freely. You can opt for CIBIL's online dispute resolution process free of charge.
What should you do if you find an error in your credit rating? ›
If you find an error on your credit report, contact the lender and any other organization affected by the error. Tell them about the potential fraud. If it's fraud, you should: contact Equifax and TransUnion to inform them about the fraud.
How do I remove an enquiry from CIBIL? ›
Head online: Visit the CIBIL website's "Dispute Resolution" section. Follow the steps: Initiate a dispute for the inquiry, providing details and any proof. Track the Resolution: CIBIL will contact the lender to verify the inquiry. The process can take up to 45 days.
How can I recover my bad CIBIL score? ›
So if you are looking to improve CIBIL score pay your dues on time and rack up a good score. Use service that let you automate bill payment so that you don't have to worry about missing deadlines. Too much is, well, too much: Use credit prudently. Avoid taking on too much debt at one time.
