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How can I Remove Wrong Entry in CIBIL Report?

How can I Remove Wrong Entry in CIBIL Report?

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How can I Remove Wrong Entry in CIBIL Report?
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Errors in your CIBIL score or credit information report are an uncommon occurrence, but

there is a possibility of wrong information being updated on it. The trends on your credit

history do not have an immediate impact on your credit score, but they do over time. The

procedure for correcting a wrong entry on the CIBIL report starts with identifying an issue and

registering a dispute with CIBIL.

CIBIL stands for Credit Information Bureau (India) Limited. It is one of the credit bureaus in India

that records consumer and business credit history. It is authorised by the Reserve Bank of India

to record the repayment details of borrowers and calculate credit scores on the basis of

available information in the report. Lenders, financial institutions, and credit card companies

report your repayment details to CIBIL. Generally, the information on your repayment

behaviour is sent to CIBIL every 3 months. Based on the information received by the financial

institutions, your CIBIL credit report is updated. There are chances that some wrong

information is sent by the financial institutions or some wrong information gets updated on

your CIBIL credit report by the bureau. Wrong information has the ability to impact your credit

score. What do you do in that case?

How to Raise a Dispute with CIBIL for Report Correction?

Getting chased by credit card debt collectors even when you have never defaulted on the

repayment can be stressful. A bank loan application was turned down. You will be offered high-

interest loans. These are just a few of the potentially disastrous implications of a credit report

inaccuracy. Incorrect information can occasionally make its way onto your report owing to

technical mistakes, or miscommunication. These things can cause financial stress, and to steer

away from it, you must report any error that you find on your CIBIL credit report immediately to

the bureau, asking for a correction.

Here are four (4) steps to raise a dispute with CIBIL for report correction:

1. Review your CIBIL Credit Report

Before you start the process of removing a wrong entry from your CIBIL report, you should

retrieve your credit score report and review it for the errors. There is a possibility that your

credit report may have the following errors:

a) Incorrect updation of your personal information such as your name, date of birth, PAN

details, contact number, etc.

b) Wrong loan account added to your report

c) Inaccurate outstanding balance information

d) Incorrect credit limit assignment

e) Status of your accounts

f) Wrong information on your repayment pattern

Start by identifying the type of error that your CIBIL report has in order to remove the entry.

2. Fill the CIBIL Dispute Form Online

To remove a wrong entry in your CIBIL credit report, you have to file an online dispute with the

credit bureau. Go to the dispute resolution area of their website and fill out the form. You will

need to provide a 9-digit control number from your credit report that contains the disputed

information.

Additional Information: A control number is a unique number assigned to an individual in the

database of CIBIL where all the records of that person are stored.

3. Processing and Verification of the CIBIL Dispute Form

Once you submit the CIBIL dispute form online, the credit bureau will verify the dispute. The

credit bureau might approach your bank or lenders from where you have borrowed money.

CIBIL cannot make any changes on its own without verifying them with the financial

institutions. To expedite the process, you must validate the dispute you have raised by sharing

supporting documents that may act as evidence.

4. Wait for the Resolution

Typically, for a wrong entry to be corrected on a CIBIL credit report, it takes 30 days. Banks

must come up with a formal resolution for the dispute you have raised within 45 days of the

matter being reported, according to the law. Once there is a formal resolution, you will be

notified of the same via an email. If you are not satisfied with the resolution, you can raise a

new request with CIBIL for the removal of the wrong entry. Remember, you will need to

provide the details of the previous dispute request.

Credit ratings are an essential aspect of any loan or credit card application. It is a measure of

your creditworthiness, and it is therefore, critical for anyone to keep their credit score up to

date. Periodically review your credit report to understand what is up with your credit report. In

general, look for dates, amounts, and account details that are inaccurate to ensure that all of

the information in your CIBIL report is legitimate and correct. However, if any of the flaws in the

report have been revealed, you must initiate the process of correcting them as soon as

possible. To have a problem resolved with CIBIL, you must submit a formal application and wait

for the resolution.