You may be aware of the significance of having a strong credit history if you have ever had a loan application denied owing to a poor credit score. The Credit Information Bureau (India) Limited, also known as CIBIL, is essential to the upkeep of credit records and the creation of credit scores for both individuals and companies.
However, there’s a chance that you can find discrepancies in your credit report. These may consist of grammatical errors, factual errors, or other errors. All of these things may negatively impact your credit score, which may therefore have an impact on your creditworthiness. You can file a “CIBIL dispute,” or complaint, with CIBIL in these circumstances.
What Do You Mean by CIBIL Dispute?
A CIBIL score is a three-digit numerical representation assigned to you by TransUnion CIBIL based on factors like your credit history, payment accuracy, loan applications, and more. It reflects your creditworthiness and overall credit health, which is used to assess your likelihood of repaying your loan within the specified time limit.
When errors or inconsistencies appear in your credit report, they can harm your credit score and, consequently, your eligibility for loans. Hence, it is crucial to address these inaccuracies promptly by raising a concern with CIBIL. This process, known as a CIBIL dispute, involves submitting a request for a resolution to the credit agency. By doing so, you can ensure that your loan or credit card prospects are not hindered and that you have access to the financing you are eligible for without any hassle.
Types of CIBIL Disputes
There are different types of disputes that can arise in an individual’s or a company’s credit report. Understanding the specific category of the dispute can simplify the resolution process. Here are some of the primary types of disputes that customers may encounter about their CIBIL report.
Individual Disputes
This occurs when an individual finds an error in the information within their credit report. This happens when there are mistakes, errors, or wrong details in the person’s credit history, personal information, accounts, payments, or any other important data that CIBIL keeps. This type of dispute may also arise in the case of a duplicate account.
Company Disputes
As the name suggests, company disputes refer to the disputes a business or a company has regarding the information in its commercial credit report. This type of dispute may arise due to incorrect ownership details, duplicate accounts, or data inaccuracies. However, some information in the credit report cannot be corrected through the dispute resolution process. This includes details like account numbers, member names, inquiry dates, and control numbers.
Also Read: 8 Tips To Improve CIBIL Score After Loan Settlement
Steps to Raise CIBIL Dispute Online
Here is how to raise a dispute in CIBIL:
Step 1: To raise a dispute in the CIBIL report, you are required to access the CIBIL portal using your login credentials. If you do not have an existing account, you will need to create one to initiate a dispute with CIBIL.
Step 2: Log in to your CIBIL account on the official website. Once logged in, navigate to the ‘Credit Report’ tab, and choose the ‘Dispute Centre’ option. From there, click on ‘Dispute an item’ to access the section where you can initiate a dispute for any specific items in your credit report that need attention or correction.
Step 3: After this, an online dispute form will appear on the screen.
Step 4: Under the ‘Identification #’ option, select the specific documents that need to be rectified.
Step 5: Proceed to rectify the identified documents, ensuring that the necessary corrections or updates are made accurately.
Step 6: Once the documents are rectified, submit the completed dispute form.
If multiple documents require rectification, click the ‘+’ button to add additional entries before submitting the form. This allows for the inclusion of all relevant documents that need to be addressed in the dispute resolution process.
CIBIL Dispute Resolution Process
After completing the online process, the errors in your credit report will be investigated and the disputed fields will be marked as ‘under dispute.’ CIBIL will contact your lenders and correct the discrepancies accordingly. To keep you informed, CIBIL will send you email updates concerning your CIBIL dispute status every seven days. Once your report is corrected, the company will send you an SMS. In general, the total time for this process may take up to 30 days.
Conclusion
To sum up, understanding the CIBIL dispute resolution process is key for addressing credit report inaccuracies. By following the above-mentioned steps, providing evidence, and staying engaged with CIBIL, you can increase the likelihood of a successful outcome. With the right knowledge and proactive approach, you can navigate the CIBIL dispute resolution process effectively and work towards improving your creditworthiness.
Frequently Asked Questions
1.How much time will it take to resolve a dispute in CIBIL?
The time required to resolve a dispute with CIBIL varies. Typically, CIBIL aims to address disputes within approximately 30 days, but the time taken is subject to how quickly the lending institution responds to the dispute.
2.What information is under dispute in CIBIL?
Various types of information can be under dispute in CIBIL including personal information, account information, payment history, credit inquiries, and public records. It is important to note that the specific information under dispute may vary depending on the individual’s credit report and the nature of the discrepancies or inaccuracies identified.
3.What is the success rate of a credit dispute?
The success rate of a credit dispute can be different for each case as it depends on factors like the type of dispute, the evidence you provide, and the accuracy of the information in question. It can be a bit difficult to give an exact success rate because every situation is unique. However, if you have convincing evidence and a clear case, your chances of a successful outcome are higher. Make sure to gather accurate supporting documents and present your case.
