How to Correct CIBIL Report Errors?

You must be aware of the fact that your credit score plays a vital role in getting you a loan from banks at considerable rate of interest. Your credit report from CIBIL defines your credit worthiness. In other words, this 3 digit score conveys whether you will be able to repay the loan amount on time or not. However, many times the loan application gets rejected even after having good financial history. Among the many reasons of rejection of loan application by banks is discrepancy or errors in your credit report. It might be wrong personal details, lack of updated information or mixing up of information. In case of incorrect credit report you don't need to panic. You can get those mistakes corrected by CIBIL easily.

Before we discuss how the rectification process of CIBIL report works, let’s understand why these errors occur. Banks and other money-lenders submit information to CIBIL and they collate all those information into a single credit report under your name and other personal details. There are chances that due to human error, incorrect or wrong information is submitted to CIBIL.

Usually, the following types of errors have been found in the report.

Incorrect personal details like name, date of birth, address, gender, contact information, passport/voter ID information, pin code, etc. Even in case of misspelled name, one should get that corrected as soon as possible. For example, if a name Ayesha Thakur has been misspelled as Aisha Thakur; and someone named Aisha Thakur lends money but is unable to repay, it might affect your report as well. To avoid any such mistakes, make sure that you check all the information that you submit while applying for the loan. In case any changes, update your loan provider about the same.

Incorrect balance or amount overdue that implies that you have more debt that the actual overdue amount. And that you are unable to service your existing loan obligations. This can be viewed negatively by bank and money-lenders and thus, affect your chances of getting a loan at optimum interest rates.

Ownership of unknown debts, such as credit cards, loans or other debt instruments, that were not sought by you. This might be a case of identity theft and one should inform about this ASAP.

How to Correct Errors in CIBIL Report?

Once you find any error in the report, don’t panic. Rectifying errors in your CIBIL report is an easy process. All you have to do is follow these steps:

Fill in the CIBIL Online Dispute Resolution Form available at https://www.cibil.com/dispute/. If you are CIBIL member, then you can login to your MYCIBIL account to raise an online dispute.
Enter all your personal details accurately in the form. One more information called "Control Number" is to be filled in. This Control Number is a unique 9 digit number found on the right side of your CIBIL report.
Once you submit these details, a Dispute ID will be sent to your email ID which will be used for future references.
After the submission of the dispute form, CIBIL will verify the data with the bank or the financial institution.
In case the loan provider confirms about any error, then it will provide CIBIL with the correct data and it is the duty of CIBIL to share an updated report with you.

This process might take up to 30 days. Updates via emails will be sent by CIBIL on your registered email ID. Remember that CIBIL will make any changes in the report only after the custodian of information received from the loan lenders.

Regularly Check Your Credit Report for Last Minute Disputes

It is always recommended to check your credit report even if you don’t require any loan. This is because you can check for any errors (if any) and get them corrected on time. This way, in case of financial emergency, you can get loan easily.