How to Report an Error on your Credit Report: A Step-by-Step Guide

Have you ever checked your CIBIL report and discovered mistakes or wrong information in it? Don't worry, you're not alone. Sometimes errors can creep into your credit report, and it's important to fix them to keep your credit score healthy. In this blog, we will guide you through the simple steps of reporting an error on CIBIL and getting it corrected. We'll also introduce you to OneScore, a user-friendly app, that helps you easily keep an eye on your credit score and report.

Understanding the Importance of a Correct CIBIL Report

Your credit score is crucial because it tells banks and credit institutions how reliable you are when it comes to borrowing money. They look at your CIBIL report to decide whether to approve your credit card or loan application. That's why it's important to regularly check your CIBIL report to make sure there are no mistakes that could harm your credit score or affect your chances of getting credit in the future.

Step 1: Access Your Credit Report

To begin the process of reporting an error on CIBIL, you can rely on the user-friendly OneScore app. Simply download the app and sign in to access your credit report. Take your time to carefully review the report and keep an eye out for any inaccuracies or discrepancies that may be present.

Step 2: Identify the Errors

Thoroughly review your credit report to pinpoint the errors. Check for incorrect personal information, such as your name, address, or contact details. Examine your credit history, loan accounts, credit card details, and payment records for any mistakes. Make a note of the specific errors you find.

Step 3: Raise a Dispute

To report the errors, click on the "Report an error” option in OneScore, which you can find at the bottom of your report, which will direct you to CIBIL's official website. Alternatively, you can visit CIBIL's website directly and navigate to the "Raise a Dispute" section. Fill in the required information, including the details of the error, your personal information, and any supporting documents if available. Clearly explain the nature of the dispute and attach relevant documents to strengthen your case.

How to Raise a Dispute:

When you click on the "Report an error” option in OneScore, you will be redirected to www.cibil.com, log in and click on dispute resolution.

You can log in with your credentials. Go to credit report, then go to dispute center. Click on dispute an item and follow the instructions. You can raise the dispute on different accounts and data fields provided by the bank or credit institutions and hit submit button.

A screen pops up with dispute summary. Remember, you can expand each section to check all your personal details, contact information, employment details and account information.

Step 4: Follow Up on the Dispute

After submitting the dispute, CIBIL will initiate an investigation. They will contact the relevant lender to verify the accuracy of the reported information. It's important to maintain regular communication with CIBIL and stay updated on the progress of your dispute. You can check the status of your dispute by logging in to your account or reaching out to their customer support.

Step 5: Review the Resolution

Once the investigation is complete, CIBIL will update your credit report accordingly. If the disputed information is found to be incorrect, CIBIL will rectify the error and inform the concerned lender about the correction. You will receive a notification or an updated credit report reflecting the changes made.

Step 6: Monitor Your Credit Score

After resolving the dispute, it's crucial to continue monitoring your credit score regularly. OneScore offers a convenient option to track your credit score and receive alerts for any changes. By staying vigilant, you can ensure that the error has been rectified and that your creditworthiness is accurately represented.

Additional Tips:

Also read: 5 common loan application mistakes

Conclusion:

Reporting errors on your CIBIL report is crucial for maintaining an accurate credit history. By following the step-by-step guide mentioned above, you can effectively raise a dispute and rectify any inaccuracies. Utilizing the OneScore app can simplify the process of monitoring and improving your credit score. Remember, a healthy credit score opens doors to better financial opportunities, so it's important to address any errors promptly.

Disclaimer:

This blog is for informational purposes only and does not constitute legal or financial advice. The process of reporting an error on CIBIL may vary, and it's recommended to consult the official CIBIL website or seek professional assistance for specific guidance.

FAQs:

1.What information do I need to provide when raising a dispute?

When raising a dispute on CIBIL, you will be required to provide details such as the nature of the error, your personal information, and any supporting documents that can substantiate your claim. Be sure to clearly explain the discrepancy and attach relevant documents if available.

2.How long does it take to resolve a dispute on CIBIL?

Typically, it takes around 30 days to resolve a dispute on CIBIL. During this time, CIBIL will investigate the matter and communicate with the relevant lender to verify the accuracy of the reported information. They will follow up regularly to ensure a timely resolution.

3.Can I raise multiple disputes at once?

Yes, you have the option to raise multiple disputes simultaneously. If you identify errors in different accounts or data fields provided by banks or credit institutions, you can include them in your dispute. Just make sure to check the relevant boxes and provide accurate information for each dispute.

4.What should I do if the error persists even after raising a dispute?

If the error persists even after raising a dispute on CIBIL, it's advisable to contact the concerned bank or credit institution directly. Inform them about the issue and request that they share the updated and correct information with CIBIL. Direct communication with the lender can help expedite the resolution process.

To stay in charge of your credit accounts, download OneScore.