How to Correct Errors in Your CIBIL Report

Your credit score plays a necessary role in deciding whether you can get a loan, credit card, or any other financial service. It all begins with your CIBIL report, which is a complete document including your credit history. But what happens if there are differences in your report?  

Your chances of being accepted for credit are likely to be affected if even the smallest error exists in your credit report. 

In this post, we’ll help you navigate the process of finding and fixing the errors in your CIBIL report so your financial record can be updated and trustworthy.

1. Request and Review Your Credit Report

To begin, access the official site to download your CIBIL report. You can access one free report annually. After obtaining it, make sure to review it thoroughly. 

Search for: 

• Wrong personal details (name, PAN, phone number, and email address)

• Credit accounts that are not registered to you under your name

• Accounts were incorrectly marked as “active” although they were supposed to be closed

• Wrong information, such as “paid in full” on payments or the overdue flag

• Two or more entries of the same credit account or loan.

These mistakes can reduce your score unjustifiably, so it is important to fix them.

2. Collect Supporting Documents

Once you notice a mistake, gather the relevant documents that show the information is wrong. For instance:  

• The lender issued loan closure letters or NOCs  

• Bank statements indicate payment of EMIs  

• The lender issued correspondence confirming the problem  

Having accurate proof simplifies the process.

3. Submit a Dispute Online

CIBIL offers an easy process to resolve disputes online:

• Go to the CIBIL Dispute Resolution Page.

• Complete the form detailing the error along with any necessary documents.

• Submit the form and keep the reference number safe.

CIBIL will reach out to the relevant lender for confirmation. It may take a few weeks to complete this process, and your report will be updated after the lender confirms.

4. Follow Up with the Financial Institution

In case the lender is slow to respond, it might be helpful to confer with them. 

Many times, resolving issues is easier when you take the first step. As soon as the lender refreshes the data with CIBIL, the report will show the updated information.

5. Check for Updates

After a few weeks have passed, obtain a new CIBIL report and check if the issue is resolved. If it is still unresolved, consider escalating the case or submitting a complaint to the relevant authority. 

It is important to maintain records of all communications as well as documents submitted.

6. Maintain Good Credit Behavior

Addressing mistakes is only one element of creating a solid financial profile. 

Make sure you are minimizing your credit card balance, not opening too many loans, and paying bills on time. These habits help you maintain a good credit score for years to come.

What to Do If You Need Urgent Funds During the Process?

In times of financial emergency, platforms such as Rupee112 can be beneficial. They provide immediate loans through simple online applications and quick approvals. Rupee112 focuses on providing faster applications and instant loans when they are needed most. 

Intuitive applications, streamlined eligibility criteria, and flexible requirements aid in granting access to credit even to those individuals actively trying to improve their financial records.

Wrapping It Up

Your CIBIL report reflects your financial life. Any discrepancies can result in the denial of critical financial services. Taking charge of your financial journey begins with reviewing your report on a regular basis as well as resolving disputes on time. 

Additionally, making prudent credit decisions like utilising Rupee112 when necessary will help you regain control of your financial future.