Blog

Step-by-Step Process to Remove a Fraud Loan Account from Your CIBIL Report

Submitted by admin on December 10th, 2024

The CIBIL report is an essential part of your financial character; any information reported to it is provided to possible lenders. Thus, a fraudulent loan account becomes unbeneficial and potentially harms your credit score and adds extra pressures. If you find an account in CIBIL report which you have not given any access to, do not be worried. The upside is that this can be disputed and deleted if the correct process is followed If. Still, this guide will take you through the process to empower you to maintain a credible credit profile.

Check Your CIBIL Report

• Obtain a copy of your CIBIL report from CIBIL’s official website.
• Identify the fraudulent loan account details, such as the account number, lender, and amount.

Report the Fraud to CIBIL

• Log in to your CIBIL account and file a dispute using the “Dispute Resolution” section.
• Provide accurate details about the fraudulent loan, including why you believe it’s not yours

Notify the Lender

• Contact the lender or financial institution reporting the fraudulent loan.
• Inform them about the fraud and request an investigation.
• Submit a written complaint along with supporting documents such as your ID proof, address proof, and a copy of the disputed CIBIL report.

File a Police Complaint

• Lodge an FIR (First Information Report) with your local police station for identity theft or loan fraud.
• Obtain a copy of the FIR for future reference.

Submit Documents to CIBIL

• Share the following documents with CIBIL to support your dispute:
• A copy of your FIR.
• An official letter explaining the issue.
• Proof of identity and address.
• Any correspondence with the lender regarding the fraudulent account.

Follow Up with the Lender

• Regularly follow up with the lender to check the status of their investigation.
• If the lender confirms the account as fraudulent, they will notify CIBIL to update your report.

Monitor Your CIBIL Report

• Once the dispute is resolved, check your updated CIBIL report to ensure the fraudulent account has been removed.
• Monitor your credit report periodically to prevent future issues.

Strengthen Your Security

• Enable alerts for new loans or credit inquiries linked to your PAN or Aadhaar.
• Use strong passwords and avoid sharing personal financial information.

Important Tips

• Keep a record of all communication with the lender and CIBIL.
• Be patient, as resolving disputes may take up to 30-45 days.
• If you face difficulty, consider consulting a legal expert or a credit repair agency.

By following these steps, you can successfully remove a fraudulent loan account from your CIBIL report and safeguard your credit profile.

Conclusion

Dealing with a fraudulent loan account on your CIBIL report might seem daunting, but with the right approach, it can be resolved. Acting promptly, keeping thorough records, and communicating effectively with both the lender and CIBIL are key steps to successfully remove the fraudulent entry. Additionally, monitoring your credit report regularly can help prevent such issues in the future. Protecting your financial identity is essential, and taking these steps ensures your credit profile remains a true reflection of your financial behavior.

Do you need any assistance on loans, insurance, and trading, connect with us and stay tuned to more blogs like this. Please do share our blogs on social media like Facebook, and Linkedin and subscribe to our YouTube channels for interesting financial updates and videos.